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  GCC region - Key consumer segments   Dairy - >$4Bn market and growing:   GCC region’s dairy market is close to US$4bn in size with Saudi Arabia leading in market share at 60% of the total volumes. The product mix includes fresh milk, longlife milk, milk powder, laban and zabadi (yoghurt). Compared to the developed world per capita dairy consumption of 90-100kgs, the dairy consumption per capita is among the lowest globally in Saudi Arabia and the GCC region at 49kgs.   Excluding the consumption of Laban and Zabadi, the milk usage per capita drops further to 30kgs; highlighting significant room for continued double digit growth, in the medium term.   The dairy market is quite fragmented across the GCC region where key players include Almarai, Nestle, Al Safi (Danone) and SADAFCO. With a healthy mix of local and foreign players, the top dairy producers account for 65% of the total market volumes.    GCC Juice:   The GCC region’s >US$2bn Juice segment is highly fragmented given low entry barriers. There are more than 16 active players where the top three control only 32% of the market unlike Dairy, Cheese and Butter where the top three producers on average control more than a 50% market share.      Saudi Arabia  –  Bakery segment:   Volume growth in bakery products has been driven primarily by bread over the last couple of years where Saudis are ranked among the top 5 consumers in the world in terms of per-capita bread consumption. According to company data, bread sales in KSA account for ~66% of total bakery volumes followed by Pastries and Cake sales at 16% and 12% respectively. The bakery segment is also highly fragmented where the top 14 players account for ~54% market share and a number of local and unbranded players dominate regional sales. Almarai's West ern Bakeries is the leading manufacturer in KSA’s bakery market, while its other brand 7-days has also managed to gain market share since its launch 3 years ago. The company’s two brands currently control 27% of the bakery volumes in KSA. Growing at a 4-year average growth of 16%, we expect bakery volumes in Saudi Arabia to reach 463mn kgs by 2015 with the segment valued at US$6.7bn.      KSA Poultry- Set to become a US$5.2bn market by 2015:   Saudi Arabia’s poultry consumption has been steadily growing at an a verage rate of 5% per annum over the last 5 years. KSA’s poultry consumption was estimated at 1Bn kgs in 2011 valuing at US$4.6bn and implying a per capita consumption of 42kgs. Assuming a conservative 2.8% growth, the poultry consumption should grow to 1.2bn kgs with total value at US$5.2bn by 2015 based on our estimates. Like other perishable items, the Saudi poultry market is quite cyclical in nature where consumption rises significantly during Ramadan and the Hajj season due to an increased number of visitors in the country  –   monthly visitors’ average  jumped to ~2.6mn during the 2011 Hajj season up from an average of 1.8mn visitors during other Islamic months. Chicken is consumed on a regular basis and generally constitutes the main ingredient of traditional Saudi dishes. The market is dominated by imported frozen chicken meat which represents ~57% of the total volumes. Locally produced fresh chicken accounts for 28% market share in total poultry volumes, while local frozen product accounts for 15% share. Based on Almarai’s annual poultry sales of ~22mn kgs in 2011, we estimate the company’s share in total market volumes at ~2%. However, considering only the fresh retail segment, Almarai’s share in total volumes comes to ~7% while in value it equals ~31%.  
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