Egypt is one of the most populous countries in Africa and the Middle East with a population of around 100 million; the country’s population grows by about 2.5% annually. This also makes Egypt one of the world’s fastest growing markets for food and agricultural products, according to the USDA.
Egypt’s GDP in 2017 has an estimated value of about $193bn and is forecasted to reach around $251bn in 2018. The country has seen real GDP grow of 4.2% in 2017.
The average Egyptian consumer’s consumption of processed and manufactured foods has grown to reach $45bn in 2017, up from $32bn in 2008, reflecting around a 40% increase in less than a decade.
The USDA report forecasts that Egypt’s food processing and manufacturing sector will grow by 5% during the 2017-21 period in Egyptian pounds terms. The report forecasts that Egyptian processed and manufactured foods export sales will increase in the 2017-21 period, by around 4%.
With an estimated 5,200 food companies, Egypt’s food processors and manufacturers reportedly generated a turnover of $22.5 billion in calendar year 2017 (January-August), up nearly 55 percent by some estimates compared to the same period in 2016.