Nestle has opened its first confectionery plant in Egypt as it looks to tap into the “rapid” growth of the country’s snack market.
The company has added an extrusion line at its dry goods site in 6th of October City, 40km west of Cairo. The line will produce Nestle’s Crunch brand, which will be its first chocolate product made in Egypt.
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“This proves Nestle’s commitment to the Egyptian market and the importance of its large-scale labour and consumer potential,” Nandu Nandkishore, director for Nestle’s operations in Asia, Oceania, Africa and the Middle East, said.
Nestle said Egypt’s growing snack food market was valued at around US$1.6bn and added it planned to “bring more confectionery brands to the local market in the future”.
On Sunday, a venture between Saudi Arabian food manufacturer Almarai and PepsiCo announced plans to spend EGP2.5bn (US$349.5m) expanding its business in Egypt over the next five years, a possible signal multinational investment could grow again in a country hit by political turmoil in recent years.
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By GlobalData
