By Chris Hamill-Stewart
October 30, 2024, 3:25 PM
Switzerland-based Barry Callebaut, the world’s largest chocolate manufacturer, has announced plans to establish a $30 million factory in Egypt. The company holds approximately 40% of the global market share in chocolate production and about 20% in cocoa processing.
During a recent visit to Egypt hosted by the General Authority for Investment and Free Zones (Gafi), Vamsi Mohan Thati, the regional president for Asia, Africa, and the Middle East at Barry Callebaut, outlined the company’s strategy to penetrate the Egyptian market through this new manufacturing site.
With 66 factories operating worldwide and a workforce of over 13,000 employees, Barry Callebaut’s investment is seen as a significant boost for Egypt’s economy, which is currently facing challenges. According to S&P Global’s Egypt PMI, business conditions in the non-oil private sector declined in September, with rising price pressures affecting sales and slowing activity. The PMI recorded a five-month low of 48.8, indicating a contraction in business conditions.
Inflation continues to be a pressing issue, with Egypt’s annual headline inflation reaching 25.6% in August, up from 25.2% in July. Despite these economic hurdles, Barry Callebaut’s commitment to investing in Egypt underscores its potential as a key market for chocolate production in the region.
