LT Foods Targets Saudi Arabia’s $2 Bn Rice Market With Strategic Expansion
India’s leading rice company, LT Foods, is expanding into Saudi Arabia’s USD 2 billion rice market. With plans to invest SAR 185 million over five years, the company aims to meet growing local demand. LT Foods will establish a regional hub and local manufacturing facilities, supported by the Saudi Agricultural and Livestock Investment Company (SALIC). The venture aligns with LT Foods’ strategy to leverage its expertise while catering to Saudi culinary preferences, expecting SAR 435 million in revenue during the period.
India’s leading rice company LT Foods is aiming to tap into the Kingdom’s USD 2 billion rice and rice-based food market. The move aligns with the company’s strategic vision to expand its global footprint. Currently generating USD 1 billion in global revenue, LT Foods boasts a robust track record with 18 years of consistent growth—delivering a revenue CAGR of 18 per cent and a profit CAGR of 21 per cent. The Riyadh office is poised to serve as a regional hub, enabling the company to cater to Saudi Arabia’s growing demand for authentic and premium rice products.
“We are committed to offering quality products that align with the culinary preferences of Saudi consumers. This expansion reflects our focus on meeting regional needs while leveraging our expertise,” the company stated.
As part of its ambitious plans, LT Foods is investing SAR 185 million over the next five years in warehousing, stocks, and human resources in Saudi Arabia. It anticipates generating SAR 435 million in revenue during the same period. With the strategic backing of the Saudi Agricultural and Livestock Investment Company (SALIC), LT Foods is also preparing to establish local manufacturing facilities.
This venture underscores LT Foods’ dedication to strengthening its presence in high-growth markets. By aligning its operations with the tastes and traditions of Saudi consumers, the company is set to make a significant impact on the Kingdom’s rice market.
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Source Link : Business World
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