Launched in 2018, the Gulfood Global Industry Outlook Report stated that we are soon to accommodate a billion extra consumers with growing disposable incomes across all regions.
With high birth rates, rapidly expanding cities and growing employment, the combined Middle East and Africa regions offer the highest level of potential growth. With greater distribution of wealth, growing economic and political stability and rapidly developing infrastructure, consumers have greater access to a wider range of foods and beverages. Despite lower growth rates, the sheer size of the population and disposable income growth across Asia Pacific also offers an enticing growth market in all categories.
- The UAE food sales are projected to reach $16.7 billion with an annual average growth of 7.3% by 2020; just behind Saudi Arabia, growing at 8.8%*
- High disposable incomes, rapid urbanisation and a large and growing group of young consumers strongly influence F&B sales across the regionPremiumisation is a growing trend as the number of middleclass and wealthy consumers increases, with many young consumers favouring international brands and consumption through foodservice.
- The average UAE household spends more on premium and gourmet products than equivalent households in the US, Japan, UK, Korea and China.
- A multi-cultural society, where expatriates represent 88% of the population, show growing demand for different types of cuisines and healthier food options.
- The approximate retail space stocking organic products in UAE has increased by 60% over the last four years, a trend that is speaking across the Gulf.
*Sources: Euromonitor, Alpen Capital, Mintel