Consumer Spend in the f&b Sector to rise across the middle east
The Middle East and Africa (MEA) will deliver the strongest regional growth for the international food and beverage industry, a report has found.
High birth rates, expanding cities and growing employment will be the key factors behind a positive outlook in the region according to the Gulfood Global Industry Outlook Report.
The report follows a Euromonitor International market study based on published sources and trade surveys with local and global manufacturers, distributors, trade associations and government entities.
The report cited that the combined consumer spend in the food and beverage sector in MEA and Asia Pacific is forecast to rise to 60% of global expenditure by 2030, up from 53% today.
“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,” the report stated, which also adds that despite lower growth rates, the sheer size of the Asia Pacific population and disposable income growth “also offers an enticing growth market in all categories.”
The independent report was commissioned by Dubai World Trade Centre (DWTC).
“The findings show that with a rapidly growing and highly urbanised population, demand across the globe for processed and packaged food and beverages is set to increase,” Trixie Lohmirmand, senior vice president, exhibitions & events, DWTC said.
“Yet while there’s more consumers to go around, overall consumer spending is set to drop from 8.5% of GDP to 8.0% by 2030 as products become relatively more affordable and make up a smaller proportion of overall consumer spending,” she added.
“Detailing trends, challenges and opportunities, the report identifies an industry entering a massive transformational era with innovation on product, production, packaging and delivery in the vanguard.
“As can be tracked annually at Gulfood, consumers are actively transitioning to healthier, more adventurous foods and beverages while still looking for convenient packaging and product delivery. Internet buying is also changing product delivery not just for home-delivery but also in terms of access to local brands and short order supply,” Lohmirmand explained.
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