DUBAI: Demand within the UAE’s food and beverage sector is expected to gain momentum over the next three years, supported by the country’s fast-growing population, rising number of tourists, and expanding halal food market, according to new analysis from Dubai Chamber of Commerce and Industry.
The findings of the analysis were revealed during a briefing hosted earlier this week on the sidelines of Gulfood 2019. A total of 272 delegates representing 47 countries attended the event where they were briefed on new trends and business opportunities within the UAE’s food and beverage sector, and specific areas within the market that offer the most investment and trade potential.
The analysis, based on recent data from Euromonitor International, projected fresh food sales in the UAE to record a compound annual growth rate (CAGR) of 8.3% over the 2018-2021 period.
Pineapples strawberries, bananas and tomatoes were identified as high-potential categories with these products expected to see CAGRs of 10.6%, 9.4%, 8.3% and 7.1%, respectively.
Tea products were forecast to see a CAGR of 9.3% between 2018 and 2021, while a CAGR of 2.6% was predicted for coffee products over the same period.
During the briefing, Mr. Hassan Al Hashemi, Vice President of International Relations, Dubai Chamber, noted that strong demand within the UAE’s food and beverage sector is reflected in the number of growing number of companies that exhibit at Gulfood every year.
He revealed that the Chamber has seen growing interest on the part of food producers and exporters from Eurasia, Africa, and Latin America that are very keen to cooperate with Dubai on food security and use the emirate as a re-export hub to reach surrounding markets.
In addition, he stressed the importance of hosting the Gulfood briefing every year at Dubai Chamber, as such events provide an ideal platform for visiting businessmen to learn about Dubai’s economy and business environment, as well as the competitive advantages and business opportunities that the emirate offers.
Last week, Dubai Chamber hosted meeting with a visiting Canadian delegation that was joined by food and beverage companies attending Gulfood 2019. During the meeting, visiting delegates learned about rules, regulations and requirements for food and beverage products that are imported to the UAE. More than 130 bilateral meetings between Canadian and UAE businessmen were held on the sidelines of the meeting. News Desk