According to a new BMI report commissioned by Dubai World Trade Centre (DWTC), the UAE food Market is projected to reach $16.7 billion (Dh61.3 billion) with an annual average growth of 7.3 percent by 2020.
Outstanding high-income levels and rising wealth among UAE consumers, the report suggests premiumization will shoot the domestic food industry’s growth until the end of the decade.
The claim is buttressed by the fact the average UAE household spends more on premium and gourmet products than equivalent households.
Approximately 26 percent of UAE households are forecast to earn more than $75,000 in 2017 and the average household earning is predicted to increase by 27.8 percent by 2020.
The UAE’s seafood demand is also set for rapid growth over the next four years, with an eight percent compounded annual growth rate (CAGR) in fish and fish product sales in the country alone leading up to 2020.
On the other hand, the confectionery sector here is estimated to grow with total sweets and chocolate sales growing by 6.2 percent CAGR by 2020 and per capita, sales rising by an annual average of 4.7 percent over the same period.