GULF FOOD 2017 EXHIBITION
- November 24, 2017
- Posted by: RKonnect
- Category: Business & Economy
The Dubai World Trade Centre (DWTC) has recently hosted the most awaited Gulfood Manufacturing event of the year 2017 which was aimed at providing global solutions for the food and beverage chains.
Bringing in visitors from all over the world Gulfood Manufacturing was a successful event and has concluded on a very positive note. The UAE/GCC is a very attractive supply and investment destination for global F&B players. The event saw 1461 international supplies from more than 58 countries and 29,102 visitors experienced different solutions provided in the event from 58 different countries. It was a confluence of F&B community all over the world. The UAE/GCC region has a very high business potential as it is one of the leading international manufacturing and processing hub which has been serving to the demand of domestic and international F&B markets.
Many innovative solutions were showcased in the Gulfood Manufacturing show triggering the international F&B companies to identify the right way forward to cater to the demand of this new and fast-growing market boosting supply chain. The event was mainly divided into five segments such as ingredients, processing, packaging, supply chain solutions, automation and controls covering almost all different sectors of F&B Industry focussing the growth of F&B in the UAE region.
An insight on the growth of F&B sector in UAE
A report states that the UAE’s F&B sector is expected to grow by 4 percent annually to $ 11.7 billion (Dh 430 billion) in the current year and $13.2 billion (Dh 485 billion) in the next year. The prime reason behind the same is the increase in the number of outlets and growing number of tourists. It is also to be noted that Dubai’s F&B sector contributes around 40% of the overall F&B sector in UAE. With the increased outlets, a KPMG report says that the brands need to pay more attention to their online presence with a clear strategy. The UAE F&B sector is getting more challenging for individual players. There is a cut-throat competition in the sector as the demand is always on the rise. This demand is triggered by the culture of dining out and a per capita income of $12,544 (Dh 46075) which is deemed as very high. The food consumption in the GCC is expected to grow at the compounded annual rate of 3.5% up to 2019 as per Alpen Capital’s GCC Food. The report also concluded that the region is likely to be reaching 51.9 million metric tonnes of food consumption by the end of the year 2019. This growth will bring UAE at the global F&B center stage as an attractive destination for investment.
Investment opportunities in UAE’s F&B sector
As many as 64% of F&B operators are planning to expand their footprint within UAE. The positive sentiment brought by high demand in F&B industry points to continuous investment which will trigger an increase in the number of brands, outlets, and concepts. This certainly is a good opportunity for investors as well as for customers.
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