MEA and Asia Pacific region are expected to increase the demand for food in the next decade
Newly-released Gulfood Global Industry Outlook Report commissioned by Dubai World Trade Centre (DWTC) talks about the MEA region as the one expected to deliver the strongest growth by 2030. High birth rates, rapidly expanding cities and growing employment are the key factors that stand behind the high potential manifested in the Middle East and Africa, as well in Asia-Pacific region.
A billion extra consumers with growing disposable incomes will enter the market in the next 12 years and they will influence the buying trends in all the regions, informs the report. The combined consumer spends in the food beverage sector in MEA and Asia-Pacific regions is forecast to rise to 60% of global expenditure by 2030, up from 53% today. "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. 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", explained Trixie LohMirmand, Senior Vice President, Exhibitions & Events, DWTC.
MEA consumers are expected to increase the demand for frozen processed halal meat and poultry. Also, foodservice in the region will expand as international players will become more and more visible on this regional market.
Asia Pacific market is to see a growth in sales of packaged food as the modern retail is developing very fast in the region. More mature markets, as Europe, Australasia and North America, are expected to show a little resilience on online retail as the consumers still like to look, feel and test new products at local retailers. Also, consideration of the long-term health and environmental impact of shopping behaviour could generate a decrease in demand for different types of food, especially meat. Latin America is to maintain the habit of buying from the grocery stores due to a cultural influence engrained in the area. Brazil and Chile could represent exceptions, in this case, as the two markets have already adopted the mobile apps trend in purchasing food and beverage items.
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