New Food research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 01/01/2014 -- We remain bullish on the economic outlook for the UAE, as a wealth of data point to continued growth. With consumer and business sentiment looking positive, the outlook for household consumption is particularly bright, with positive implications for food and drink spending. Following real GDP growth of 6.2% in 2012 and an expected 4.1% in 2013, we forecast economic growth to slow to 3.4% in 2014.
Headline Industry Data
- In 2014, we expect total food consumption to increase by 5.5% in local currency terms. Over the 2013 to 2017 period, we expect total food consumption to increase at a compound annual rate of 6.4%.
- Soft drinks volume sales are forecast to increase by 3.5% in 2014. From 2013 to 2017, we forecast compound annual growth of 3.5%.
- Mass grocery retail sales are forecast to increase by 8.4% in 2014 in local currency terms. From 2013 to 2017, mass grocery retail sales are forecast to grow at a compound annual rate of 10.4%.
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Key Industry Trends And Developments
Ireland Looks To Gulf States For Food Exports: In autumn 2013, Irish food export agency Bord Bia announced plans to open an office in Dubai in early 2014 as part of its effort to double exports of Irish food and drink to the Middle East by 2020. The agency will focus on the UAE, Saudi Arabia and other Gulf states, in addition to 'monitoring potential opportunities' in Iran, Iraq and Jordan.
Waitrose Raises Exposure In Lucrative MGR Market: Upscale UK-based retailer Waitrose has recently increased its foothold in the lucrative UAE mass grocery retail market. Due to launch its sixth store in Abu Dhabi, the move highlights the dynamic growth prospects for value-added, premium-positioned produce, spurred by both increasing Emirati and expatriate demand.
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