Global F&B spending to account for 8.9pc of GDP by 2030

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Global F&B spending to account for 8.9pc of GDP by 2030

Feb 17, 2019 5:41 PM

Worldwide consumption of food and beverages will account for 8.9 per cent of gross domestic product (GDP) by 2030 up from today s 8.5 per cent according to the Gulfood Global Industry Outlook Report 2019...

Worldwide consumption of food and beverages will account for 8.9 per cent of gross domestic product (GDP) by 2030, up from today’s 8.5 per cent, according to the Gulfood Global Industry Outlook Report 2019 released at Gulfood 2019.

Gulfood, one of the world’s largest annual food and beverage trade exhibitions, which opened today (February 17) will run until February 21, at the Dubai World Trade Centre.

With the rising demand driven by growing and more urbanised regional populations, the strongest demand is due to emanate from Asia, the Middle East and Africa, which the report identifies as areas of “high potential”, said the report.

Compiled by Euromonitor International, the knowledge partner of Gulfood, the report also reveals the Middle East and North Africa (Mena) region will record the highest percentage growth of any global territory in packaged health and wellness food.

The report also includes a Confidence Index encompassing survey results culled from more than 1,500 C-level global industry executives, as well as specific forecasts for the seafood, confectionery, snacks, ready-to-eat and ingredients segments.

The 150-page report also boasts a complete analysis on the future of retail and the private label market as DWTC readies to launch its Private Label & Licensing Middle East (Prime) show in October.

“The report makes for essential reading for all involved in the F&B sector,” explained Mark Napier, exhibition director, Gulfood 2019.

“Alongside regional trends, the report identifies key consumer indicators, such as more convenience-seeking, yet wellness-giving lifestyles emanating from an unprecedented population shift from rural to urban living which is impacting global consumption habits while painting an incisive portrait of tomorrow’s consumer,” he added. – TradeArabia News Service