The UAE is home to more than 2,000 food and beverage companies that generate annual revenue of $7.63 billion, contributing 25 per cent of the country’s GDP in manufacturing and second only to the oil and gas industry. This was revealed by the UAE Food Company in its annual food and beverage industry report for 2023.
The report also highlights the strong growth in urban commerce, highlighting key trends shaping the industry and the growing importance of affordability in consumer brand choices.
Notably, the snacks and bakery categories are leading the growth, outpacing the overall development of the sector.
At the same time, the UAE beverages segment is experiencing strong growth, with the sports drinks segment leading the way at 15%, despite an overall price increase of 134% in soft drinks; the trend is for smaller beverage players to outperform the industry leaders.
The convenience food category has seen a welcome recovery from the pandemic, with sub-segments such as eggs, vegetable oil and desserts growing by 18 per cent, 30 per cent and 21 per cent respectively. This was reported by
ANI, a partner of TV BRICS.
The study also showed that the dairy segment is growing at 16 per cent, thanks to growing consumer awareness of the importance of a balanced and healthy diet.
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