Launched in 2018, the Gulfood Global Industry Outlook Report stated that we are soon to accommodate a billion extra consumers with growing disposable incomes across all regions.
With high birth rates, rapidly expanding cities and growing employment, the combined Middle East and Africa regions offer the highest level of potential growth. With greater distribution of wealth, growing economic and political stability and rapidly developing infrastructure, consumers have greater access to a wider range of foods and beverages. Despite lower growth rates, the sheer size of the population and disposable income growth across Asia Pacific also offers an enticing growth market in all categories.
- MENA confectionery industry is valued at USD 9 billion and forecast to reach US$11 billion in 2021*
- The Middle East experienced a 27% CAGR for Indulgent and Premium Confectionery, and 8% CAGR for Healthy Snack Alternatives*
- The confectionery market in the UAE is expected to reach over USD 800 million in 2021*
- Saudi Arabia is estimated to be the 20th largest bakery products market worldwide, with US$5.11 billion worth of retail value sales in 2016*
The Middle East region with 12% growth has the fastest growing chocolate markets in the world with a growing demand for premium products
*Souce: Euromonitor, CBRE & MEED