Global F&B spending to account for 8.9% of GDP by 2023

RetailME Bureau

Worldwide consumption of food and beverages (F&B) will account for 8.9% of GDP by 2030, up from today’s 8.5%, indicates the recently launched Gulfood Global Industry Outlook Report 2019. The report was released at the on-going Gulfood running from February 17-21 at the Dubai World Trade Centre (DWTC).

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.”

Compiled by research firm Euromonitor International, the report also reveals the Middle East & North Africa (MENA) region will record the highest percentage growth of any global territory in packaged health & 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 report also boasts a complete analysis on the future of retail and the private label market.

“The report makes for essential reading for all involved in the F&B sector,” says 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.”