According to Alpen Capital, food consumption in the GCC is expected to grow at a CAGR of 3.3% from an estimated 51.5 million MT in 2018 to 60.7 million MT in 2023. Increase in population, growing tourism, high per capita income and a sustained economic recovery are likely to drive the growth of the food sector in the region.

Being the staple food of the region, cereals are expected to remain the most consumed food category with a share of 48.2% by 2023. Increasing demand for milk products will drive the growth of the Dairy sector and consumption of egg, fish, potatoes and fats & oil will contribute to the growth of the “Others” category. Consumption of healthy and organic food is likely to increase with growing awareness. However, the respective share of most food categories in the overall consumption is anticipated to remain broadly unchanged.