Demand for food in the GCC is expected to be driven by improving macroeconomic factors, rising population, buoyancy in tourism and various initiatives being taken by the governments to improve self-reliance. The industry is witnessing a rise in the demand for new dining concepts and diverse cuisines, due to changing consumer preferences and increasing health awareness. The food services sector continues to evolve at a significant pace to cater to the needs of the consumers and hence, remains one of the most promising sectors driving food consumption in the region. Despite the volatility, the food sector has remained relatively resilient, opening opportunities for scalable and accelerated growth.
Alpen Capital’s comprehensive industry research reports on the food sector feature forecasts on the consumption patterns of the six GCC nations across major food categories, along with in-depth analysis on recent trends, growth drivers and challenges facing the segment. Furthermore, the report also profiles some of the food companies in the region.
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GCC Food Industry Report
According to Alpen Capital, food consumption in the GCC is projected to grow at a CAGR of 2.8% to reach 56.2 million MT by 2027 from an estimated 49.0 million MT in 2022. The per capita consumption in the GCC is forecasted to reach 904.1 kg by 2027 from an estimated 872.5 kg in 2022, growing at a CAGR of 0.7%. The growth among different food categories is forecasted to range between 2.0% and 3.2% from 2022-2027. The vegetables food category is projected to secure the highest CAGR at 3.2%, closely followed by ‘others’ and meat at 3.1% each. The ‘others’ food category consists of commodities such as eggs, fish, pulses, oils & fats, potato, and honey products.
The country wise food consumption share in the GCC is projected to change marginally through 2027. While Saudi Arabia will continue to remain the largest GCC market in terms of food consumption, its share is likely to fall from an estimated 57.1% in 2022 to 55.5% in 2027. Bahrain is expected to witness the highest CAGR at 4.5% whereas UAE and Saudi Arabia are expected to growth at moderate paces of 3.3% and 2.2%, respectively, largely in line with their population growth.
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Alpen Capital's team brings decades of experience in advising companies in the food sector on cross-border and intra-regional acquisitions as companies focus on strengthening their position and expanding their portfolio, both domestically and internationally.
