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.
The Gulf seafood industry is worth $272 million a year and is forecasted to grow further over the next few years.*
According to the Food & Agricultural Organization (FAO), countries such as the UAE consume an average of 33kg per capita a year, almost double the global average of 18kg.
Egypt's seafood consumption rate is also high, at 20.8 kg per year.*
Demand for fish in the UAE will grow at a rate of 8% per year until 2030*
Frozen processed seafood value sales in the Middle East and Africa recorded double digit growth annually with a 20% CAGR between 2012 and 2017, largely outpacing the world’s average, standing at a 4% CAGR.*
*Sources: Euromonitor, FAO and Alpen Capital