Dubai Chamber of Commerce launches six new food business groups
- By Web Desk -
- Feb 23, 2023
Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has launched six business groups within the F&B industry for HORECA traders, meat and poultry, bakeries, organic food, groceries as well as hypermarkets and supermarkets sectors.
“We are on track to reach our goal of setting up 100 business groups by March 2023. These six new business groups will help boost the dynamism of Dubai’s F&B industry where UAE consumer foodservice outlets sales are expected to reach AED86.4 billion by 2027,” said Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers.
“Business groups are imperative in ensuring representation of all the business and economic sectors in Dubai. They help facilitate mutual dialogue between stakeholders and government entities and are key to addressing policy matters and enhancing the competitiveness of their respective sectors,” he added.
According to Euromonitor, UAE consumer foodservice sales value reached AED58.4 billion in 2022. This figure was driven by the rapid response and recovery from the pandemic as well as strong economic growth.
Fresh food sales are anticipated to grow at a CAGR of 4.9 per cent between 2022 and 2027, while packaged food will see a predicted growth of about 3.9 per cent between the same period. Food manufacturers across the Middle East are predicted to grow profits by a CAGR of 3.6 per cent up to 2026.
Positive outlook
According to Euromonitor International, retail sales of traditional groceries are set to rise at a current value CAGR of 3% over the forecast period (2021-2026) to reach AED11.4 billion. Retail sales of supermarkets in the UAE are set to rise at a current value CAGR of 4% over the forecast period (2021-2026) to reach AED19.7 billion. Foodservice value sales of full-service restaurants in the UAE rose by 24% in current terms in 2022 to reach AED32.5 billion. The retail value sales of organic packaged food grew by 6% in current terms in 2021 to AED120 million.
Dubai’s total trade of meat and edible meat offal reached AED32.4 billion during the period 2015-2021, whereas Dubai’s total trade of bread, pastry, cakes and biscuits reached AED11.3 billion during the same period.
The food industry in Dubai and the wider UAE is set for a positive future. As integral parts of the industry, the business groups will focus on promoting the development of food companies, raising the profile of Dubai’s F&B industry in the international business community. By providing a forum that facilitates mutual dialogue between the sector’s stakeholders and government entities, the business groups will tackle industry-level challenges and address policy matters related to the industry, amongst others.