With the total food import to the Gulf region set to double by 2020, the regional halal food industry is posed to grow at a fast pace in the coming years.
According to estimates of the Economist Intelligence Unit, food imports to the Gulf region stood at $25.8 billion in 2010, which is set to grow to $53.1 billion by 2020. In the UAE, imports are set to grow from $3 billion in 2011 to $8.4 billion by 2020, indicating the opportunities in the sector.
With its population growing at three times the global average, the GCC region is increasingly depending on imports to meet food requirements.
Consumption of food is also on the rise, with the figure projected to reach 51 million tons in 2020, with average annual growth of nearly five percent. The population too is likely to cross the 50-million-mark by 2020 from the current 40.6 million.
ifpinfo
2 January
