Food consumption in Saudi Arabia is expected to grow at an annualised average rate of 4.2% to 37.7 million MT by 2021 - Foodex Saudi
According to Alpen Capital, Food consumption in the GCC is expected to expand at a CAGR of 4.2% from an estimated 48.1 million MT in 2016 to 59.2 million MT in 2021. This growth is primarily attributable to increase in the consumer base coupled with a higher per capita income, as the GCC economies stage a sustained economic recovery from the recent downturn.
Respective share of most of the food categories in the overall consumption are anticipated to remain broadly unchanged through 2021 with cereals as the most consumed food category in the region.
Saudi Arabia and the UAE are likely to remain the major food consumption centres during the forecast period. The country-wise share in total GCC food consumption is anticipated to remain largely unchanged until 2021.
During the forecast period, food consumption in Saudi Arabia is expected to grow at an annualised average rate of 4.2% to 37.7 million MT and that in the UAE is projected to grow by 4.4% to 10.1 million MT. The expected growth rates largely mirror the population and GDP projections for the countries.
Source: Alpen Capital