The economy of United Arab Emirates depends on its oil. With the depreciation of oil prices, the economy of UAE is in turmoil and has observed a slowdown in its growth. Despite this slow growth of overall economy, packaged food industry in UAE has shown some significant growth in past few years. It is one of very few industries in UAE, which is showing some robust growth despite slow economy.
According to the market research report “Packaged Food in the United Arab Emirates“, the packaged food industry in United Arab Emirates has grown in terms of both value and volume. Because of the slow economy, the consumers were more conscious where to spend money. Nevertheless, various discount and bundle offers were offered by the manufactures, which attracted more customers, and hence, the market grew. Most of the market players use aggressive promotion techniques and competitive prices customers took advantage of such offers.
The packaged food market can be categorised into several different segments. Baby food, baked goods, and breakfast cereals, confectionary, dairy, edible oils are few of the traditional segments in this market. Ice creams, frozen food, processed fruits and vegetables, processed meat and seafood, rice, pasta, noodles, soups, snack bar and few of the newer products which are becoming popular amongst customers and growing significantly in terms of sale volume. The population of UAE consumes a lot of bread. Because of this, artisanal baked goods producers were the market leaders in terms of retail current value of the packaged food industry of United Arab Emirates. Almarai Co Ltd. is the market leader in the United Arab Emirates packaged food industry. Hypermarkets and Supermarkets lead the distributing channel for packaged food in UAE. Most of consumers make a weekly trip to these hyper or supermarkets. Also, most of these supermarkets and hypermarkets have chains all over the country and hence they have huge customer base.
The packaged food segment in United Arab Emirates is growing constantly in past few years and in expected to grow at the same rate in coming time. This sector is expected to perform strongly and earn hefty returns for the market players. Since UAE is a hub for international job seekers, this sector seems very attractive and offers some amazing job opportunities to domestic as well as international job seekers.
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Ankur Gupta, Head Marketing & Communications