Top Growth Opportunities: Meat in the UAE
Meat market in UAE is forecasted to see a CAGR of 7% in 2016-2021, weakened by 0.8% from the previous five years. This is largely due to the new restrictions on the import of Brazilian meat and poultry in the country, which is a leading source of meat for UAE until now, as they are one of the main import destinations for both meat and poultry. However, the restriction only applies to certain companies that did not comply with new health requirements in their production processes.
The UAE has a strong economy with a high per capita income. This is due to increased spending on job creation and infrastructure expansion, which is opening up utilities to greater private sector involvement. Also, the UAE has no income tax and no federal-level corporate tax which it presents a strong opportunity for the meat market producers to operate in.
Inflation is likely to remain consistent in 2017, whilst falling property prices may also put pressure on overall price levels. Currently, the employment rate is the highest it has been in recent years; however consumer spending on meat remains low. The meat market must focus on differing consumer needs and how they can cater for their lifestyles such as financial and time constraints, with 62% of UAE consumers claiming that food products that align with their time and money constraints would often or always influence their product choice. The economy of the UAE is the second largest after Saudi Arabia in the Arab world, and it continues to rely on the oil revenues. Trade plays an important role in the country, since the value of import and export makes up majority of GDP.
Even though meat consumption is growing in the UAE, the country still ranks amongst the smallest markets in the global Meat sector in terms of per capita expenditure. Though the population and disposable incomes are increasing in the country, the UAE Meat market has not yet seen the benefits of this in US dollar terms.
The report Top Growth Opportunities: Meat in the UAE provides recommended actions and detailed analysis of how to target the best growth opportunities for meat producers and retailers. Readers can understand what categories, channels, companies, and consumers will drive the success of Meat markets in the UAE.
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