Entrepreneurs Are Well Placed To Tap Into Opportunities Presented By The UAE's Food Security Agenda: Insights From A Dubai Chamber Analysis
The race to solve food security in the UAE, as well as the wider Middle East and North Africa (MENA) region, presents significant opportunity for startups and small businesses.
That's according to the Dubai Chamber of Commerce and Industry, which signaled major demand for innovation in food manufacturing, agriculture, and halal food, for the post-pandemic future.
In a briefing held on the sidelines of Gulfood 2021 –the world's biggest annual food and beverage trade exhibition, which took place in Dubai last month– the Chamber said the value of online food and beverage sales in the UAE is projected to reach US$619 million by 2025, and record a compound annual growth (CAGR) of 8.5% over the 2020-2025 period.
Dubai Chamber's analysis, based on data from Euromonitor, also said online sales within the UAE’s food and beverage market surged 255% year-over-year in 2020 to reach $412 million.
Speaking at the event, Hassan Al Hashemi, Vice President of International Relations at Dubai Chamber, said that the digital transformation encouraged by the COVID-19 crisis had been a key factor in driving the exponential growth in the country's F&B e-commerce sales last year.
The upward trend was crucially supported by the nation's advanced technology infrastructure, world-class logistics facilities, high-internet penetration rate, and high disposable income, he added, driving Dubai to become "a leading example of a city that leveraged technology and global partnerships to enhance food security” to navigate challenges during the coronavirus outbreak.