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UAE F&B sector set for $19.98 billion growth in 2024

A recent whitepaper highlights industry trends across foodservice in the UAE.

UAE F&B sector set for $19.98 billion growth in 2024
[Source photo: Pankaj Kirdatt/Fast Company Middle East]

As consumers prioritize meaningful experiences, the UAE’s culinary scene is evolving to meet their needs. Homegrown concepts have succeeded in international markets, boosting the country’s culinary reputation globally.

JLL’s whitepaper, “A Flavourful Journey: A Comprehensive Look at the Evolution and Trends in the UAE’s F&B Sector,” forecasts that the UAE’s F&B market will reach an impressive $19.98 billion by 2024.

According to Mordor Intelligence, highlighted in the whitepaper, the F&B sector is expected to expand to $43.98 billion by 2029, with a compound annual growth rate (CAGR) of 17.09%. This growth is attributed to a resilient tourism industry, a strong economy, and a competitive environment in the UAE. In 2023, the UAE saw a 3% GDP growth, with projections of 4% and 5% growth in 2024 and 2025, respectively.

Kostas Papadakis, Manager, Foodservice Consulting, MENA at JLL, said, “From the rapid expansion of fast food to the flourishing fine dining scene and the rise of specialty coffee, the diversity and innovation in the UAE’s F&B offerings showcase a market attuned to consumer preferences and global trends. 

Moreover, from the sector’s commitment to sustainability, personalized dining experiences, and the success of homegrown concepts, it is clear that the nation’s gastronomic landscape is becoming a global powerhouse, further enhancing the UAE’s diversification strategy.”

The UAE’s commitment to sustainability, personalized dining experiences, and the success of homegrown concepts highlight its position as a global culinary powerhouse, supporting the nation’s diversification strategy.

In H1 2023, consumer demand trends indicated that fast food retained the largest market share in Dubai and Abu Dhabi, comprising 36% and 35% of the food service market.

The UAE has witnessed a growing popularity of specialty coffee, resulting in a steady increase in new Refuel and Relax units in Dubai, experiencing a significant surge of 25% in 2022. Similarly, Abu Dhabi also saw a notable rise, with a 12% increase during the same period.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.

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