The Global F&B Sector Expected To Be Worth $171.2 Billion By 2023

 Wednesday, February 20, 2019 


By 2023, the global F&B sector is expected to be worth $171.2 billion, according to a new report launched at Gulfood in Dubai.


The annual Gulfood trade show runs for five days, and is expected to attract 100,000 visitors who will see latest products from 5,000 local, regional and international exhibitors at Dubai’s World Trade Centre.


F&B sales in the MENA region are expected to increase from $145.4 billion in 2018 at a compound annual growth rate (CAGR) of 3.33 percent.


Demand for F&B products and services is driven majorly by the world’s increasingly urbanized population, which is set to exceed 8.4 billion by 2030.


The Asia Pacific region is expected to become the world’s largest F&B consumer within the same time period, and is currently growing at above the global average CAGR in most industry sub-sector, including dairy, beverages, poultry, pulses, grains and cereals and ready-to-eat snacks. The five-day Gulfood event, which began on Sunday, brings together Trade missions and over 5,000 exhibitors from 198 countries.

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