According to Colin Beaton, managing director of retail consultancy Limelight Creative Services.: Tourism will have a chief role in the further progress of retail and hospitality development that will incorporate beverage and food outlets.
The UAEs food and beverage market is anticipated to advance more the in the upcoming four years and more of new hospitality and retail projects. The popular Mall of the emirates will get an addition of 12 more food and beverage outlets by this summer and it is part of redevelopment project for the Mall.
The new development of Inter-Continental Hotels Group’s Inter Continental Dubai Marina, which is set to open by the quarter of 2015 will accommodate nine food and beverage venues.
According to Dubai’s Department of Tourism and Commerce Marketing (DTCM): Dubai enticed around 11 million hotel and hotel apartment guest in 2013, and last year around 10.6 percent.
Emirate is in huge anticipation in bringing in 20 million visitors by 2020. In order to attain this there will be more addition of Hotel room. That is by 2016 there will be 20,000 rooms that will enter the market.
According to research analyst at Euro monitor International, There is anticipation to welcome more tourist in the coming years for business and leisure. The Expo 2020 in Dubai which will entice around 25 million visitors. All of these factors is good for food services.
According to data from the Euro monitor International The package food market will further progress from $4.2 million (Dh15.4 million) in 2015 to $5.29 million in 2019, whereas the soft drinks market is on estimate to progress from $1.69 million this year to $2.2 million in the upcoming years.
The analyst also suggest that the food and beverage segment is developing at an alarming rate more than other retail developments, it is expected to be valued at $34.98 million in 2015.
According to the regional managing director in Global Research Company the consumer confidence in the UAE remains strong. Consumer confidence in the UAE rised by two index points to 114 in the fourth quarter of 2014 from the previous quarter.
As per Euro monitor, the disposable income in the UAE is anticipated to rise by 8 percent in the 2015
As per Euro monitor analyst people interest have changed and is more focused towards healthier lifestyles so the food and beverage market is developing in the healthy food segment. The situation back in six years ago and the current progress is vast and different, there is addition of lot of organic foods in the market.
Numerous companies are incorporating and redeveloping on adding natural ingredients, and to cut down of ingredients that consumers find objectionable.
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