Gulfood set to discuss food security, rising inflation

Major brands, leading businesses and food industry experts are all set to attend Gulfood exhibition to showcase an array of products, services, investment opportunities and discuss latest industry trends in the wake of rising inflation, climate change, food security and economic slowdown in major economies.

The five-day premier event, starting today at the Dubai World Trade Centre, will debate vibrant trade, manufacturing and investment environment as well as highlight challenges to the industry besides strengthening Dubai’s position as a global gastronomy hub.

Experts say the world’s largest food and beverage (F&B) trade event provides an ideal platform to convene the global F&B industry at the start of the year and continue the shift towards more sustainable food production and consumption.

They also underline the need to develop a resilient food system to avert major crisis in under developing countries.

The 28th edition, which is set to be 30 per cent larger than the previous year, has attracted more than 5,000 exhibitors representing 120 countries. About 1,500 exhibitors will be attending the food exhibition for the first time, according to the organiser.

The premier food exhibition also paves the way for local entrepreneurs and small and medium-sized companies to strengthen their relations and connect with international companies, buyers and vendors, government and trade delegations; as well as share experiences and knowledge on the growing F&B sector in Dubai.

6.1% CAGR growth

Latest data indicates that the GCC food and beverage market will grow at a compound annual growth rate (CAGR) of 6.1 per cent this year to reach a market value of $94.4 billion.

The market is expected to hit $128.2 billion by 2029 due to the rising population, increasing awareness of healthy eating habits and increasing food consumption. However, the market growth would be challenged by increasing food prices, unfavourable climatic conditions and increase dependence on food imports.

GCC food market by consumption is forecasted to reach 53.14 million MT by 2026, experiencing growth at a CAGR of 3.15 per cent for the period spanning 2022-26, according to a report by Research and Market.

Resilient food systems a must

“With the ongoing food crisis, combined with climate shocks, and rising costs of food, 2023 will be an important year for turning the corner and getting back on track while elevating healthy and diversified diets that are sustainable for people and the planet,” said Trixie LohMirmand, executive vice-president, Dubai World Trade Centre.

Alan Smith, chief executive officer, Agthia Group, said the food industry is fundamental, and the resilience of food systems is essential, but inflation and supply related disruptions, present a challenge to everyone in our sector.

“Gulfood is a key event for Agthia, it brings the whole industry together at the start of the year to discuss industry-wide trends and opportunities. For most F&B players, including Agthia, our priority is to get quality and more sustainable products into stores and restaurants, at attractive price points for customers," he said.

Building food security system

— muzaffarrizvi@khaleejtimes.com