GCC FMCG and Healthcare market to cross $400b
Al Janahi’s observations based on a recent forecast by Alpen Capital
Dubai: The FMCG and Healthcare markets in the GCC countries are projected to cross $400 billion by 2018. This provides huge opportunities for Jafza-based companies, said Jafza officials at a recently held Strategic Customer Forum organised by Jafza for companies in the FMCG and Healthcare sector in the free zone.
“Since the growth in the sector is largely driven by a fast-growing young population, increasing disposable income and per capita spending, as well as people’s changing consumption patterns, the growth momentum is expected to stay for a longer time. We must take maximum advantage of emerging opportunities in the region.”
Al Janahi’s observations were based on a recent forecast by Alpen Capital which noted that the GCC retail industry is expected to cross the $270 mark by 2016.
According to a recent Frost and Sullivan report, the healthcare market in the GCC is to grow to over $133 billion by 2018. The global consultancy said that healthcare spending in the GCC is projected to grow at a compound annual growth rate of 10.3 per cent from 2010 to 2018, due to the expanding population, higher incidence of lifestyle diseases, and deeper insurance penetration.
Senior officials from Jafza and the top FMCG and Healthcare companies, such as Al Ghurair Foods, Food Specialties Limited, Nestle, Wild Flavours, Colgate-Palmolive, Beirsdorf, Roche Diagnostics, Quest Vitamins and Pharmatrade among many others, joined the discussions at the forum alongside Jafza partners including Dubai Customs, Dubai Trade, Trakhees, Dubai Municipality and Ministry of Health, who addressed customer issues and queries pertaining to their respective areas.
Jafza is currently home to more than 700 of the world’s finest companies in the FMCG and healthcare sectors, which includes names such as Unilever, Proctor and Gamble, Nestle, Colgate Palmolive, FSL, Alokozay, Mars, Gulf Food Industries Company, Beiersdorf, Roche, Quest Vitamins and Pharmatrade among others.
The sector has seen four-fold growth in the number of companies in the last 10 years growing from 175 companies in 2002 to 709 in 2012.
The sector is estimated to have generated trade worth over $5 billion in 2012 posting a growth of over 50 per cent in the last four years.
