UAE: Packaging Industry to Grow 4.27% to 2016 says New Report
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According to the report “Packaging Industry Outlook in the UAE: Market Size, Key Trends, Drivers and Challenges to 2016” the UAE packaging industry is expected to see average growth to 2016. The growth is largely attributed to the country's increasing domestic consumption and diversified exports market. The country's GDP is forecast to hit US$80,084 in 2016. This suggests there will be more spending on processed food and consumer durable goods during the forecast period, which will propel the growth of the packaging industry.
The report states that the packaging industry valued US$1.84 billion in 2011 and grew at a CAGR of 4.27% to 2016. According to the report the industry is forecast to grow at a CAGR of 4.68% during the forecast period, to hit US$2.3 billion in 2016
Annual consumer expenditure on food in the UAE was US$23.3 billion in 2011 and grew at a CAGR of 14.52% to 2016. The annual consumer expenditure on food is expected to grow at a CAGR of 7.12% during the forecast period, to reach a value of US$33.7 billion in 2016. The UAE is a large consumer of ready-made foods, which are supplied to consumers in packaging. This is expected to stimulate the demand for packaging products in the country. Food and beverages is the leading end-user market for the packaging industry, generating 55% of the market's value in 2011.
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