GCC’s FMCG, healthcare markets to cross $400b

03/11/2013 08:39 AST

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 the companies in the FMCG and Healthcare sector at the free zone.

The forum was the latest in the series of sector specific forums held by Jafza as a part of its ongoing efforts to maintain strategic communications with its customers. The forums provide an ideal platform to discuss global trends and opportunities while providing an opportunity to Jafza management and Jafza companies to enter into a comprehensive dialogue to find ways to take optimum advantages of emerging opportunities and also to understand how Jafza, as an enabler, can help the sector grow.

Ibrahim Mohamed Al Janahi, deputy CEO of Jafza and chief commercial officer of Economic Zones World (EZW), the parent company of the free zone, said: “The GCC retail market is poised to cross $270 billion mark in the next five years. The growth is largely driven by food and beverages sector, which accounted for almost half of the GCC’s retail market in 2012. The value of the GCC’s healthcare market during the same period is expected to cross $133 billion which will enable the FMCG and Healthcare market to exceed $400 billion.”

“This provides huge opportunities for Jafza based companies in the sector. Since the growth in the sector is largely driven by fast-growing young population, increasing disposable income and per capita spending, as well as, the 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,” he added.

According to a recent Frost & Sullivan report the healthcare market in the GCC is to grow to over $133 billion by 2018. Frost & Sullivan said 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 its expanding population, higher incidence of lifestyle diseases, and deeper insurance penetration.

Khaleej Times