Monday, 16 Sep 2019 | 17 Muharram 1441
Food consumption in Oman to grow 4.6% annually until 2023: Report

Food consumption in Oman to grow 4.6% annually until 2023: Report

Population and actual GDP development of three.two per cent and two.five per cent respectively in the course of the period will be a significant element driving the meals consumption in the nation.

Tourism will also play a crucial part in defining the upcoming meals demand. It is anticipated that the tourist arrivals in Oman is most likely to grow at a CAGR of five.five per cent among 2018 and 2023 to attain three.3mn.

The government is initiating numerous development intensive actions to market tourism such as introduction of e-visa method, expansion and transformation of Muscat International Airport and establishing attractions by encouraging public private partnerships.

The current commencement of production at the Khazzan tight gas field will be a enhance to gas output and in turn government revenues, more than the coming years.

This ought to outcome in a substantial uptick to the actual GDP development and therefore enhance the per capita earnings thereby lifting all sectors which includes meals.

Among all meals categories, dairy consumption is most likely to grow quickest at five.six per cent in the course of 2018 to 2023 followed by cereals at five.five per cent. Growth in dairy consumption can be attributed to altering meals preferences of the individuals towards much more wholesome meals. Rice and wheat, which kind the core components of staple diet program, will drive the demand for cereals. To meet the expanding demand for dairy, Oman Food Investment Holding Company’s (OFIC) flagship project, Mazoon Dairy is set to commence operation of its US$260mn facility in Q3 2019.

In the initial stages, the facility is targeting to create 350,000lt of milk per day, which will be scaled up to 1mn lt on a everyday basis inside a ten-year period. Being the biggest fish producer and exporter in the area, the Omani government is utilizing numerous technologies initiatives to enhance nearby production which is most likely to boost the consumption, therefore contributing to the five.four per cent annualised consumption development in the ‘Others’ category.

According to Alpen Capital report, meals consumption in the GCC is anticipated to grow at a CAGR of three.three per cent from an estimated 51.5mn MT in 2018 to 60.7mn MT in 2023.

Information Source: Muscat Daily

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