UAE Market Overview 2021: Key Insights and Growth Trends
The markets in UAE are on the robust and maintainable growth trajectory. However, the economy has faced volatility throughout the recent past years owing to the proficient growth in foreign direct investment, increment in investments in infrastructure, negative repercussions of the global economic slowdown, 100% ownership in the few sectors and fall in the oil prices.
Additionally, tourism is one of the greater non-oil sources of revenue in the UAE, with some of the world’s most exclusive hotels being positioned in the UAE. A speedy construction boom, a broadening manufacturing base, and a prosperous services segment are supportive the UAE spread its economy.
The UAE is a predominantly import-oriented market. The highest import products of the country comprise Jewellery, Electronic Products, Automotive Products, Refined Petroleum and Gold. The country is not a manufacturing hub and is therefore majorly contingent on imports for Retail and Consumer Products as well. The primary import origins for the country are China, India, US, Germany and the UK.
Whereas, the UAE Industry Market Reports of Ken Research advises that Nutritional Supplements market in UAE grew at a greater single digit growth rate over the calculated period of 2013-2018. The market growth was assisted by the growing health awareness, government initiatives, growth in the personal disposable income of the people, augment in ageing populace, and preventive nature of the age group (25-45 years). The market was witnessed in the late growth stage and will endure to remain so in the reviewed period of 2018-2023.
An alteration in consumption trend has been witnessed in the UAE health and wellness industry, wherein the consumers are aiming more on the preventive healthcare from taking health supplements in the old age to a movement in increasing consumption of supplements in the earlier ages in order to safeguard them from permanently relying on pharmaceutical drugs. Nutritional Supplements are aligning itself as natural and healthy alternative to traditional medicine around the country.
Whereas, UAE lubricant market is at mature stage. Domestic and international players have provided to the requirement of lubricants that led to augment in market revenue. Synthetic lubricants which have observed an augment in requirement as they deliver the better protection to engine and machinery and increment in engine performance in changing conditions. The growth in exports till the year 2015 was principally attributed to augment in requirement for lubricants from importing countries accompanied by increment in crude oil prices. However, post 2015, the market has considerably deducted owing to effects of oil slump which led to decrease in the prices of lubricants.
Nonetheless, the baby food market of UAE is still in its growth stage. The market presented a strong competitive scenario where international players that control majority of the stake are constantly trying to augment their prevailing market share. The UAE Baby Food market has majorly been an import registered market. The market is receptive to newness and revolutions for instance, camel milk-based baby food products and halal baby food products have obtained a lot of acceptance in the country. Despite the fact that government is motivating the breast feeding among new mothers and economic impact owing to oil price shock of mid 2014 that continued till 2015, the baby food market has shown dependable growth.
The key players around the UAE market are effectively functioning more actively for leading the highest market growth and registering the great value of market share around the region during the near future by spreading the awareness concerned to the respective goods and services, establishing the several research and development programs, implementing the policies of profit making and expansion strategies and delivering the better consumer satisfaction.
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