The
market for snack products in Qatar and other GCC countries features a
vast set of growth opportunities as busy lifestyles of the urban
populace compel consumers to look for ready to eat food varieties on
a large scale. Trends such as rising numbers of nuclear families and
an increasing contribution of women in the region’s workforce are
also driving the market for snack products in the region. Concerns
regarding the rising population of obese people, however, has brought
about a significant change in market’s dynamics, with healthy,
low-fat products witnessing increased demand as compared to popular
high-fat product varieties.
Transparency Market Research estimates that the market will witness
expansion at a remarkable pace in the next few years, rising at a
9.6% CAGR in terms of revenue and a 9% CAGR in terms of volume over
the period between 2016 and 2024. Rising at this pace, the market,
with a revenue-wise valuation of US$1103.6 mn in 2015, is expected to
reach US$2682.3 mn by 2024.
Potato
Specialty Snack Products to Retain Dominance
In the report, the Qatar and GCC snack
products market is segmented on the basis of product variety
into potato specialty products, ready to eat products, nachos, and
pellet fries. Of these, the segment of potato specialty products
dominated the market, occupying a 46.5% share in the Qatar market and
nearly 60% share in the rest of GCC market in 2015. The rising demand
for potato-based snack products as an easy and filling substitute to
traditional meals is predicted to trigger the demand of potato
specialty products across various regions of GCC in the coming years.
Among the different varieties of potato specialty products available
in the market, the segment of potato chips leads in terms of both
revenue and volume. The market for potato chips is also expected to
retain its top position in the Qatar and GCC potato-based snack
products market in the near future, outpacing other segments over the
period between 2016 and 2024.
However, the overall volume- and revenue-wise growth of the segment
of ready to eat products is expected to either fare equally well or
see a marginal rise in demand as compared to the segment of potato
specialty products from 2016 to 2024. Busy lifestyles, rapidly
changing eating preferences, and rising trend of nuclear families
will work in favor of the ready to eat products market over the said
period.
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Retail
Package Segment Dominates Qatar and GCC Snack Products Market
On the basis of package, the report analyzes the Qatar and GCC snack
products market for retail and bulk package. Demand of snack products
from sales outlets such as supermarkets, hyper markets, and
convenience stores are included within the retail package segment.
Whereas, sales across the HORECA (Hotel/Restaurant/Cafe) sector are
considered for analyzing the bulk package sector for the Qatar and
GCC snack products market.
Of these, the segment of retail package dominates the market and is
expected to command the leading position in terms of both volume and
revenue from 2016 to 2024 as well. Growth of this segment can be
attributed to the increasing inclination of consumers towards
purchasing snacks from retail outlets such as hypermarkets, specialty
stores, and super market.
The Qatar and GCC snack products market features a highly fragmented
marketplace with an excellent mix of multinational companies and
domestic vendors vying to achieve a bigger role and a larger share in
overall sales. The company Saudi Snack Foods Co. had the dominant 25%
share in the overall market in 2015. Other chief vendors in the
market are National Biscuits & Confectionery Co. Ltd., Al-Rifai
Roasteries Est, Kellogg, and Mondelez.
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