The
snack product market for Qatar and other countries in the GCC union
features a highly fragmented competitive landscape, with the top five
companies collectively charting a nearly 50% of the overall market in
2015, observes Transparency Market Research in a recent report. The
company Saudi Snack Foods Co. acquired over a quarter of the entire
market in 2015 but none of the other top companies managed to gain a
sizeable share in the market’s overall valuation.
Low
entry barriers in the market have resulted in the presence of a large
number of competitors that are vying for attention from potential
consumers and adopting novel strategies to convert them to customers.
In the highly competitive market, some of the most popular growth
strategies include expansion of product portfolio, ensuring excellent
product quality, and product innovations aimed at meeting the rapidly
changing demands of consumers.
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Potato
Specialty Products Emerge as Most Preferred Snack Variety
Transparency
Market Research observes that similar to most competitive and
saturated markets, the market for Qatar and GCC snack products
exhibits strong demand for a variety of products in the snacks
category. The market is estimated to exhibit a nearly 9.6% CAGR in
terms of revenue from 2016 and 2024. Expanding at this pace, the
market is expected to rise from a valuation of US$1103.6 mn in 2015
to US$2682.3 mn by 2024. In terms of the key product varieties in the
market, the segment of potato specialty products dominates the
market, accounting for over 46.5% of the Qatar market and a nearly
60% of the rest of the GCC snack products market in 2015. The segment
of retail package leads in terms of packaging types.
Changing
Lifestyles and Consumption Patterns to Drive Market
Factors
such as busy lifestyles, rising population of women in the workforce,
and the rising trend of nuclear families have led to a significant
rise in the demand for easy to make packaged foods and ready to
consume snacks in the GCC region in the past few years. The market
for snack products in Qatar and other GCC countries is also
influenced by factors such as portability of products, innovations in
flavors, and increasing investment from various multinationals in the
food and beverages sector.
Concerns
Regarding Obesity to Increase Consumer Focus on Healthy Snacks
Ready
to eat and processed products are mostly linked to high cholesterol
and are considered a chief factor triggering obesity and related
concerns such as heart diseases, diabetes, high blood pressure, and
osteoarthritis. The market for snack
products in Qatar and GCC countries is expected to witness a
slight decline owing to rise in concerns regarding the rising
population of obese people in the region. According to the WHO, the
number of obese people in countries such as Saudi Arabia and UAE is
rising at an alarming pace and will account for a much bigger scale
of the region’s overall population in the next few years.
These
concerns will lead to a decline in the market for some of the
high-cholesterol varieties of snacks in the next few years, but will
lead to a significant rise in demand for healthy snack varieties such
as nuts, fruit products, organic products, whole grain products, and
vitamin fortified products. As the trend gains momentum, key vendors
in the market are ramping up the inclusion of healthy snack varieties
in their product portfolios to cater to the rising base of health
conscious consumers.
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