The
snack product market in Qatar and other countries in GCC exhibits a
highly fragmented vendor landscape. According to Transparency Market
Research (TMR), the top five players held nearly half of the market
in 2015. Furthermore, the report says that Saudi Snack Foods Co.
accounted for over quarter of the overall market in 2015, however,
none of leading companies could manage a sizeable share for clear
dominance. In addition to this, low entry barriers in the Qatar and
GCC snack product market has triggered the prevailing competition.
Impelled by this, the market players are adopting novel strategies to
gain traction. The leading companies in the Qatar and GCC snack
product market are also diversifying their product portfolio to gain
competitive edge. Besides this, they concentrate on offering
excellent product quality and innovation to cater to the dynamic
consumer preference.
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TMR
has pegged the Qatar and GCC snack product market to exhibit an
impressive 9.6% CAGR between 2016 and 2024. At this pace the market
is expected to reach US$2682.3 mn by the end of 2024 as against
US$1103.6 mn in 2015. Among key products available in the market,
the segment of potato specialty products is likely to witness the
highest demand. In terms of packaging type, retain package has
emerged dominant.
Changing
Lifestyle Choices to Create Lucrative Growth Prospects
The
demand for snack products is accelerating at a significant pace.
Factors such as rising pool of women workforce, changing lifestyle,
and the rising trend of nuclear family have created an environment
conducive to the growth of the global snack product market. As
manufacturers invest in innovating new flavors and in various food
and beverage multinationals, the snack product market will witness
increasing opportunities in GCC and Qatar. Besides this, the market
is also expected to benefit from various macro-economic factors.
Furthermore, experts believe that soaring opportunities lie for the
market in the region’s booming tourist industry.
Health
Consciousness among Consumers may Curb Demand
Processed
meals or ready to eat food are often linked to health concerns such
as high cholesterol. Furthermore, packaged food is considered one of
the main causes triggering obesity. Their unbridled consumption may
also aggravate health concerns such as blood pressure,
osteoarthritis, and heart diseases. The increasing awareness about
these concerns can negatively impact the snack
product market in Qatar and GCC countries. Key point to
consider here is that rising health consciousness among buyers could
negatively impact the market as well.
As
per the World Health Organization, obesity is rising at an alarming
pacer in UAE and Saudi Arabia and in the near future it will account
for a bigger share of the region’s overall population. This concern
may result in declining growth of the market for some
high-cholesterol varieties of snacks. Conversely, the demand for
healthier snacks made from organic, food grain, and whole grain
products will rise. Furthermore, the scenario will reap benefits for
the vitamin fortified snack products. As this trend catches on, more
producers will join the bandwagon by including healthier varieties of
snacks in the product portfolio. With this they will be able to cater
to the preferences of health conscious consumers while sustaining
growth.
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