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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