The snack products market in GCC is anticipated to witness an exponential growth during the forecast period from 2016 to 2024. Snacks are small amount of food that is taken between the meals. Different kinds of sweet and savory snacks are available in the market. Savory snacks include various kinds of bars, sandwiches, cheese, chips/crisps, crackers/biscuits, meat-based foods and noodles among others. On the other hand, sweet snacks consist of cookies, fruit salad, cakes, pastries and confectionaries. In order to provide in depth analysis of the market, the snack products market in GCC is segment on the basis of product type and package. Based on product type, the market has been segmented into ready to eat products, potato specialty products, pellet fries, nachos and others. The potato specialty products segment is further bifurcated into chips, potato fries, potato cubes, wedges and others. By package type, the snack products market in GCC is classified into retail package and bulk package.
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The snack products market in GCC is majorly driven by increasing demand for healthy snacks. The major attributes which the health conscious consumers are looking within a healthy savory and sweet snacks includes, proper protein contents, natural or organic ingredients, low red meat content, more vegetables, less sugar content and low calories. Healthy snacks includes gluten free, whole grains, organic and vitamin fortified snacks products. In GCC, the new understanding of healthy food is predicted to have immense implication on the demand of sweet and savory snack products market in the coming years. Owing to changing consumer’s perception towards healthy diet, leading snack products manufacturers have changed their focus from weight loss and dieting to natural ingredients. Leading snacks manufacturers are increasing their production of healthy snacks products in order to cope up with the rising demand of such products. Snacks containing organic and natural ingredients are well positioned in the market as consumers equate “Natural” and “Organic” with “Healthful”. This in turn is responsible for a stable growth and demand of healthy sweet and savory snack products over the period from 2016 to 2024 as this trend gains momentum. In addition, busy life schedule and change in eating pattern associated with economic development in the gulf region is another factor predicted to trigger the demand of snacks products during the forecast period.Moreover, innovative market strategies adopted by the leading snack products manufacturers is also anticipated to increase the sale of snack products across different parts of GCC.
However, rising problem of obesity is one of the major factors predicted to restrain the growth of snack products market during the forecast period from 2016 to 2024. According to WHO (World Health organization), the number of obese people in GCC region especially in Saudi Arabia and UAE (United Arab Emirates) is increasing at an alarming rate currently. Out of ten people in Saudi Arabia, seven of the Saudis are suffering from obesity, and 37% of the Saudi women are also suffering from overweight related problems. In addition, increasing competition from local suppliers coupled with rising price of basis raw materials such as oil, flour and sugar among others is anticipated to dilute the profit of many manufacturers. This in turn is anticipated to contract the supply of snacks products across different parts of GCC, there by affecting the market negatively. Moreover, the overall sluggish growth of the sale of processed food products in GCC is anticipated to deter the growth of the snacks market in the coming years as consumers are inclining more towards unprocessed snacks and foods. This weakness is somewhat neutralizes by the increasing demand for organic or natural snacks during the forecast period.
This report highlights the future predicted market growth of the snack products in GCC during the forecast period from 2016 to 2024. The report also provides in-depth analysis of the snack products market in GCC across various product type and package. Moreover, various economic factors that are predicted to affect the demand and supply of snack products across different parts of GCC are also provided in this report. In addition, the report also put emphasis on the detailed industry structure, market share of the leading players and market attractiveness analysis based on product type in order to provide details analysis of the market.The scope of the report offers an insight into snack products based on revenue (USD million) and volume (Thousand tonnes).
In 2015, among the various product type, potato specialty product segment held the largest market share both in terms of revenue and volume. The longstanding popularity of various potato specialty products is anticipated to sustain the growth rate of snack products market across different parts of GCC during the forecast period. Moreover, majority of the population in GCC consider potato snacks as a part of their regular hi-tea. Owing to this, consumers in GCC often buy large quantities of potato specialty products, which in turn is predicted to drive the market of potato snacks at an exponential rate in the coming years. Potato specialty product segment is followed by ready to eat products in 2015. Owing to increase in the number of working population, changing life style and rising trend of nuclear families coupled with changing eating pattern, demand for ready to eat products are predicted to increase extensively during the forecast period.
By package, snack products market in GCC is majorly driven by the retail package segment during the forecast period from 2016 to 2024. Rapid increase in the number of supermarkets, hypermarkets and convenience store coupled with increasing disposable income and rising trends of one stop shop, consumers are inclining towards purchase of snack products from various large retail sectors situated across various parts GCC. This in turn is predicted to encourage the demand of snacks from retail sectors.
Some of the key players operating in snack products market of GCC includes PepsiCo Inc. (New York), Mondelez International (U.S), Kellogg’s (U.S), Alrifai (Lebanon) and General Mills Inc. (U.S) among others.
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