Qatar & GCC Snack Products Market: Changing Lifestyle Choices to Create Lucrative Growth

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.

Factors Driving Global Snack Products Market through 2016 and Beyond

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.

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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.

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.

Qatar & GCC Snack Products Market Growing at 9.6% CAGR during 2016-2024

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. 

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.

Snack Products Market in Qatar and GCC to Exhibit Robust Growth as Players add Healthier Varieties to their Portfolio

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.

Request to view Sample Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=14654

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.

Snack Products Market in Qatar & GCC to Exhibit Robust Growth as Players add Healthier Varieties to their Portfolio

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.