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.
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.
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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.
Snack
products market of GCC can be segmented as follows;-
GCC
Snack Products Market, By Product Type
- Ready to Eat Products
- Potato Specialty Products
- Pellet Fries
- Nachos
- Others
GCC
Snack Products Market, By Package
- Retail Package
- Bulk Package
