Press Release Description
GCC Snacks Market Hits USD 6.74 Billion in 2023, Estimated 4.9% CAGR Growth by 2030
The GCC Snacks Market size was valued at around USD 6.74 billion in 2023 and is estimated to grow at a CAGR of about 4.9% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. In 2023, the market size of the GCC snacks industry was around USD 6.74 billion. The expansion of the economy with an expanding population, a busy lifestyle, a demand for value-added snacks, and the adoption of various government programs contributed to the market share. GCC countries are stepping up efforts to improve the non-oil sector's contribution to the economy by investing in other sectors such as tourism.
Nations in this region actively investing in the tourism sector by building new hotels, resorts, and other facilities, as well as pursuing tourism initiatives to attract foreign tourists. Visitors coming from diverse cultural backgrounds with varying dietary choices demand ready-to-eat snacks while seeing cities and attractions for convenience and on-the-go consumption to manage their time. In addition, hotels and resorts occasionally serve tourists with snacks and refreshments. As GCC nations actively promote tourism, the inflow of tourists with diverse preferences and consumption habits would enhance the need for various types of snacks in the market. Increasing potential for local and worldwide snack producers in the industry, which would drive market share in the future years.
Furthermore, as the GDP of GCC nations grows, so does the disposable income of citizens. The World Bank organization 2022 anticipated the Gulf Corporation Council's economic growth to be approximately 5.9% in 2022. This economic progress has led to the expansion of several industries, including the food and beverage industry, as well as the need for high-quality premium ready-to-eat snacks. Because of the region's rising obesity rates, consumer preferences in the GCC region are evolving toward healthier snacks with minimal sugar and trans-fat content. Consumers have been willing to pay higher costs for these premium snacks, prompting snack companies to develop new products or formulations in the premium food category. As a result, innovative premium product releases and rising GCC per capita income provide growth potential for the GCC snack industry in the forthcoming years, further states the research report, “GCC Snacks Market Analysis, 2023.”
GCC Snacks Market Segmentation Analysis
Sweet Biscuits, Snack Bars, and Fruit Snacks to Have a Strong Grip Over the Market
Based on the product type, the market is further bifurcated into Sweet Biscuits, Snack Bars, & Fruit Snacks, Savoury Snacks, Ice Cream, Sugar Confectionary, and Chocolate Confectionary. During the historical period, sweet biscuits, snack bars, and fruit snacks gained a significant market share. It saves consumers time owing to the convenience of on-the-go consumption of food without prior preparation. The snack bar provides portion control servings ideal for consumers who regulate their daily calorie consumption.
Due to increasing health concerns, many consumers prefer nutritional snack bars with functional ingredients such as protein, fiber, etc. Furthermore, a surge in the population with special dietary preferences & food limitations prefers snacks with allergen-free, gluten-free, and dairy-free diets category. Therefore, this shift in consumer preference towards healthy snack formulations would escalate the GCC Snacks Market share in the upcoming years.
The UAE is Anticipated to Account for a Prominent Market Share
The UAE is anticipated to maintain a substantial share of the GCC Snacks Market in the forthcoming years. This includes the introduction of a supportive foreign direct investment policy for the agriculture sector, as well as the National Food Security Strategy 2051. Around 18% of Middle Eastern food and beverage commerce is conducted in the UAE. Due to unlimited access to the UAE market, the government's new regulatory framework allows investors to benefit from the production-to-distribution process.
Additionally, expanding urbanization, the hectic lifestyle of the working population, and increased tourism inflows as a result of the government's economic diversification efforts fuel demand for ready-to-eat snack food for convenience and time management, thus influencing the UAE Snacks Market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Mars Inc., PepsiCo Inc., Nestle SA, Mondelez International Inc, IFFCO Group, Kellogg Co., Pladis Ltd, National Food Industries LLC (NFI), Saudi Ice-Cream Factory Ltd, Kuwait Indo Trading Co WLL, and Others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the GCC Snacks Market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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