Press Release Description
Snacks Market in Kuwait to Flourish Amidst Growing Advancement in E-commerce Platform
The Kuwait Snacks Market is projected to grow at a CAGR of around 5.29% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The country is currently brawling with food security challenges and is proactively examining avenues to expand its snacks & food industry to meet the surging needs of the population. Embracing digitalization, Kuwait is supporting various online platforms for snack delivery, leveraging widespread internet access. Moreover, the high availability of Internet services has facilitated the adoption of convenient digital platforms, ensuring secure & efficient transactions. This trend contributes significantly to the robust growth of the Kuwait Snacks Market share.
Additionally, the government is actively promoting sustainable food production practices to address food security challenges and mitigate the high costs associated with food and snack items due to limited domestic production. To boost food production, the government is strategically investing in the agricultural sector, acquiring fertile land in exterior regions of Kuwait. Such government-led efforts not only enhance food security but also influence snack prices in the local market.
Furthermore, major companies in Kuwait, including Nestle, Ferrero, Mars Inc., and Kellogg’s, are actively involved in continuous development and innovation to offer personalized snacks. These products are designed to cater to specific dietary needs, such as being free from lactose, eggs, peanuts, and other allergenic components, accommodating individuals with allergies. Hence, such innovations have heightened demand from the allergic population, further propelling the growth of the Snacks Market in Kuwait in the upcoming years, further states the research report, “Kuwait Snacks Market Analysis, 2024.”
Kuwait Snacks Market Segmentation Analysis
Savory Snacks to Hold Potential Market Share
Based on the product type, the market is further bifurcated into Sweet Biscuits, Snack Bars and Fruit Snacks, Ice cream, Sugar Confectionery, Savory Snacks, Chocolate Confectionary, and others. Among them, Savory Snacks has exhibited the majority of the market share since the historical period as it offers a comprehensive array of vitamins, minerals, healthy fats, dietary fibers, etc. In contrast to sweet snacks, which are dense in calories and have a high amount of sugar content in the majority of the sweets snack products, Savory snacks offer more nutrition-based options by boosting energy & facilitating the health management diet through lower-calorie consumption, which is in high demand in the country.
Moreover, the diverse variety of textures with unique crunchy & crispy quality of savory snacks further enhances the overall experience of the snacks, compared to the sweet snacks, which are majorly soft, creamy, or jellies-based products. In Kuwait, savory snacks are crafted from high-quality ingredients, making them appealing to individuals of all age groups. Therefore, due to the high nutritive advantages of savory snacks, the demand for savory snacks would significantly boost the Kuwait Snacks Market share in the near future.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Kuwait Danish Dairy Company (KDDC), KITCO (Kuwait Indo Trading Co.), Nestle, Kellogg Co., Ferrero, Kuwait Indo Trading Co. WLL, Arabian Beverage Co. Ltd (ABC), IFFCO Group 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 market?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across the country?
- 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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