Busy Lifestyles in Qatar and GCC Countries to Fuel Consumption of Snack Products
Albany, NY -- (SBWIRE) -- 05/17/2018 -- 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
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.
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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.