Published By : 16 Sep 2016 | Published By : QYRESEARCH
With changes in lifestyle of consumers in the GCC countries and Qatar, the demand for convenient food products and snacks has substantially increased over the past few years. Consumers are shifting their preference towards the consumption of easy and ready to snack products. Demand for different types of savory and sweet snacks such as noodles, meat based food products, crackers, chips, cheese, sandwiches, confectionaries, pastries, cakes, fruit salad, and cookies is continuously rising in Qatar and GCC countries. Among the various types snack products, potato based snacks dominated the Qatar and GCC market in 2015 with a share of 46.5% and 60% respectively. Owing to the fact that potato snacks are easy substitutes for traditional meals, their consumption is expected to rise extensively in Qatar and GCC countries. Potato chips is expected to emerge as the leading segment in the potato specialty products category.
Growth in Retail Sector to Drive Consumption of Snacks across Qatar and GCC countries
The rise in the number of retail chains and delivery channels is expected to fuel the circulation of snack products across Qatar and GCC countries. The changing lifestyle of consumers coupled with increasing disposable income are factors that are likely to increase the sales of snack food products in GCC countries and Qatar over the next couple of years. The mounting demand for snacks from convenient stores, hypermarkets, and supermarkets are further expected to propel the growth of the snack products market in GCC countries and Qatar. Rising demand for healthy snack products owing to growing concerns regarding health issues is expected to lift the sales of snack products in future.
Obesity Concerns to Impede Sales of Snack Products
Processed and ready to eat food products generally have high amount of cholesterol and fats. These factors are considered to be the prime causes for osteoarthritis, high blood pressure, diabetes, obesity, and heart diseases. As a result of this, the demand for snack products is anticipated to decrease significantly in GCC countries and Qatar.
The market for snack products in Qatar and GCC countries is highly fragmented and competitive owing to the presence of a large number of leading companies such as General Mills Inc., Alrifai, Kellogg’s, Mondelez International, and Pepsico Inc. among others. The market for snack products in GCC and Qatar is projected to rise at a CAGR of 9.6% from 2016 to 2024. In 2015, the market was worth US$1103.6 mn is projected to rise to a valuation of US$2682.3 mn by the end of 2024.