The report titled “Food Market” assesses the GCC market based on type, form, nature, distribution channel, and country. A comprehensive report provides a detailed historical and future market size with a trend analysis. The market share analysis, production, competitive landscape, development plans, expansion opportunities, and competition analysis for the target companies evaluated in the GCC food market study are highlighted in the report.
Market Overview and Dynamics: Advent of the young and working population to fuel market growth
The GCC food market is expected to grow at a CAGR of 2.3% during the forecast period of 2022-2028. The emergence of young, working-class professionals has highly influenced the demand for foreign cuisines and international food items. Moreover, the increasing young population is fueling the demand for healthy and organic food products including dairy products, organic fruits, vegetables, etc. Furthermore, online and e-commerce platforms are expected to witness an uptick with the food delivery penetration estimated to grow in the forthcoming years.
Additionally, the tourism industry is anticipated to support the growth of food consumption in GCC countries. Hosting international events acts as a route to increase footfall in restaurants and food outlets. As the global economy recovers from after-pandemic effects, the GCC countries have started to open up their borders for fully vaccinated international tourists, and the flow of tourists is expected to skyrocket in the forthcoming years. This will further fuel the growth of the GCC food market. Various steps taken by GCC governments to improve food security and food supply in the region will continue to boost the market growth in the forecast period.
- On the basis of type, cereals are dominating the market in 2021. As cereals remain a staple food item in the GCC countries, this segment is expected to grow in the forthcoming years.
- On the basis of distribution channels, online & e-commerce platforms are expected to be the most opportunistic segment owing to the growing adoption of smartphones and easy payment and home delivery services.
- Based on nature, organic food products are expected to observe the fastest growth rate on account of the increasing health awareness among consumers and manufacturers. This, in turn, is likely to drive the demand for dairy products, organic vegetables, and fruits.
- Based on region, Saudi Arabia is expected to dominate the GCC food market due to the increasing young population and prevalence of eating healthy and organic food.
Competition Analysis: Western consumer trends to boost the supply of International food products
The GCC food market experiences intense competition due to the presence of numerous established companies in the market. The younger population in the GCC countries are particularly susceptible to western consumer trends and are intensely inclined towards the same. This inclination is expected to fuel the demand for international food and cuisines. Moreover, the increased investments in the food and hospitality sector are expected to grow in the upcoming years. This will further influence the food demand in the GCC countries. In addition to that, food demand will continue to rise in all GCC nations as a result of government initiatives, such as the relaxing of entry and residency requirements, which are intended to encourage immigrants to work and settle in the area.
The observed industry trend in the GCC food market is product innovations, launches, and alliances. During the estimated period of 2022–2028, a significant amount of market consolidation is anticipated. Some of the recent developments observed in the market include,
- In October 2021, Savola Foods acquired 100% of Bayara Holding for US$ 260 million to expand into value-added food categories with propositions directed towards the younger population.
- In August 2020, Delivery Hero acquired 100% of Instashop, one of the largest online grocery platforms in the Middle East and North Africa.
Some of the leading players involved in the production, processing, and marketing of global Food include Bahrain flour mills company, Al Jouf Agricultural Development Co. SJSc, Halwani Brothers Co. Ltd, Almarai Co, Agthia Group PJSC, Hasan & Habib Sons of Mahmood Co WLL, Paris Group, Ali Shahihani Group of Industries, Sadita Holding Co, Barakat Group, Dubai Refreshments PJSC, Foodco Holding PJSC, Mezzan Holding Co KSCP, National Agriculture Development Company, Oman Refreshments Company, Savola Group Co SJSC, and Trafco Group B.S.C among others.
RationalStat has segmented the GCC Food market on the basis of type, form, nature, distribution channel, nature, and country.
- By Type
- Fruits and Vegetables
- Dairy Products
- Others (Bakery & Confectionary etc.)
- By Nature
- By Distribution Channel
- Convenience Stores
- By Country
- Saudi Arabia
For more information about this report, visit: https://store.rationalstat.com/store/gcc-food-market/
About RationalStat LLC
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support globally and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, procurement intelligence, data analytics, and analytical dashboards.
Content and Press Manager
Phone: +1 302 803 5429