Albany - NY, Sept. 29, 2016 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research “Snack Products Market (By Product Type – Ready to Eat Products, Potato Specialty Products ( Chips, French Fries, Potato Cubes, Wedges and Others), Pellet Fries, Nachos and Others, By Package – Retail Package and Bulk Package) – Qatar and GCC Industry Analysis, Trend, Size, Share and Forecast, 2016 - 2024.”,the market was valued at USD 1103.6 million in 2015 and is expected to reach USD 2682.3 million in terms of revenue by 2024, growing at a CAGR of 9.6% from 2016 to 2024. By volume, the snack products market of GCC is expected to grow at a CAGR of 9.0% during the forecast period from 2016 to 2024 to reach a market size of 189.10 thousand tonnes by 2024. In 2015, the market was valued at 82.10 thousand tonnes.
Increasing demand for ready to eat food products by busy millennial population is the primary factor predicted to drive the market growth of snack products across different parts of GCC during the forecast period from 2016 to 2024. In addition, driven by portability, innovation in flavor and nutritional content in line up with increasing investment from various multinationals in the food and beverage industries, the market of snack products is also predicted to witness a decent growth during the next few years. Moreover, rising trend of nuclear family along with increasing number of woman working population is another important factor predicted to drive the demand of sweet and savory snacks during the forecast period. Among the different categories of savory snacks, nuts and fruit snacks bar is forecasted to experience an exponential growth rate in the coming years owing to consumer’s inclination towards healthy diet. Apart from that, new product development in terms of flavor and nutrition content is also anticipated to create a better opportunity for different snack products manufacturers in the coming years.
Thus, Lay’s new Paprika flavor is anticipated to be widely accepted across various parts of GCC. Lay’s established brand name and strong backing through media communications will help the acceptance of the brand. It is also anticipated that manufacturers not only in potato chips but also in other savory snacks categories such as tortilla chips and puffed snacks is likely to focus on new product development in order to increase their flavor offerings and to face tough competition from other manufacturers.
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The snack products market of GCC has been segmented on the basis of product type and packaging. By product type, the market has been segmented into ready to eat products, potato specialty products, pellet fries, nachos and others. Chips, french fries, potato cubes, wedges and others consisting of potato sticks, potato puff and potato ring are included within the wide product range of potato specialty products. On the other hand, based on packaging, the market can be classified into retail packaging and bulk packaging. Demand of snacks products from various supermarkets, hyper markets and convenience store among others are included within the retail package segment. Whereas, bulk package segment includes demand of snack products from the HORECA (Hotel/Restaurant/Cafe) sector.
Based on product type, the snack products market in GCC is majorly driven by the potato specialty products segment during the forecast period. This segment also held the largest market share both in terms of revenue and volume in 2015. Among the different categories of potato specialty products, chips segment held the largest market share both in terms of value and volume. Increasing use of potato chips across various hotels and restaurants for serving purposes as a complimentary part with other dishes in turn is predicted to accelerate the demand for potato chips during the forecast period from 2016 - 2024. However, in terms of revenue, french fries segment is anticipated to witness the fastest growth during the forecast period across different potato specialty products segment. Increasing demand of french fries from the rapidly growing QSRs (Quick Service Restaurants) such as KFC and McDonald’s across different parts of GCC is anticipated to trigger the demand of french fries in the coming years.
On the basis of package type, demand for snack products from the retail package segment is predicted to witness the fastest growth both in terms of revenue and volume during the forecast period from 2016 to 2024. Various snack manufacturers in order to expand their volume sales, offer regular discounts on multipacks both to the modern and traditional grocery retailers. This in turn is anticipated to trigger the demand of snacks products from the retail package segment during the forecast period.
Some of the key players operating in snack products market of GCC includes PepsiCo Inc. (New York), Mondelez International (U.S), Kellogg’s (U.S), Alrifai (Lebanon) and General Mills Inc. (U.S) among others.
Snack products market of GCC can be segmented as follows;-
GCC Snack Products Market, By Product Type
- Ready to Eat Products
- Potato Specialty Products
- Pellet Fries
GCC Snack Products Market, By Package
- Retail Package
- Bulk Package
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Source:Transparency Market Research