GCC Food Market Analysis and Forecasts, 2022-2023 and 2024-2028: Vegetable Consumption Soars, Surge in Fruit Production, Innovative Product Launches, Strategic Expansions
Dublin, Feb. 01, 2024 (GLOBE NEWSWIRE) — The “GCC Food Market: Analysis by Category, Region, Size and Trends with Impact of COVID-19 and Forecast up to 2028” report has been added to ResearchAndMarkets.com’s offering.
The GCC Food Market has been meticulously analyzed in a recent research publication, displaying a wealth of information on the sector’s progression by category and region along with insights into size, trends, and the influence of the COVID-19 pandemic. This unparalleled analysis provides a detailed forecast up to the year 2028.
Key Takeaways from the GCC Food Market Analysis
The report furnishes an extensive view of the food market within the Gulf Cooperation Council region, emphasizing the newest trends relating to growth drivers, market challenges, and opportunities that could influence the industry’s trajectory.
Growth Drivers and Market Segmentation
Amongst the primary forces propelling the GCC Food Market forward is the expanding population coupled with growing per capita income and burgeoning tourism, particularly with a spotlight on the plant-based and organic food segments. Additionally, innovations in agriculture, including modern farming techniques, have been pivotal in enabling growth.
- Vegetable Consumption Soars: Reflecting a shift towards healthier lifestyles, vegetables have emerged as the fastest growing segment.
- Surge in Fruit Production: Fruits garnered a substantial market segment in 2022, attributable to favorable climate pockets within the region and technological advancements in farming.
A closer look at the individual GCC countries reveals that Saudi Arabia not only dominates in consumption and production but also exhibits significant potential due to its extensive consumer base and concerted government efforts to boost food security.
Bahrain’s Food Consumption on the Rise: A noticeable spike in food consumption is anticipated in Bahrain, backed by its growing economy and population.
Challenges and Trends in the GCC Food Market
While the GCC Food Market has robust dynamics, it also grapples with challenges stemming from its arid climate and the inherent limitations to agriculture.
Trends Reshaping the Market
The trend of health-conscious food choices has become more pronounced, with a tilt towards organic and nutrient-rich products. Technological advancements, such as precision agriculture and the use of analytics, play a crucial role in market transformation.
Post-Pandemic Revival and Strategic Movements
The aftermath of COVID-19 demanded significant adaptations within the GCC food sector, yet, the market is showing signs of a robust recovery. The surge in e-commerce, coupled with innovative product offerings like plant-based options, has redefined the market landscape. The report documents key mergers and acquisitions that signal the strategic intentions of corporations to consolidate and expand market presence.
Notable Developments Among Key Players
In keeping with the need for a diverse and resilient food market, key participants in the GCC Food Market are engaging in strategic moves such as mergers, acquisitions, and technological investments to cater to evolving consumer demands and to fortify their market standings.
- Innovative Product Launches: Noteworthy introductions such as lactose-free dairy products cater to specific health needs within the consumer base.
- Strategic Expansions: Collaborations like that of Foodco with MGolden Group illustrate the drive to reinforce FMCG distribution networks.
- Favorable Demographics
- GDP Growth
- Urbanization/ Modernization
- Expanding Food Services Sector
- Rising Tourism Activity
- Harsh Climatic Conditions and Limited Resources
- Supply Chain Vulnerabilities
- Growing Awareness of Healthy Eating Habits
- Rising demand for Organic Food
- Technological Advancements
- Government Initiatives
Key players of GCC food market are:
- Agthia Group PJSC
- Al Islami Foods
- Mezzan Holding Co. KSCP (only Arabic)
- Almarai Co.
- National Agriculture Development Company (only Arabic)
- Saudi Dairy & Foodstuff Company
- Trafco Group B.S.C
- Al Ain Farms
- Widam Food Co. (only Arabic)
- IFFCO International Foodstuffs Co. LLC
- Barakat Group
For more information about this report visit https://www.researchandmarkets.com/r/ep92at
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