According to the market report published by Future Market Insights titled “Functional Food Market: GCC Industry Analysis and Opportunity Assessment 2014-2020’, the revenue generated from functional food is estimated to be valued over US$ 4,894.8 Mn in 2014, which is projected to increase at a CAGR of 10.9% during the forecast period (2015-2020).
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Functional food products, which enhance health, are typically advocated as alternatives to traditional medication. However, one of the major challenges is the formulation of functional food in traditional food and beverages. Moreover, consumers are seeking more variety in functional food products apart from traditional options. These challenges have resulted in the introduction of innovative new functional food products to ensure ingredient viability and stability. The market for functional food is expected to witness high demand in specific countries such as the UAE and Kuwait. Healthcare spending in GCC is expected to increase at a double-digit growth rate between 2015 and 2020 due to the rising concerns about health and wellness, which is expected support the growth of functional food market in the region during the forecast period.
Due to the preference for functional food, retail chains are coming up with new variants of functional food products especially in cereals and dairy products. Leading brands are continuously gaining traction by launching a wide range of functional food products, thus creating a long-term growth opportunity all over the region. Moreover, the growing cost of healthcare products has influenced consumers to adopt preventive measures. These factors are supporting the demand for functional foods in GCC countries.
In GCC functional food market by product type segment, the cereals, flakes & confectioneries segment accounted for relatively high value share of almost 41% in 2014 and is expected to remain dominant in terms of value during the forecast period. The segment is expected to register a CAGR of 12.1% by the end of 2020. Cereal bars, fortified pasta, noodles and corn/oat flakes are some of the key products in demand across the GCC countries. On the basis of distribution channel, in GCC functional food market the hypermarket & A-class store segment accounted for the maximum value share of 39.6% in 2012. However, the consumer co-operatives and grocery stores segment is expected lose its popularity across the region. Overall, these distribution channels segment contributed 28.3% in 2012 and is expected to lose its share further in 2020 due to greater consumer preference towards hypermarkets & A-class stores. On the basis of region in GCC functional food market, KSA is expected to register a revenue share of 48.3% in 2014. Kuwait and Qatar are among the most lucrative markets for functional food in terms of revenue as compared to other GCC countries.
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Key Players in GCC Functional Food Market
Detailed profiles of companies are also included in the GCC functional food market report to evaluate their strategies, key product offerings and recent developments. Some of the key players profiled in the functional food market study include Almarai, Danone, AL Rawaby Dairy, Pinar, Anchor, Kraft Foods, IFFCO, Nestlé, Oman Flour Mills Company, The Modern Flour Mills and Macaroni Factories, Al Ghurair Foods, Alyasra Foods, AL Jazira Poultry Farm LLC NEZO, ZAD INDUSTRIES & TRADING CO and Savola Foods. To increase their sales in GCC functional food market, major players based in the region are focusing on generating awareness and launching new product variants.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.