As indicated by the market report distributed by Future Market Insights named “Functional Food Market: GCC Industry Analysis and Opportunity Assessment 2014-2020′, the income created from GCC Functional Food is assessed to be esteemed over US$ 4,894.8 Mn in 2014, which is projected to increment at a CAGR of 10.9% during the estimate time frame (2015-2020).
Individuals have become more wellness and wellbeing cognizant, and really like to spend more on food or different items that advance or further develop wellbeing for better future everyday environments. Further developed expectations for everyday comforts have brought about an ascent in shopper spending on wellbeing and wellness related items. Shoppers in the GCC nations have begun turning out to be more keen on understanding the job of Functional Food and the part that it plays in forestalling and lessening the effect of illnesses.
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Functional Food items, which improve wellbeing, are normally pushed as options in contrast to customary prescription. Nonetheless, one of the significant difficulties is the definition of utilitarian food in conventional food and drinks. Besides, purchasers are looking for more assortment in useful food items separated from customary choices. These difficulties have brought about the presentation of inventive new useful food items to guarantee fixing practicality and soundness. The market for Functional Food is relied upon to observe popularity in explicit nations like the UAE and Kuwait.
In GCC Functional Food market by item type section, the grains, pieces and candy parlors fragment represented generally high worth portion of practically 41% in 2014 and is relied upon to stay prevailing as far as worth during the gauge time frame. The section is relied upon to enlist a CAGR of 12.1% before the finish of 2020. Grain bars, strengthened pasta, noodles and corn/oat pieces are a portion of the critical items sought after across the GCC nations. Based on dispersion channel, in GCC practical food market the hypermarket and A-class store section represented the greatest worth portion of 39.6% in 2012.
Nonetheless, the customer co-agents and supermarkets fragment is normal lose its prevalence across the locale. Generally, this conveyance diverts fragment contributed 28.3% in 2012 and is relied upon to lose its portion further in 2020 because of more noteworthy customer inclination towards hypermarkets and A-class stores. Based on district in GCC Functional Food market, KSA is relied upon to enroll an income portion of 48.3% in 2014.
Vital participants in GCC Functional Food Market
A portion of the vital participants profiled in the Functional Food market study incorporate 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 and TRADING CO and Savola Foods.
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Key Segment
On the basis of product type
- functional dairy products
- cereals, flakes & confectioneries
- iodised salt
- fortified eggs
- fish & meat
- oil & margarine
By distribution channel
- hypermarkets/A-class stores
- self-service & B-class chains
- consumer cooperative & groceries
- others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the year.
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