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GCC Functional Food Market Fuelled by Rising Awareness among Consumers

Consumers in GCC turn to functional foods as prevalence of diabetes, obesity, and cardiovascular diseases increase, according to a report by FMI.

VALLEY COTTAGE, NEW YORK, UNITED STATES, July 20, 2015 / -- Future Market Insights (FMI), with its sharp focus on emerging regions, delivers key insights about the functional food market in its latest report, titled “GCC Functional Food, Market Analysis and Opportunity Assessment, 2015 - 2020”. The report states that the GCC market for functional food is growing at a rapid pace as compared to other regions. The GCC functional food market was valued at US$4.8 Bn in 2014, and is expected to reach a valuation of US$9.07 Bn by 2020. The GCC market for functional food is poised to grow at a 10.9% CAGR during the forecast period. This growth is mainly supported by favorable government policies of subsiding fortified foods, retailers, and manufacturers.

The other factors influencing the market’s growth are growing population of expatriates; growing prevalence of diabetes, obesity, and cholesterol-related diseases; increase in the number of diet centers, diet consultants, and health campaigns; availability of novel varieties of functional food in the market.

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Increasing awareness about health benefits of functional foods, such as maintaining bone and heart health, preventing diabetes, and weight management is generating demand for healthy foods in the GCC region. Thus, the GCC is expected to demonstrate a substantial growth rate of 10.9% as compared to other regions, which include North America, Europe, and RoW, the functional foods markets in which are expected to develop at a CAGR of 9.7%, 8.7%, and 10.3, respectively.

Geographically, the GCC functional food market covers six countries, which include Saudi Arabia, the United Arab Emirates (UAE), Oman, Kuwait, Qatar, and Bahrain. Among these, Saudi Arabia held the largest market share of 48.3% in 2014, followed by the UAE.

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Arab consumers are more inclined towards a carbohydrate-rich diet, but are gradually shifting towards a protein-rich diet. This shift will lead to demand for frozen yogurt among Arab consumers, along with fortified cheese and low-fat spreads, during the forecast period.

While there is some divergence in the larger countries of GCC – Saudi Arabia has lost 1.9% of share – most small markets are relatively consistent. On the other hand, the UAE is the second largest country, accounting for 28.3% of the total market, or US$1,544.9 Mn, in terms of revenue in 2014. Moreover, the UAE is the largest market for new product launches, as about 80% of the food consumed in the GCC is imported.

The UAE, Saudi Arabia, and Kuwait are estimated to remain strategic markets for functional food over the forecast period, primarily due to increasing awareness about health and fortified foods and higher adoption rate of such products. Rising population and high per capita income are other major drivers of growth of the market in the GCC countries. Saudi Arabia and the UAE collectively accounted for US$3.3 Bn – more than 75% of the total revenue in the market – in 2013, and are anticipated to continue their dominance through 2020.

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In addition, Kuwait is anticipated to be the fastest growing market through 2020. The Kuwait’s contribution to the GCC functional food market is expected to increase from US$384.7 Mn in 2014 to US$766.1 Mn in 2020 at a CAGR of 12.2% during the forecast period, followed by Qatar, which is expected to benefit from higher tourist influx and a significant expatriate population.

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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

Our research services cover global as well as regional emerging markets such as GCC, ASEAN, and BRICS. Our offerings cover a broad spectrum of industries including Chemicals, Materials, Energy, Technology, Healthcare, and Retail. FMI’s operating model blends cross-disciplinary research experience to deploy in-depth, insightful and actionable research.


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