GCC Functional Food Market to Grow Steadily Through 2020 on Account of Demand for Healthy Food Products

Consumer awareness about how food plays a major role in healthy living has led to a demand for functional food products. Today, many consumers are making a conscious decision to eat healthy food products, and this has augured well for the prospects of the global functional food market.

Functional foods not only offer nutritive value but also provide additional health benefits, such as reducing the risk of certain diseases. Common examples of functional foods include probiotic yogurt, protein breads, and omega 3 fatty acid fortified eggs. 

GCC Functional Food Market will Witness a CAGR of 10.8%

The global functional food market is worth US$ 72.7 Bn and it is projected that it will witness a CAGR of 10.5% through 2020. On the other hand, the GCC functional food market is also projected to witness high growth in the next five years. It is projected that the GCC functional food market will witness a CAGR of 10.8% and reach a valuation of US$ 9.07 Bn by 2020.

Growing awareness among consumers about the benefits of functional food is anticipated to be the key driver for the growth of the growth of the GCC functional food market. Furthermore, effective marketing strategies from manufacturers is also expected to fuel the growth of the GCC functional food market. The demand for healthy food from the large expatriate population in GCC is also forecasted to contribute to the growth of the functional food market.

GCC Functional Food: Market Segmentation

On the basis of type, the key segments in the GCC functional food market include:

• Functional dairy products
• Flakes and confectionary
• Fortified eggs
• Oil and margarine
• Fish and meat
• Cereals

Among these segments, the flakes and confectionary currently has a market share of 40.4% and it is projected that by 2020, it will increase to 44.7%. The other dominant segment of the GCC functional food market is dairy products on account of huge demand for these products from Arab consumers.

On the basis of distribution channels, the key segments in the GCC functional food market include:

• Hypermarket or A-class stores
• Consumer co-operatives & groceries
• Self-service & B-class chains
• Others (convenience stores, food & drug stores, and discount stores)

Although the general tendency among GCC consumers is to buy from traditional retail stores, increase in the number of hypermarkets and availability of a wide range of functional food products has led to a steady increase in the hypermarket segment.

GCC Functional Food Market: Saudi Arabia and UAE Key Regions

Saudi Arabia and UAE are the key regions for the growth of the GCC functional food market, and together they have a market share of more than 75%. The growth of the functional food market will be phenomenal in Kuwait, and it is projected that the country will have the highest CAGR among other nations.

GCC Functional Food Market: Key Players

The key players in the GCC functional food market include Nestlé S.A., Kellogg's, The GroupeDanone, Quaker, Almarai, Al Rawabi Dairy, HiPP Organic, Alyasra Foods Co., Choithrams, CARREFOUR, and HyperPanda.

Browse full Report of GCC Functional Food Market: http://www.futuremarketinsights.com/reports/details/gcc-functional-food-market