Changing Lifestyle Choices to Create Lucrative Growth Prospects
The demand for snack products is accelerating at a significant pace. Factors such as rising pool of women workforce, changing lifestyle, and the rising trend of nuclear family have created an environment conducive to the growth of the global snack product market. As manufacturers invest in innovating new flavors and in various food and beverage multinationals, the snack product market will witness increasing opportunities in GCC and Qatar. Besides this, the market is also expected to benefit from various macro-economic factors. Furthermore, experts believe that soaring opportunities lie for the market in the region’s booming tourist industry.
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The market for snack products in Qatar and other GCC countries features a vast set of growth opportunities as busy lifestyles of the urban populace compel consumers to look for ready to eat food varieties on a large scale. Trends such as rising numbers of nuclear families and an increasing contribution of women in the region’s workforce are also driving the market for snack products in the region. Concerns regarding the rising population of obese people, however, has brought about a significant change in market’s dynamics, with healthy, low-fat products witnessing increased demand as compared to popular high-fat product varieties.
TMR has pegged the Qatar and GCC snack product market to exhibit an impressive 9.6% CAGR between 2016 and 2024. At this pace the market is expected to reach US$2682.3 mn by the end of 2024 as against US$1103.6 mn in 2015. Among key products available in the market, the segment of potato specialty products is likely to witness the highest demand. In terms of packaging type, retain package has emerged dominant.
Processed meals or ready to eat food are often linked to health concerns such as high cholesterol. Furthermore, packaged food is considered one of the main causes triggering obesity. Their unbridled consumption may also aggravate health concerns such as blood pressure, osteoarthritis, and heart diseases. The increasing awareness about these concerns can negatively impact the snack product market in Qatar and GCC countries. Key point to consider here is that rising health consciousness among buyers could negatively impact the market as well.
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As per the World Health Organization, obesity is rising at an alarming pacer in UAE and Saudi Arabia and in the near future it will account for a bigger share of the region’s overall population. This concern may result in declining growth of the market for some high-cholesterol varieties of snacks. Conversely, the demand for healthier snacks made from organic, food grain, and whole grain products will rise. Furthermore, the scenario will reap benefits for the vitamin fortified snack products.