GCC functional food market: During the forecast period of 2022 to 2032, the GCC countries are expected to earn approximately US$ 30.9 billion in revenue from the sales of functional foods. This revenue is expected to grow at a compound annual growth rate of 11%.
The GCC Functional Food Market is witnessing significant growth driven by evolving consumer preferences towards healthier lifestyles and increased awareness regarding the benefits of functional foods. As a leading provider of market insights, Future Market Insights, Inc. is pleased to present an overview of the key trends, factors, and growth projections shaping the GCC Functional Food Market.
Given the patterns over the last few years, the Middle Eastern nutraceuticals market is anticipated to expand at a substantial clip. Due to healthcare spending and self-medication, the market for dietary supplements is approaching relative maturity compared to the market for functional food, meaning that the latter has significant development potential.
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Key Trends:
- Rising Health Consciousness: Consumers across the GCC region are increasingly prioritizing health and wellness, leading to a growing demand for functional foods that offer additional health benefits beyond basic nutrition.
- Preference for Natural and Organic Products: There is a notable shift towards natural and organic functional foods, driven by concerns over artificial ingredients and additives. Consumers are seeking products made from high-quality, natural ingredients with proven health benefits.
- Innovation in Product Development: Market players are focusing on innovation to introduce new functional food products that cater to specific health needs, such as digestive health, weight management, and immunity boosting.
- Expanding Retail Presence: The availability of functional foods in mainstream retail outlets, including supermarkets, hypermarkets, and online platforms, is expanding, making these products more accessible to consumers across the GCC region.
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Key Factors Driving Growth:
- Increasing Disposable Income: The GCC region has experienced significant economic growth, leading to higher disposable incomes among consumers. This has enabled individuals to invest in premium functional food products that offer health benefits.
- Government Initiatives Promoting Health and Wellness: Governments across the GCC countries are implementing initiatives to promote healthy lifestyles and combat rising rates of lifestyle-related diseases. This includes campaigns to raise awareness about the importance of nutrition and regular exercise, driving demand for functional foods.
- Rising Prevalence of Chronic Diseases: The growing prevalence of chronic diseases such as diabetes, obesity, and cardiovascular conditions is prompting consumers to proactively seek out functional foods that can help manage these health concerns.
- Shift in Consumer Preferences: Younger demographics in the GCC region, particularly millennials and Gen Z, are driving demand for functional foods with added health benefits. This demographic is more health-conscious and seeks out products that align with their wellness goals.
Some of the key players profiled in the GCC 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 sales revenue, the majority of players are focusing on generating awareness and launching new functional food product variants in the region.
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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