Governments of Various Nations Prompt Utilization of Functional Food | FMI Report – 2020

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The Middle East nutraceuticals sector, since the developments in the duration of a previous couple of years, is anticipated to develop at a remarkable rate. The dietary supplements market for is achieving relative development when contrasted with the functional food market, therefore there is a higher perspective for the development of functional food items that could be ascribed to self-medication and healthcare spending. These elements have brought about a change in buyer inclination towards the utilization of vital nutrients to stay healthy and keep away from therapeutic costs. The GCC market for functional food will foresee a higher need in explicit nations, for example, Saudi Arabia and the UAE, though, different nations of GCC are probably going to foresee low demand.

These are nutritious foods which deliver extra benefits well beyond their essential nutritional cost. It includes an enormous assortment of food substances, for example, stanol/sterol-enriched low-fat spreads, omega 3 fatty acid-enriched eggs, protein bread and probiotic yogurt that could be consumed every day. The market need is directly identified with the alertness & the discretionary earnings of the populace. The growing Middle East populace disposable earnings of the because of expanded employment rates & the monetary freedom of women has prompted a worldwide expansion in the individual’s lives, which is aiding the market development. Also, government healthcare spending for the avoidance of ailments emerging from cholesterol and obesity has expanded, and governments are vigorously advancing the utilization of functional or fortified food. Administrations of the UAE, Kuwait and Saudi Arabia lead different exhibitions and awareness programs to advance the utilization of good foods amid buyers that are adding to the market development.

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People have become more fitness and health conscious, and prefer to spend more on food or other products that promote or improve health for better future living conditions. Improved living standards have resulted in a rise in consumer spending on health- and fitness-related products. Consumers in the GCC countries have started becoming more interested in understanding the role of functional food and the part that it plays in preventing and reducing the impact of diseases. Therefore, more consumers are purchasing functional food & beverages, not only to treat health problems such as joint pain, bone health and general well-being, but also to prevent illnesses such as heart diseases and others.

Functional food products, which enhance health, are typically advocated as alternatives to traditional medication. However, one of the major challenges is the formulation of functional food in traditional food and beverages. Moreover, consumers are seeking more variety in functional food products apart from traditional options. These challenges have resulted in the introduction of innovative new functional food products to ensure ingredient viability and stability. The market for functional food is expected to witness high demand in specific countries such as the UAE and Kuwait. Healthcare spending in GCC is expected to increase at a double-digit growth rate between 2015 and 2020 due to the rising concerns about health and wellness, which is expected support the growth of functional food market in the region during the forecast period.

Due to the preference for functional food, retail chains are coming up with new variants of functional food products especially in cereals and dairy products. Leading brands are continuously gaining traction by launching a wide range of functional food products, thus creating a long-term growth opportunity all over the region. Moreover, the growing cost of healthcare products has influenced consumers to adopt preventive measures. These factors are supporting the demand for functional foods in GCC countries.

In GCC functional food market by product type segment, the cereals, flakes & confectioneries segment accounted for relatively high value share of almost 41% in 2014 and is expected to remain dominant in terms of value during the forecast period. The segment is expected to register a CAGR of 12.1% by the end of 2020. Cereal bars, fortified pasta, noodles and corn/oat flakes are some of the key products in demand across the GCC countries.  On the basis of distribution channel, in GCC functional food market the hypermarket & A-class store segment accounted for the maximum value share of 39.6% in 2012. However, the consumer co-operatives and grocery stores segment is expected lose its popularity across the region. Overall, these distribution channels segment contributed 28.3% in 2012 and is expected to lose its share further in 2020 due to greater consumer preference towards hypermarkets & A-class stores. On the basis of region in GCC functional food market, KSA is expected to register a revenue share of 48.3% in 2014. Kuwait and Qatar are among the most lucrative markets for functional food in terms of revenue as compared to other GCC countries.

Key Players in GCC Functional Food Market

Detailed profiles of companies are also included in the GCC functional food market report to evaluate their strategies, key product offerings and recent developments. Some of the key players profiled in the  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 their sales in GCC functional food market, major players based in the region are focusing on generating awareness and launching new product variants.

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