GCC Functional Food Market Expected to Reach US$ 30.9 Billion by the year 2032| Report by FMI

GCC functional food market stands at US$ 9.9 Bn as of now and is expected to reach US$ 30.9 Bn by the year 2032 at a CAGR of 10.9% between 2022 and 2032.

Nutraceuticals vertical in Middle East is expected to witness exponentiation in the forecast period. Market pertaining to dietary supplements is actually obtaining maturity in comparison with functional foods’ market. This proves that there is a huge scope for development of GCC functional food market.

Functional foods come across as nutritive foods delivering extra benefits above the elementary nutritional value. These foods enclose a variety of foodstuff like omega 3 acid-fortified eggs, probiotic yogurt and protein breads, sterol/stanol-enriched low-fat spreads; which could be taken on daily basis.

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The governments are also excessively spending on healthcare to prevent incidences of diseases arising from cholesterol and obesity. Governments of UAE, Kuwait, and Saudi Arabia are conducting several awareness programs as well as exhibitions for promoting intake of healthy foods; which would add to the growth of GCC functional food market.

At the same time, one needs to know that grocery and consumer co-operative stores are losing out on popularity in GCC functional food market. This could be credited to emergence of A-class stores and hypermarkets.

The manufacturers are adopting differentiating strategies like in-store promotions, which are inclusive of allocation of budget to generate awareness via branding, sampling, or tie-ups with school canteens, thereby creating a novel category of the health foods in collaboration with retailers & manufacturers.

Along the above-mentioned lines, modern food retailers like Al Maya Group, Lulu Hypermarket, Carrefour, Al-Othaim Supermarket, Spinneys and Choithrams are into expansion in Saudi Arabia and promulgating functional food.

Beautiful Brands Internationals (BBI) Freshberry Frozen Yogurt Café based out of Makkah (Saudi Arabia) did record sales of US$ 11K on the opening day itself. Future Market Insights has entailed these findings with future perspectives in its latest market study entitled ‘GCC Functional Food Market’. The line of expertise in the form of analysts and consultants has gone for all modes of research – primary, secondary, tertiary to execute.

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Key Takeaways from GCC Functional Food Market

• KSA is expected to hold the largest market share in the near future.
• UAE is expected to grow twice its present market value in the forecast period.
• Qatar and Kuwait are amongst the lucrative markets regarding functional food products as former is amongst the headstrong economies in GCC.
• Kuwait alone is expected to witness a notable CAGR of 12.2% in GCC functional food market going forward.

Competitive Arena

• Oman Flour Mills provides cattle & poultry feed under the brand name ‘Barakat’, flour products under the brand name ‘Dahabi’, and specialized feed under the brand name ‘Alpha’.
• Alyasra Foods’ proprietary brands do cover each and everything; right from juice, snacks, grocery, and eggs to frozen fish and meat. Consistency, quality, variety, and savings are being emphasized on.

“With preference for omega 3 fatty acid-fortified eggs and stanol/sterol-enriched low-fat spreads, GCC functional food market is bound to grow on a substantial note going forward”, says an analyst from Future Market Insights.

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How does the Report function?

• The research study is based on product type (functional dairy products, cereals, flakes & confectioneries, iodised salt, fortified eggs, fish & meat, and oil & margarine), and by distribution channel (hypermarkets/A-class stores, self-service & B-class chains, consumer co-operative & groceries, and likewise).
• With increasing demand for dietary supplements, GCC functional food market is expected to grow by leaps and bounds in the near future.