According to a recent analysis by Frost & Sullivan, the health and wellness F&B market in Saudi Arabia and the UAE is estimated to grow at a compound annual growth rate (CAGR) of 10.9% to reach $14.56 bilion
The research highlights shifting consumer attitudes, connectivity and health-conscious among customers in the GCC, and the fact that the two countries account for nearly 85% of the region’s health & wellness market.
GCC’s health beverages segment is growing at a relatively faster rate than the global market at 6.2%, with the snacks and savories segment expected to exhibit the highest health and wellness CAGR at 7.2%, closely followed by the readymade and processed goods segments, the research summarized. As established global players like Nestle Middle East, Doux, Global Foods, and Hunter Foods wait and observe to see the potential of the market, regional players have formulated clear-cut strategies to react to the increasing demands of the consumers.
“Proactive efforts by the GCC governments have formulated regulations to enhance awareness about healthier food that provides medical benefits because of the recent upsurge in incidences of lifestyle disorders in the region, such as cardiovascular, bone and joint disorders, and diabesity (the combination of diabetes and obesity),” said Satvik Jaitly, Chemicals, Materials and Nutrition Consultant a Frost & Sullivan
“We expect the next five years to be critical, with the H&W F&B market becoming more mainstream thanks to rising consumer awareness influenced by social media and connected consumers.”
Established vendors and new players should capitalize on the calorie-conscious and organic trends to take advantage of the newly emerging market trend by:
Creating unique products and marketing strategies focused on the growing sub-category
Focusing on the drop of salt and fat in snacks, cereals, and sweets.
Introducing baked goods as a better choice to to fried products and,
Understanding consumer behavior and response points.
Source: GCC Business News