Key regions: Japan, India, China, United Kingdom, South Korea
The Snack Food market in Saudi Arabia is experiencing slow growth due to factors such as changing consumer preferences, low disposable income, and increasing health awareness. Despite sub-markets like Tortilla Chips and Potato Chips seeing moderate growth, the overall market is hindered by the declining sales of Flips & Pretzels and Cookies & Crackers. The shift towards healthier options and the impact of COVID-19 on consumer behavior are key drivers for this trend.
Customer preferences: Consumers in Saudi Arabia are increasingly gravitating towards healthier snack options, driven by a growing focus on health and wellness. This trend is reflected in the rising demand for organic and natural snacks, as well as snacks made with gluten-free, non-GMO, and vegan ingredients. Additionally, there is a growing preference for locally-sourced snacks, as consumers become more conscious of supporting local businesses and reducing their environmental impact. This shift towards healthier and more sustainable snack options is also influenced by the rising number of health-conscious millennials and Gen Z consumers in the country.
Trends in the market: In Saudi Arabia, the Snack Food market within the Confectionery & Snacks market of The Food market is experiencing a shift towards healthier options. This trend is driven by a growing health consciousness among consumers, coupled with government initiatives to promote healthy eating habits. As a result, there is a rising demand for organic, gluten-free, and low-calorie snacks. This trend is expected to continue, with players in the market expanding their product portfolios to cater to this demand. Additionally, there is a growing trend of online ordering and delivery services for snacks, providing convenience for consumers and opening up new distribution channels for industry stakeholders.
Local special circumstances: In Saudi Arabia, the Snack Food Market of the Confectionery & Snacks Market within The Food market is influenced by the country's religious and cultural norms. As a predominantly Muslim country, there is a high demand for halal-certified snacks and confectionery products. Additionally, the country's hot climate and outdoor lifestyle contribute to the popularity of on-the-go and portable snack options. Moreover, strict regulations on imported food products have led to the rise of local snack brands, catering to the unique taste preferences of the Saudi population.
Underlying macroeconomic factors: The Snack Food Market of the Confectionery & Snacks Market within The Food market in Saudi Arabia is influenced by macroeconomic factors such as the country's economic health, government fiscal policies, and global economic trends. As the largest economy in the Middle East, Saudi Arabia has a strong consumer base with high purchasing power, which is driving the demand for snack food products. Additionally, the government's efforts to diversify the economy and reduce its dependence on oil are expected to further boost the growth of the snack food market. The country's growing population and changing consumer preferences towards healthier snacking options are also contributing to the market's growth. However, factors such as fluctuations in oil prices and political instability in the region could negatively impact the market's performance.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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