Posted On: 2021-03-23
Sweet biscuits acquired the major market revenue share in Middle East biscuit market-6Wresearch.
Middle East biscuit market was dominated by Sweet biscuits for the year 2020 owing to widespread adoption and preference for these biscuits. Further, people have started preferring biscuits made up of healthy ingredients such as oats, barley, wheat among others, thereby, raising the demand for healthier alternatives over the conventional sweet snack option, which in turn would give a significant boost to the savoury & cracker biscuit segment over the forthcoming period.
According to 6Wresearch, Middle East Biscuit Market size is projected to grow at a CAGR of 5.3% during 2021-2027F. Middle East biscuit market is anticipated to register significant growth over the coming years owing to the growth in retail sector coupled with the increasing young age population in the region. Additionally, government initiatives such as Qatar National Vision 2030, Saudi Vision 2021, Dubai Vision 2030 would give a remarkable thrust to the development of non-oil economy leading to the development of tourism, food, and hospitality, thereby, propelling the growth of biscuit market in the region over the forthcoming period. However, the spread of COVID-19 pandemic has resulted in the slowdown of overall economy leading to the halt in many projects across the region, resulting in the decline of the biscuit market for the year 2020. However, the demand for ready-to-eat food items increased during this period on account of stockpiling necessities by the people.
According to Bhawna Singh, Research Associate, 6Wresearch, “Saudi Arabia accounted for the major market revenue share in Middle East biscuit market for the year 2020 and is expected to retain its dominance over the forecast period owing to country’s flourishing food and beverages sector due to increasing population, rising disposable income, coupled with changing trends and product innovations that has given rise to the number of restaurants in the country. Saudi food retail sector is quite competitive, marked by the presence of domestic, regional and international outlets. The sector would show a growing trend due to changes in the infrastructure and economic development initiatives undertaken by the government under the Vision 2030. The growth in the food and beverages sector would directly contribute to the growth in the biscuit market in the country in the forthcoming years.”
According to Swati Acharya, Research Associate, 6Wresearch, “Based on distribution channels, others Segment which includes online platform is expected to undergo fastest growth during the forecast period in the region due to the growing e-commerce sector which is associated with low operational costs & capital requirement and availability of wide range of choices, doorstep delivery and competitive pricing. Additionally, the rising technological innovations has further given a boost to the e-commerce segment thereby creating numerous options among the consumers.”
“Middle East Biscuit Market (2017-2027F)” report provides an in-depth analysis with 59 figures and 22 tables, covered in 129 pages. The report estimates and forecasts the Middle East Biscuit Market by category, distribution channels, packaging and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the present and future market dynamics.