GCC Fruit Juice Market to Reach US$ 3,208 Million by 2024
by Rahul Rastogi Market Research AnalystAccording to the latest report by IMARC Group, titled “GCC Fruit Juice Market: Industry Trends,
Share, Size, Growth, Opportunity and Forecast 2019-2024”, the GCC fruit juice market size reached a value of US$ 2,275 Million
in 2018. As the GCC region has witnessed strong economic growth in the past few
decades, the per capita spending on food and beverages has also increased at a
faster pace. Moreover, on account of increasing health awareness, the consumers
are now shifting from carbonated drinks towards healthier alternatives, such as
non-carbonated and natural fruit beverages. Additionally, the introduction of
value-added products is gradually increasing the demand for fruit juice in the
region.
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Market Trends:
A rise in the prevalence of lifestyle ailments such as obesity, diabetes and heart diseases in the region has proliferated the demand for natural and healthier beverages, such as 100% fruit juices. Moreover, the governments of several countries in the GCC region are undertaking initiatives and altering existing policies to promote the consumption of healthier food products. For instance, the Government of Saudi Arabia has levied a 50% tax on carbonated soft drinks and 100% tax on energy drinks. This is expected to attract a larger consumer-base and create a positive outlook for the fruit juice market in the GCC region. Some of the other factors which are catalyzing the market growth include elevating income levels, rapidly growing population, changing lifestyles and increasing working population. Looking forward, the fruit juice market size in GCC is projected to exceed US$ 3,208 Million by 2024, expanding at a CAGR of nearly 6% during 2019-2024.
Market Summary:
·
Based on product type, the market has been
segregated into juice drinks, 100% fruit juices, concentrates, nectars,
powdered juices and others. At present, juice drinks dominate the market,
holding the largest share.
·
On the basis of flavors, the market has been
classified as orange, mango, mix fruit, apple and others. Currently, orange
represents the most popular fruit juice flavor in the GCC region. Orange juice
increases immunity, detoxifies the body, lowers cholesterol levels, and reduces
inflammation and signs of aging.
·
Based on packaging types, tetra pack accounts
for the majority of the market share. This can be accredited to the
lightweight, convenient and environment-friendly nature of tetra pack
packaging. Other packaging types include bottles and cans.
·
The market has also been divided on the basis of
distribution channels which include supermarkets and hypermarkets, convenience
stores, specialty food stores, online and others. Amongst these, supermarkets
and hypermarkets are the leading distribution channels as they run regular
promotional campaigns and offer huge discounts to the customers.
·
Country-wise, the market has been segmented into
Saudi Arabia, UAE, Kuwait, Oman, Qatar and Bahrain. Amongst these, Saudi Arabia
is the biggest market, holding the dominant market share.
·
The competitive landscape of the market has also
been examined with some of the key players being Almarai, Al Rabie, Jumbo,
Caser, Arrow Juice, Union Beverages Factory, Barakat Quality Plus and Del Monte
Quality.
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Created on Sep 19th 2019 03:54. Viewed 368 times.