GCC Bakery Ingredients Market - Growth, Trends, and Forecasts (2018 - 2023)
The GCC bakery Ingredient market is expected to grow rapidly during the forecast period, 2018 - 2023 at a CAGR of 7.0%. The market was valued at USD 4,025.92 million in 2016.
The demand for international bakery products in the GCC market is mainly driven by a rise in disposable income and consumer preferences for convenient food products. Introduction of new flavors and innovative packaging is also supporting the market’s growth. The cumulative growth rates of two of the biggest countries in the GCC, namely, UAE and Saudi Arabia, are 7.7% and 8.8%, respectively. The gluten-free market has gained traction as it appeals to the health-conscious customers who perceive gluten-free as an option to better manage their health.
Firin gluten-free bakery is Abu Dhabi’s first exclusive gluten-free bakery. The bakery offers muffins, cakes, pastries, bread loaves, pitas, fatayer, zaatar, pizza and quiche. Some of the companies that are producing clean label products are - Chr Hansen - Fruitmax pineapple 700, which is a vegetable-based coloring powder with a yellow color and excellent stability in a wide range of bakery products with natural ingredients. The bakery ingredients product market faces issues on the supply side because of price fluctuations which are being caused by rapid changes in the global economy, among other factors.
The bakery ingredient market is segmented by enzymes, flour, sweetener, emulsifiers, leavening agents, preservatives, mixes, dairy ingredients, fats & oils/shortenings, colors & flavors and other ingredients. Flour/starch accounts for 31% of the market. Saudi Arabia is moving toward privatization of its four public mills. The UAE’s Al Ghurair may become a purchaser, while Agthia plans to enter the kingdom’s wheat flour market. Sucrose, fructose, honey, molasses, saccharin and aspartame are some of the most used sweeteners in the GCC bakery ingredients market.
The bread segment occupies a major share in the GCC bakery ingredient market followed by the cake & pastry segment. New low fat biscuits are entering the GCC market. The growing demand for exotic and specialty bread rolls is driving the bakery ingredient market. There is a growing taste for French rolls and pies among consumers.
The GCC region offers a wide scope for the nations worldwide, to export their bakery products and to meet the consumer demand in the region. Among the GCC nations, Saudi Arabia holds the major share, while countries like UAE, Kuwait and Bahrain account for the fastest growing nations in the region. Kuwait’s domestic agricultural production is almost negligible, due to climatic conditions in the country, whereas the demand for the bakery products or their ingredients is ever increasing.
The rapid growth of the Bahraini hotel and restaurant sectors, including American fast food restaurants, has increased the demand for bakery ingredients in Bahrain.
The major players include - CARGILL INC, ARCHER DANIELS MIDLAND, KERRY GROUP, ASSOCIATED BRITISH FOODS PLC, ALMARAI, AGTHIA, NOVOZYMES, INGREDION, TATE & LYLE, DAWN FOODS, IFFCO GROUP, OMAN FLOUR MILLS, AREEJ VEGETABLE OILS & DERIVATIVES SAOC, amongst others.
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