GCC Ice Cream Market to Grow Faster Due to Increasing Demand for Gluten and Lactose Free Food Products
The GCC Ice Cream Market is projected to grow at a CAGR of 6.52% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market’s expansion is attributed to a variety of factors, such as GCC nations’ efforts to digitalize their economies, intensifying expansion efforts, promoting local businesses and manufacturers, and the region’s favorable weather and climate for the consumption of frozen desserts. The climate in the GCC region is generally mild too hot throughout the year. In these hot summers, customers look for frozen desserts to keep their bodies cool such as; ice cream.
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Additionally, the Saudi Arabian government’s ‘Made in Saudi’ initiative is actively supporting local food and snack producers, including ice cream manufacturers, by facilitating projects and providing financial assistance. This initiative aims to reduce the nation’s dependency on food imports while fostering the growth and expansion of local businesses. Thus, government initiatives for food security followed by investments to encourage the growth of the food and beverage industry lead to future growth potential for ice cream market in the region.
Furthermore, governments in the region are employing various strategies, including initiatives like Dubai’s ecommerce strategy and Bahrain’s National E-commerce strategy, aimed at fostering the development of e-commerce platforms. These activities have the dual objectives of positioning the region as a global logistics hub and attracting foreign direct investment in this sector. Consequently, these efforts have contributed to the expansion of the e-commerce industry, leading to a noticeable shift in consumers’ traditional in-store purchasing habits within the region. Hence, in the coming years, the demand for online platforms is expected to increase across the region.
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Moreover, rising prevalence of lactose intolerance in the GCC region has sparked a shift in consumer preferences, with a growing emphasis on health-conscious dietary choices. This shift in consumer behavior has driven the demand for lactose-intolerant food products, including snacks and cooling beverages. To cater to this expanding market segment, various food and ice cream manufacturers have reformulated their products, with no artificial colors. Hence, all these factors are expected to enhance the market size in the forthcoming years, further states the research report, “GCC Ice Cream Market Analysis, 2024.”
Segmentation Analysis
Impulse Ice Cream to Hold Major Share of GCC Ice Cream Market
Based on the product type, the market is further bifurcated into, impulse ice cream, take home ice cream, artisanal ice cream, and single portion dairy ice cream. Impulse ice cream is expected to hold a significant share of the market in the forthcoming period. The growth in the impulse ice cream market attributed to the increasing availability of single-serving impulse ice cream products, catering to the needs of consumers, including visitors and busy professionals, who prefer on-the-go consumption.
Single-serving ice creams hold strong appeal due to their accessibility and affordability. They are readily accessible in high-traffic locations such as convenience stores, and similar outlets. This ease of consumption and availability are expected to boost market share in the near future.
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The UAE is Anticipated to Lead the GCC Ice Cream Market
The UAE is anticipated to hold a major share of the market in the forecast period. This is due to the implementation of a supportive policy for the growth of the food and beverage industry. The growth of the food & beverages industry is attributed to the creation of a conducive environment for business growth and investment, further facilitated by the launch of the National Food Security Strategy 2051. These factors collectively contribute to the increased demand for ice cream in the UAE.
The country’s dry weather, followed by a longer summer, increases demand for cooling snacks such as ice cream and others. Additionally, ice cream manufacturers are diversifying their product offerings by introducing a wide array of ice cream flavors tailored to meet the diverse cultural preferences of the country’s rapidly growing expatriate population. With these factors, the UAE’s ice cream market is poised for sustained growth in the coming years, as it continues to satisfy the cravings of both locals and international residents seeking refreshing and culturally diverse frozen treats.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Dunkin Brands, Inc., General Mills, Inc., Mini Melts Inc., Nestle SA, IFFCO Group, Mars Incorporated, Graviss Group, Unilever Group, Saudi Ice-Cream Factory Ltd, Saudi Dairy & Foodstuff Co Ltd, Others (Batterjee Foodstuffs Factory, Cone Zone Co) are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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