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The Saudi Arabia snack bar market is expected to reach USD 52.82 million by 2023 - Foodex Saudi

Published 2019-03-25 03:41:29

The Saudi Arab snack bar market is expected to reach USD 52.82 million by 2023 witnessing a healthy CAGR during the forecast period 2018-2023. Cereal and granola bar accounts for more than 65% of the Saudi Arab snack bar market. The increased consumption of sweet baked goods, sizeable young population and changing lifestyle demanding health & wellness products are the primary drivers for the market.

Snack consumption pattern in Saudi Arabia is different from other Middle East countries, where consumer prefers sweet baked and cereal products on multiple occasion. The snack bar is considered as a high-end premium baked products. Increased health awareness among the young population as a result of western influence, knows the benefits of healthy snacking, triggering the snack bar demand. Consumer tastes for sweet bakery products are the primary factor driving the cereal/granola bar market. High fiber, low-sugar, gluten-free, and mix of grains in the snack bar are in high demand. Increased snacking habits among Saudi consumer, offer potential snack bar market opportunity for manufacturers to innovate products. Companies introducing healthier products in the comparable price range of baked good and confectionery attracts consumers.

Convenience stores and supermarkets are the largest distribution channel for snack bar retail sale, which is expected to dominate during the forecast period. Online sales recorded a 12.2% CAGR over the past five years. Changing lifestyle in Saudi Arabia has driven the sales of the modern retail channel, such as supermarkets/hypermarkets and online stores. Multiple brand product availability at discount prices offer an opportunity for companies to expand sales. Online retail, such as Souq.com, evitamins.com, mezmiz.com offer discounts, and convenience, supported market growth. The hypermarket is the most popular place for snack bar shopping for consumers owing to heavy discount offers on bulk purchase.

Source: Research and Markets

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