The combined health & wellness food and beverage (F&B) markets in Saudi Arabia and the UAE is estimated to reach $14.56 billion (SAR 54.6 billion) at a compound annual growth rate (CAGR) of 10.9% by the end of 2020, Frost & Sullivan said in a recent report.
The report, titled “The KSA and the UAE’s Health & Wellness Food & Beverage Industry Outlook 2020”, stated that both countries currently account for nearly 85% of the GCC health and wellness market.
The GCC health beverages segment is growing at a comparatively faster rate than the global health & wellness F&B market at 6.2%.
The snacks and savories segment is expected to exhibit the highest health and wellness CAGR at 7.2%, closely followed by the readymade and processed goods segments.
“Proactive efforts by the GCC governments have formulated regulations to enhance awareness about healthier food that provide medical benefits because of the recent upsurge in incidences of lifestyle disorders in the region,” Satvik Jaitly, Chemicals, Materials and Nutrition Consultant at Frost & Sullivan, said.
He expected the next 5 years to be critical with the health & wellness F&B market becoming more mainstream, due to rising consumer awareness influenced by social media and connected consumers.
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