GCC fruit Juice market to grow with a CAGR of nearly 6% during 2019-2024

According to IMARC Group, GCC fruit juice market projected to reach a value US$ 3,208 million to 2024.

The fruit juice market in the Gulf Cooperation Council (GCC) countries - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates - is estimated to grow with a CAGR of 6% in the next five years and reach US$ 3,208 million by 2024. This was estimated by the US-based market researcher - IMARC Group.

According to the latest report by IMARC Group, titled "GCC Fruit Juice Market Report: 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.

GCC Fruit Juice 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 the 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 GCC fruit juice market share.
• On the basis of flavours, the market has been classified as orange, mango, mix fruit, apple and others. Currently, orange represents the most popular fruit juice flavour in the GCC region. Orange juice increases immunity, detoxifies the body, lowers cholesterol levels, and reduces inflammation and signs of ageing.
• 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, speciality 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.

(With inputs from IMARC Group)