September 28, 2022 03:01 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The GCC vinegar market size was USD 16.81 million in 2021. The market is projected to grow from USD 17.20 million in 2022 to USD 22.13 million by 2029, exhibiting a CAGR of 3.67% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “GCC Vinegar Market, 2022-2029.”
List of Key Players Mentioned in the Report:
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Interruptions in Supply Chain Management During COVID-19 Noted Mediocre Performance
The COVID-19 pandemic has notably impacted the processed food industry throughout all the GCC nations. The social and economic circumstance has impacted the ingestion patterns of a certain product in an adverse manner. Nevertheless, the demand for specific sorts of the product has amplified since the pandemic as consumers are mandated to follow home quarantine, which has offered them a chance to prepare meals at home. Conversely, people are also instructed to stack packaged food products that can have a favorable influence on the market.
Balsamic Segment to Hold Key Share Owing to Obtainability of Premium Quality Products
By type, the market is divided into red wine vinegar, rice vinegar, balsamic vinegar, white vinegar, apple vinegar, and others. Balsamic variant is frequently used as food additives in various foods involving salads, fish, and chicken, owing to its diverse and bold flavor. Backed by a distinctive zesty and sweet flavor, balsamic variant has been utilized to drizzle over sweet and savory dishes to improve the food’s taste.
High Demand from Food and Beverages Segment due to Numerous Applications of the Product in Food
By application, the market is divided into food and beverages, pharmaceuticals, agriculture, and others. The food and beverages segment accounted for the most notable proportion of the GCC market. The product is largely used in food applications globally, comprising GCC countries.
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Surging Demand from Food Services Boosts Wholesales/Direct-from-Manufacturers Segment to Display Highest CAGR in the Coming Years
By distribution channel, the market is divided into hypermarkets/supermarkets, online channel, wholesalers/direct-from-manufacturers, and others. The wholesalers/direct-from-manufacturers segment was the dominating distribution channel in 2021. The importers dominating importers collaborate with regional suppliers to suffice their customers' demands.
Country-wise, the market is segregated into the UAE, Saudi Arabia, Kuwait, and the rest of GCC.
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders.
Increasing Applications in Several Industries to Fuel Product Demand
Vinegar has been used for many years as a cooking additive. The acetic acid in it kills off the microorganisms in several foods including fruits and vegetables; hence, it preserves the food from spoiling. Thus, it is used as a preservative in food and beverage applications. It is also used directly or added to salads or cooked vegetables, which enhances the taste of the food. Apple cider vinegar or ACV assists to improve athletic performance and to treat stomachache. Furthermore, the product has been used to treat wound, inflammations, cough, ulcers, and infectious diseases.
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Saudi Arabia to Dominate Backed by Surging Disposable Income
The surging trend of fast food, growing flexible income, speedy urbanization, and the influence of western cuisine and culture have sustained the ingestion of the product in GCC nations. Currently, Saudi Arabia holds the prime share and is predicted to grow at a CAGR of 4.25% during the forecast period. The increasing product acceptability, alteration in consumers’ interest in food ingesting pattern, and capitalization by international food corporations, pooled with modifications in consumer taste owing to western impacts, navigate toward the development of genuine cuisines in the region.
The UAE holds a prime the GCC vinegar market share. Vinegar is generally and conservatively utilized as a medicine for skin inflammation and burn in this nation.
The steadily changing retail sector across Oman and other GCC nations is backing the GCC vinegar market growth.
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
April 2022: OGX Beauty, American hair care and beauty product production company unveiled two DIY hair care products in Saudi Arabia. The novel ACV Collection: shampoo and conditioner assists in offering a well-adjusted and strong scalp.
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Vinegar Market Size, Share And Global Trend and Forecast to 2029
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