Saudi Arabia Food Services Market to grow at a CAGR of over 7% till 2026
Increasing
income level, growing on-the-go food services and increasing tourism will drive
the Food Services Market in Saudi Arabia.
According to TechSci Research report, “ Saudi
Arabia Food Services Market, By
Type (QSR (Quick Service Restaurants), Dinning Services, Café and Others (Canteens, Lounges, etc.)), By Region,
Competition, Forecast & Opportunities, 2026F”, the Saudi Arabia Food Services Market
grew at a significant pace in the past few years and is expected to register
strong growth with a CAGR of over 7% till 2026, owing to increasing population
and changing preferences of young and dynamic generation that is highly active
on digital media and has awareness on various options of food services. One of
the main factors driving the Saudi Arabia Food Service Market is the growing
demand for customization and creativity in food menu choices. Other factors
such as the advancement of e-commerce/online platforms and on-the-go food
services also contribute to the growth of this market. Moreover, rising urban
population is offering huge growth opportunities to manufacturers by catering
to demand for food services, in the country. Furthermore, the rising urban
class population base, strong brand awareness and increasing disposable income
are augmenting demand for good quality of food services across the country.
Browse 4
market data Tables and 17 Figures spread through 75 Pages and an in-depth TOC on "Saudi
Arabia Food Service Market"
https://www.techsciresearch.com/report/saudi-arabia-food-service-market/4720.html
The COVID-19 outbreak has had a significant impact on the
Saudi Arabia food services market, which saw a decline in fine dining services
in 2020 as a result of the countrywide lockdown imposed to stop the spread of
the disease. The fine dining sector has yet to fully recover, whereas quick
service restaurants have recovered partially as a result of increased demand
for home delivery services. Even after being vaccinated against COVID-19,
consumers may continue to prefer eating at home and avoid fine dining services
until 2021. Moreover, the COVID-19 pandemic has altered the country's food
consumption pattern. People prefer eating healthy home cooked food over
restaurant food in order to maintain strong immunity and avoid becoming
infected with the coronavirus. Such a shift in people's food consumption habits
is expected to stifle the growth of the Saudi Arabia food services market to
some extent.
Food Service market in Saudi Arabia is categorized into by
type, by region and by company. In terms of by Type, the Saudi Arabia food
services market is segmented into QSR (Quick Service Restaurants), Dinning
Services, Café & Others (Canteens, Lounges, etc.). Among which QSR (Quick
Service Restaurants) market has accounted for the majority share in Saudi
Arabia Food Service Market in 2020 followed by Cafés. With the growing
popularity of fast foods and casual dining, chained consumer food
services are growing at a fast pace. Cafés are increasing in number in Saudi
Arabia, with international brands, like Applebee’s, Outback Steak House,
Chilis, etc. marking their presence. Moreover, the global chains have followed
the strategy of customization and localization through intelligent
modifications in their menus.
In terms of region, the Saudi Arabia Food Service market is
categorized into Western, Central, Eastern, Southern and Northern region
respectively. The market of food service in Western region was the largest in
2020 due to better product availability, increasing tourism in the region,
brand expansion by many companies and a hub for the nearby cities followed by
Central region. This is mainly because of the increasing tourism in this region
every year and growing awareness of having healthy lifestyle.
In terms of Company, some of the major players operating in
the Saudi Arabia Food Services market are McDonald’s, Herfy, Al Baik, KUDU,
KFC, etc. and others. In 2020, McDonald holds the major market share in the
country’s food service market, and the company is expected to continue its
dominance through 2026F. Leading players are focusing on expanding their food
product portfolio to maintain sustainable growth in the market. A new investor
still has vast potential to enter this space as it is positively influenced by
three major factors, namely higher disposable income, global exposure and
limited sources of entertainment, together with the ever-increasing number of
malls in the country. Moreover, the global chains have followed the strategy of
customization and localization through intelligent modifications in their
menus. An example of this is the McArabia Grilled Chicken sandwich offered by
McDonald’s.
Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=4720
Customers can
also request for 10% free customization on this report.
Saudi Arabia Food Service
market is expected to grow at a
rapid pace due to increasing urbanization, increasing tourism every year, likeliness
towards international brands in Saudi Arabia. Also, due to the increasing
number of working women, changing customer tastes & preferences for high-end
product quality, international brand expansion are other reasons for the growth
of the country’s food service
market. Dual-income families and working-class, are also likely to contribute
to the market growth as they are also the targeted consumer segments for the
major players operating in the market.”, said Mr Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Saudi
Arabia Food Services Market, By Type (QSR (Quick Service Restaurants), Dinning
Services, Café and Others (Canteens, Lounges, etc.)), By Region, Competition, Forecast
& Opportunities, 2026F” has evaluated the future growth
potential of Saudi Arabia Food Service market and provides statistics and
information on market structure, consumer behavior and trends. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
available in Saudi Arabia Food Service market.
About TechSci Research
TechSci Research is a leading
global market research firm publishing premium market research reports. Serving
700 global clients with more than 600 premium market research studies, TechSci
Research is serving clients across 11 different industrial verticals. TechSci
Research specializes in research-based consulting assignments in high growth
and emerging markets, leading technologies and niche applications. Our
workforce of more than 100 fulltime Analysts and Consultants employing innovative
research solutions and tracking global and country-specific high growth markets
helps TechSci clients to lead rather than follow market trends.
Contact
Mr. Ken Mathews
708
Third Avenue,
Manhattan,
NY,
New
York – 10017
Tel:
+1-646-360-1656
Email:
[email protected]
Web:
https://www.techsciresearch.com/