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.
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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.
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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.
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