Saudi Arabia Food Service Market Size to Surpass USD 42 Billion by 2030

Published | 22 November 2024

Saudi Arabia Food Service Market is flourishing because of the rapid urbanization across the Kingdom and rising disposable income.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia Food Service Market size at USD 26.8 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Saudi Arabia Food Service Market size to expand at a CAGR of 9% reaching a value of USD 42.7 billion by 2030. Major growth factors for Saudi Arabia Food Service Market include rapid urbanization in metropolitan areas and the rising number of restaurants, cafés, and takeout businesses. Over the forecast period, Saudi Arabia Food Service Market is projected to be driven by the thriving tourism industry, the growing demand for convenience meals, and the integration of technology, such as digital payment methods and online food delivery platforms.

Sample: https://www.blueweaveconsulting.com/report/saudi-arabia-food-service-market/report-sample

Opportunity - Expanding Tourism Sector Under Vision 2030

The expanding tourism sector under the Vision 2030 initiative is emerging as one of the key drivers for Saudi Arabia Food Service Market. The Saudi government is focusing on reducing its dependence on oil-based sectors and diversifying its economy through investments in other industries, including tourism and entertainment, which is expected to present new opportunities to the players in Saudi Arabia Food Service Market. As a result, Saudi Arabia is focused on the development of tourism infrastructure to drive international visitors. With the influx of tourists along with rising domestic tourism, the demand for dining establishments, including fine-dining restaurants, cafes, and fast-food chains, is rising, driving Saudi Arabia Food Service Market.

Impact of Escalating Geopolitical Tensions on Saudi Arabia Food Service Market

Intensifying geopolitical tensions could adversely affect the growth of Saudi Arabia Food Service Market. Food supplies in the Kingdom are impacted both locally and internationally by the supply chain disruption caused by geopolitical instability. Saudi Arabia is one of the biggest importers of food products in the world and depends largely on imported produce. Tensions with important trading partners or any obstruction of trade channels may result in a scarcity of necessary goods and higher prices. The cost of operating food service providers may rise as a result of the inflation in food ingredient prices. Prices may increase for consumers, which could lower demand for some foods, especially in market sectors where consumers are price sensitive.

Dine-in Segment Leads Saudi Arabia Food Service Market

The dine-in segment dominates Saudi Arabia Food Service Market. Due to the high level of disposable money in Saudi Arabia, there is a strong demand for upscale dining establishments that provide their patrons distinctive and luxurious experiences. Over the course of the projection period, the delivery sector is anticipated to increase at the fastest rate. Throughout the COVID-19 pandemic, consumer preferences significantly switched in favor of online meal delivery services. The rise in popularity of cloud kitchens, especially among working people, is a major factor propelling the expansion of Food Service Market in Saudi Arabia.

Competitive Landscape

The major industry players of Saudi Arabia Food Service Market include Alamar Foods Company, ALBAIK Food Systems Company S.A., REZA Investment Company Ltd., Herfy Food Service Company, Americana Restaurants International PLC, M.H. Alshaya Co. WLL, United Group, Support Services Company Ltd, Saudi Catering & Contracting Company, and Lulu Group International. The market is highly competitive with a number of companies competing to gain a significant market share.

These companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to further enhance their market share.

Don’t miss the business opportunity in Saudi Arabia Food Service Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and Saudi Arabia Food Service Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Food Service Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Scope of the Report

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