The value added of food, beverages, and tobacco in Saudi Arabia has shown a consistent upward trend from 2013 to 2023, growing from 1.19 to 2.23 units of GDP. The year-on-year growth rates have generally demonstrated positive increments, with notable peaks in 2015 (26.14%) and declines, indicated by negative or lower growth rates, in 2018 (-1%) and subsequent years. The compound annual growth rate (CAGR) has varied, showing strong periods of growth until recent years where it has moderated to levels around 2.76% in 2023. Forecasts from 2024 to 2028 suggest a continued positive but slower growth trend with a five-year CAGR of 1.72%.
Future trends to watch for include potential impacts of economic diversification plans under Saudi Vision 2030, investment in local food production, and shifts in consumer preferences influenced by health trends and sustainability concerns, all of which could affect the growth trajectory.
