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Saudi Arabia Foodservice Market - Growth, Trends and Forecasts (2019 - 2024)

Saudi Arabia Foodservice Market - Growth, Trends and Forecasts (2019 - 2024)

  • August 2019
  • 87 pages
  • ID: 5815088
  • Format: PDF
  • By Mordor Intelligence LLP

Summary

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Market Overview
Saudi Arabia foodservice market is forecasted to reach USD 31.6 billion by 2024 growing at a CAGR of 5.9% during the forecast period (2019 - 2024).

- Growing demand for home delivery and foodservice providers is expected to drive the market. Increasing health consciousness and growing rate of obesity among the Saudi Arabian population is challenging the market. Companies are coming with new and innovative healthy food with organic and natural ingredients in an attempt to overcome the challenges faced by the players in the industry.
- The eating-out trend in KSA is growing rapidly and has become a major attraction in the GCC region. With limited options available for entertainment, the culture of eating out has gained a higher preference in GCC. This dinning pattern in the GCC region is strongly impacting the KSA foodservice market.

Scope of the Report
Saudi Arabia foodservice market offers the services provided by the full-service restaurant, fast food, Catering or Institutional Food Sector restaurant, cafe, and structured as independent consumer foodservice, chained consumer foodservice

Key Market Trends
Chained Consumer Food Service to Foster the Market

With the growing popularity of fast foods and casual dining, chained consumer food services are growing at a fast pace. Casual dining restaurants are increasing in number in Saudi Arabia, with international brands, like Applebee’s, Outback Steak House, Chilis, and TGI Fridays, marking their presence. 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. 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.

Increase In Home Delivery and Take Away Services

The KSA food home delivery service market is driven by an increase in the number of acquisitions and mergers of existing restaurants. HungerStation, an online food delivery service, was acquired by Hellofood, a division of Food Panda, an online food delivery service provider. Further, in 2015, Food Panda fully acquired 24.ae, an online food-ordering marketplace in the Middle East, to expand its presence in the fast-growing online food delivery market. Otlob.com, one of the leading online food delivery platforms in Saudi Arabia, offers a wide range of around 400 restaurants in its menu on its mobile application.

Competitive Landscape
Saudi Arabia foodservice market is highly fragmented owing to the presence of a large number of unorganized players dominating the market. US fast food chains, such as KFC, McDonald’s, Pizza Hut, Burger King, and Domino’s Pizza have a prominent presence in the country. Other local chains, such as Herfy, Al-Beck, Shawaya House, Taza, Dajen, and Kudo, are gaining popularity and continue to expand in major urban areas.

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