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Saudi Arabia Foodservice Market - Growth, Trends and Forecasts (2020 - 2025)

Saudi Arabia Foodservice Market - Growth, Trends and Forecasts (2020 - 2025)

  • July 2020
  • 88 pages
  • ID: 5815088
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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Saudi Arabia Foodservice market is projected to grow at a CAGR of 12.22% during the forecast period.

- The increasing demand for home delivery and foodservice providers is expected to drive the market’s growth. Increasing health consciousness and growing rate of obesity among the Saudi Arabian population are challenging the market.
- The full-service restaurant segment accounted for the major share in the market, owing to the strong presence of the millennial population, growing tourism industry, and acceptance of western culture across the country. Consequently, the US casual dining restaurants, such as Chili’s, Fuddruckers, TGI Fridays, Applebee’s, Sizzler, and On The Border, are very popular and located in all the major cities of Saudi Arabia.

Key Market Trends
Increasing Internet Connectivity and Consumer Spending

The growth of the Saudi Arabian online food delivery market is driven by a young futuristic population, rising purchasing power, internet connectivity, and modern and changing lifestyles. As per the data published by ITU, Saudi Arabia ranks third in terms of smartphone penetration, globally, and it is ahead of countries, such as the United States, Britain, France, and Germany. Furthermore, it is ranked 64 in terms of internet penetration. In 2018, the number of smartphone users in Saudi Arabia was over 19 million, a significant increase when compared to the value registered in the previous year. Moreover, in the country, the share of mobile payments is expected to increase in the near future, due to increased consumer confidence, mainly posed by the increasing safety measures taken by the Saudi Arabian government toward the security of online payments. Additionally, other key market indicators, such as consumer spending, are recording robust growth in the country, thereby, providing widespread opportunities for the online food delivery market.

Full-Service Restaurant Led the Regional Market

The full-service restaurant segment is highly fragmented, owing to the presence of a large number of small and major players. The country’s consumers, including the high number of expats and tourists, are tilted toward western-style casual dining, especially the European and US cuisines. Consequently, the US casual dining restaurants, such as Chili’s, Fuddruckers, TGI Fridays, Applebee’s, Sizzler, and On The Boarder, are very popular and located in all the major cities of Saudi Arabia.? Independent foodservice channels maintain a dominant position in the full-service restaurant segment, as they provide dine-in restaurant services with an extensive menu.? During Ramadan, to attract consumers, full-service restaurants, including Hyatt Regency Tent and The Ritz-Carlton Residences, are trying to compete with local restaurants to provide a better culinary experience.

Competitive Landscape
Saudi Arabia Foodservice market is fragmented with numerous players existing in the market. The US-based fast-food chains continue to dominate the fast-food restaurant sector in this region, with food chains, like McDonald’s, Pizza Hut, Burger King, Starbucks, and Domino’s Pizza, accounting for a significant presence. The leading players in the foodservice market enjoy a dominant presence in this region. There is stiff competition among the foodservice providers, based on pricing, quality of foodservice, calorie intake per meal, and healthier menu options.

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