growing at a CAGR of 7. 68% during the forecast period. Growth in the market can be attributed to increasing disposable income, growing tourism industry, increasing urbanization, and rapid expansion of food delivery services in Saudi Arabia.
New York, July 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Saudi Arabia Food Services Market, By Type, By Region, Competition, Forecast & Opportunities, 2026F" - https://www.reportlinker.com/p05891074/?utm_source=GNW
Large base of young adults & working population coupled with social and cultural changes are the major drivers for the Saudi Arabia Food Services Market. Moreover, the online food services industry has been growing at an exponential rate, with technological advancements facilitating the development of online platform and allowing for a better user experience and convenience.
Restaurants were forced to close their dine-in services during the lockdown in 2020 due to government restrictions, leaving them with no choice but to rely on online delivery services.This increased the overall demand for online food ordering and delivery in Saudi Arabia.
Recognizing a massive opportunity for online food delivery services, market players adopted the World Health Organization (WHO) guidelines and began to adhere to no contact delivery, which helped them regain customer trust and, as a result, helped the market recover. Furthermore, the pandemic has broadened the customer base of online food delivery market, pushing it beyond typical younger consumer segment.
The Saudi Labor Law requires employers to fill the majority of positions with Saudi nationals, with the remainder filled by expats. Many positions are still unfilled because restaurant owners are not allowed to hire foreigners, thereby, negatively impacting the food service market in the country.
Saudi Arabia Food Service market is categorized by type, by region and by food chain. 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.). Amongst, Quick Service Restaurants segment leads all the types of restaurant segments in the Saudi Arabia food services market and this segment is expected to continue its dominance over the forecast period on account of changing tastes and preferences of people. Factors such as increased price consciousness and value-seeking consumer behavior, among others, have contributed to an increase in demand for quick service restaurants. Another reason for this segment’s rapid growth is the widespread use of the internet and social media, which divulging large number of Saudis to Western food and culture. Cafés are increasing in number in Saudi Arabia, with international brands, like Applebee’s, Outback Steak House, Chili’s, and TGI Fridays, marking their presence.
In terms of region, the Saudi Arabia Food Service market is categorized into Western, Central, Eastern, Southern and Northern region, respectively.In 2020, the Western Region was the highest revenue-generating region in the Saudi Arabia food services market.
Furthermore, due to factors such as increased internet connectivity, modern and changing lifestyles and preferences, and so on, the region is expected to remain the most dominant region during the forecast period as well. Some of the major players operating in the Saudi Arabia Food Services market are McDonald’s, Herfy, AL BAIK, KUDU, KFC, etc.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021E
Forecast Period: 2022F–2026F
Objective of the Study:
• To analyze the historical growth in the market size of the Saudi Arabia food services market from 2016 to 2020.
• To estimate and forecast the market size of the Saudi Arabia food services market from 2021E to 2026F and growth rate until 2026F.
• To classify and forecast Saudi Arabia food services market based on by type, by region and by food chain.
• To identify the dominant region or segment in the Saudi Arabia food services market.
• To identify drivers and challenges for the Saudi Arabia food services market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Saudi Arabia food services market.
• To conduct pricing analysis for Saudi Arabia food services market.
• To identify and analyze the profiles of leading players operating in Saudi Arabia food services market.
• To identify key sustainable strategies adopted by market players in Saudi Arabia food services market.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of service providers across the country.
Subsequently, the analyst conducted primary research surveys with the identified food chains.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the service providers which could not be identified due to the limitations of secondary research. The analyst examined the service providers, and presence of all major players across the country.
The analyst calculated the market size of Saudi Arabia food services market using a bottom-up approach, wherein data for various segments were recorded and forecast for the future years. The analyst sourced these values from the industry experts and food chain representatives and externally validated them through analyzing historical data of these segments for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by the analyst.
Key Target Audience:
• Food Services owners and franchise.
• Food Service end users.
• Research organizations and consulting companies.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, end-users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, Saudi Arabia Food Service market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• Saudi Arabia Food Services Market, By Type
o QSR (Quick Service Restaurant)
o Dining Services
o Others (Canteens, Lounges, etc.)
• Saudi Arabia Food Services Market, By Region:
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia Food Services market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p05891074/?utm_source=GNW
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