Saudi Arabia Foodservice Market Opportunity and Forecast (2021 - 2026)

Saudi Arabia

Market Reports on Saudi Arabia Provides the Trending Market Research Report on “Saudi Arabia Foodservice Market - Growth, Trends, COVID-19 Impact and Forecasts (2021 - 2026)”under Food & Beverage Market Research Report category. The Saudi Arabia Foodservice Market is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.

Saudi Arabia Foodservice Market was valued at USD 22.42 billion in 2020, and it is projected to register a CAGR of 8.90% during the forecast period, 2021-2026.

There has been a definite impact of the coronavirus outbreak on the overall foodservice business, with various segments being affected in varying degrees in Saudi Arabia. Foodservice operators and caterers are on the front line of rising inflation, as the Catering Price Index (that is affected by the price and sales of food products) rose by 2.0% from the previous year i.e. 2019, boosted by food price hikes.

In-restaurant dining is the worst-hit segment, largely due to the travel curbs and a general avoidance of people getting into larger gatherings and social distancing regulations, thereby closing the increasing number of restaurants in the country and reducing their profits subsequently. For instance, HerfyFood Services Company, a Saudi food service company, reported a 16.40% drop in its revenue from the year 2019 to 2020, due to the impact of COVID-19 in the country (as per the annual report of Savola Group).

However, 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.

Browse our full report with Table of Contents: https://marketreportsonsaudiarabia.com/report/662537/saudi-arabia-foodservice-market-growth-trends-covid-impact-and-forecasts

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Saudi Arabia

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