Local food producers and manufacturers are enjoying a boom in Saudi and global firms are also benefiting from the outstanding potential. This is a secure country with a low cost exporting base, which is experiencing a significant rise in consumption.
Saudi Arabia is the only market in the Gulf region that can realistically provide investors with substantial long-term growth prospects.
Saudi Arabia has the largest population in the GCC region and counts 29 million residents with an annual population growth rate of 3.3%. Over 50% of the population is under 25 years old, and the youth of KSA are particularly susceptible to Western consumer trends.
Saudi Arabia is the biggest dairy consumer among GCC states, accounting for 60% of the market volume.
Total consumption of organic, gourmet and health food products are expected to reach more than $27 billion.
Food Packaging Market is valued at $21.7 billion.
$800 Million Food security initiative in the kingdom of Saudi Arabia.
Saudi Arabia spend around $70 billion food consumption in Saudi Arabia.
Halal Food Market is expected to reach $ 6 billion.
The total number of food retail outlets is projected to reach about 50,000 by 2019.
Saudi Arabia’s mass grocery retail (MGR) sector demonstrates growth of 66.6% with ongoing store launches across the core hypermarket and supermarket segments within the next 2 years.
By 2020, the total value of food imports will reach $35 billion.
Seafood and agricultural imports account for 15% of all imports, and are worth $17.3 billion, and expected to grow by 76% between 2016-2018, making KSA the largest market in the Gulf Region.
Fast food consumption is estimated around $ 4.5 billion.
Sources: • Central Department of Statistics • BMI • GAIN REPORT • Euromonitor