BY 2020, SAUDI ARABIA TOTAL FOOD IMPORTS WILL REACH MORE THAN $35 BILLION
“Recently, there has been an increase in the import of food products in the retail market in Saudi Arabia. About 80% of the nation’s food requirement, which is worth about $24 billion, is being imported from foreign countries. Over the next four years, the import rate is expected to grow by about 35% to reach a revenue of almost $35 billion,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
The key vendors in the food retail market in Saudi Arabia include Carrefour, NESTO, Othaim, Panda, and Tamimi. The market is dynamic with the presence of a vast number of players and is dominated by modern retail chains such as supermarkets and hypermarkets. The Saudi Arabian retailers are constantly searching for new products and are focusing towards product promotion and advertising. Vendors in the market are aiming for better market positions through competitive pricing, weekly promotional offers, and by offering advertisement support to the customers.
Source: Technavio Research