Growing young population driving KSA's QSRs
The fast food market in Saudi Arabia is witnessing growth due to a surge in the young population and the changing lifestyle of workforce in the Kingdom.
Saudi Arabia is one of the key contributing countries in GCC's fast food market. According to 6Wresearch, Saudi Arabia's fast food market is projected to reach US$9 billion by 2023. Fast food demand is anticipated to register growth in the forecasted period due to adoption of western culture, growing influx of women in the workforce and the availability of a variety of fast food options.
According to 6Wresearch assistant manager Ravi Bhandari: “Burgers, hamburgers and sandwiches occupied a majority of share in Saudi Arabia's fast food market on account of taste preference and demand from youth population. Below 25 years age population account for more than 40% of the Kingdom’s population and are the biggest consumers of fast food in the country. The habit of eating out frequently is another major factor that is expected to drive the market of fast food from 2017 to 2023."
6Wresearch research associate Akash Jain said in a statement: “Take-away outlets are the major selling points for fast food joints in Saudi Arabia due to quick servicing, better network reach and adaptability to local needs.”
The presence of international chains such as McDonald’s, Dominos, Pizza Hut and Burger King as well as local players, Herfy and Al Baik ensure that Saudi residents are well-serviced in terms of fast food options.
The report estimates and forecasts overall Saudi Arabia fast food market by revenues, types such as burgers, pizza and chicken, distribution channel and regions. The study also gives the insights on the competitive landscape, company benchmarking, market drivers and restraints.
Source: Hotelier Middle East