Market Forecast By Application (Restaurants, Hotels, Corporate, Household, Others), By Distribution Channel (Online Stores, Offline Stores) And Competitive Landscape
|Product Code: ETC428195||Publication Date: Nov 2022||Updated Date: Aug 2023||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 75||No. of Figures: 35||No. of Tables: 20|
Saudi Arabia Ready Meals Market registered a decline of -56.46% in value shipments in 2021 as compared to 2020 and an increase of 35.87% CAGR in 2021 over a period of 2017. In Ready Meals Market Saudi Arabia is becoming less competitive as HHI index in 2021 was 4136 while in 2017 it was 2035. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
Saudi Arabia has reportedly relied more on imports to meet its growing demand in Ready Meals Market. India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Ready Meals Market in 2021 was 73.54 while in 2017 it was 36.34. China, Bangladesh, Japan, Bulgaria and Canada were among the top players of the market in 2021, where China acquired the largest market share of 49.72% with a shipment value of 4.89 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 Bangladesh had the largest market share of 36.73% with the shipment value of 1.79 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As Bangladesh price is lower than the average price, it provided a significant edge among other competitor in 2017.
Saudi Arabia Ready Meals market is estimated to grow during the forecast period. The market is driven by the increasing awareness about the benefits of ready meals and their convenience for consumers. Moreover, the growing population and rising disposable income are other factors driving the market growth. The uptake of ready meals among people in the age group of 18-24 is also contributing to the growth of this market.
According to 6Wresearch, the Saudi Arabia Ready Meals Market size is expected to grow during 2022-2028. Saudi Arabia is a country that is rich in oil and natural resources. It has also been one of the world's fastest-growing economies for several years now. This growth has led to an increase in the population, as well as an increase in the number of people who are able to afford to eat out.
In order to cater to this demand, Saudi Arabia has developed a wide range of ready meals. These meals come in a variety of flavours and are designed to be quick and easy to prepare. They are also affordable, which makes them popular among consumers.
Ready meals are usually pre-prepared and packaged in individual servings. They’re easy to heat up in the microwave or oven, and they can be eaten as is or combined with other ingredients to create a more complete meal. Ready meals are also popular as a catering option, because they can be quickly prepared and delivered without requiring any cooking or baking skills.
Ready meals are a popular choice for quick, easy and affordable meals in Saudi Arabia. They're available in many different flavors and styles, from traditional Arabic fare to international favorites like chicken tikka masala
The market for ready meals in Saudi Arabia is growing rapidly. This is due to several factors, including the increasing popularity of convenience foods among consumers, as well as the increasing wealth of consumers in Saudi Arabia. The ready meal market is growing in popularity in Saudi Arabia. This is due to the increasing number of people who are busy and do not have time to prepare their own meals. As well as this, there is a growing trend of people preferring quick and easy food. Ready meals also offer a good value for money as they are often cheaper than traditional restaurant foods.
Some of the other reasons for this include rising disposable incomes, increasing health consciousness among consumers, and increasing preference for convenience over traditional dining out options. Additionally, growth in the Middle East region coupled with increased investment in retail and distribution infrastructure will drive demand for ready meals in Saudi Arabia.
Additionally, factors contributing to the Saudi Arabia ready meals market growth is increasing adoption of these products by consumers, especially in rural areas. This can be attributed to the growing need for affordable and convenient meal options, as well as decreasing health awareness among citizens. In addition, government initiatives aimed at promoting healthy lifestyles are also boosting demand for ready meals.
However, some challenges such as high price points, low availability of localized flavors, and limited menu options are restraining the Saudi Arabia Ready Meals Market revenue. Moreover, restrictions imposed by authorities on food imports and exports are also hindering the development of this segment.
Additionally, restraining factors impacting growth in this market include high prices of ingredients and equipment used in preparing ready meals, which could restrict uptake by smaller manufacturers. Furthermore, limited availability of skilled manpower could pose a threat to sector growth in Saudi Arabia.
The majority of the sales in the Saudi Arabia ready meals market take place through offline stores such as supermarkets, hypermarkets, and convenience stores. This is because most of the population prefers to buy food products from these types of retail outlets due to factors such as trust, easy accessibility, and wide product range. Online stores are becoming increasingly popular among consumers in Saudi Arabia due to the rising penetration of internet and mobile phones.
The COVID-19 pandemic is expected to have a significant impact on the Middle East Ready Meals market. The COVID-19 pandemic is likely to drive down demand for ready meals, as people may prefer to cook their food instead of eating them out. This could lead to a decline in sales volumes across the ready meal category in Saudi Arabia.
In addition, the COVID-19 pandemic may also cause disruptions in the supply chain, as manufacturers may struggle to source key ingredients or complete production lines due to absenteeism or travel restrictions. This could lead to price increases for ready meals and affect consumers’ purchasing decisions. Overall, the COVID-19 pandemic is likely to have a negative impact on the Saudi Arabia Ready Meals market, as consumers switch away from prepared food options and companies face increased costs associated with producing and distributing ready meals.
The Saudi Arabia Ready Meals Market share is currently dominated by western brands. However, over the next five years, local brands are expected to emerge as key players in this market. This is due to the increasing preference among consumers for products made in their own countries.
The report offers a comprehensive study of the subsequent market segments:
|1 Executive Summary|
|2.1 Key Highlights of the Report|
|2.2 Report Description|
|2.3 Market Scope & Segmentation|
|2.4 Research Methodology|
|3 Saudi Arabia Ready Meals Market Overview|
|3.1 Saudi Arabia Country Macro Economic Indicators|
|3.2 Saudi Arabia Ready Meals Market Revenues & Volume, 2021 & 2028F|
|3.3 Saudi Arabia Ready Meals Market - Industry Life Cycle|
|3.4 Saudi Arabia Ready Meals Market - Porter's Five Forces|
|3.5 Saudi Arabia Ready Meals Market Revenues & Volume Share, By Application, 2021 & 2028F|
|3.6 Saudi Arabia Ready Meals Market Revenues & Volume Share, By Distribution Channel, 2021 & 2028F|
|4 Saudi Arabia Ready Meals Market Dynamics|
|4.1 Impact Analysis|
|4.2 Market Drivers|
|4.3 Market Restraints|
|5 Saudi Arabia Ready Meals Market Trends|
|6 Saudi Arabia Ready Meals Market, By Types|
|6.1 Saudi Arabia Ready Meals Market, By Application|
|6.1.1 Overview and Analysis|
|6.1.2 Saudi Arabia Ready Meals Market Revenues & Volume, By Application, 2018 - 2028F|
|6.1.3 Saudi Arabia Ready Meals Market Revenues & Volume, By Restaurants, 2018 - 2028F|
|6.1.4 Saudi Arabia Ready Meals Market Revenues & Volume, By Hotels, 2018 - 2028F|
|6.1.5 Saudi Arabia Ready Meals Market Revenues & Volume, By Corporate, 2018 - 2028F|
|6.1.6 Saudi Arabia Ready Meals Market Revenues & Volume, By Household, 2018 - 2028F|
|6.1.7 Saudi Arabia Ready Meals Market Revenues & Volume, By Others, 2018 - 2028F|
|6.2 Saudi Arabia Ready Meals Market, By Distribution Channel|
|6.2.1 Overview and Analysis|
|6.2.2 Saudi Arabia Ready Meals Market Revenues & Volume, By Online Stores, 2018 - 2028F|
|6.2.3 Saudi Arabia Ready Meals Market Revenues & Volume, By Offline Stores, 2018 - 2028F|
|7 Saudi Arabia Ready Meals Market Import-Export Trade Statistics|
|7.1 Saudi Arabia Ready Meals Market Export to Major Countries|
|7.2 Saudi Arabia Ready Meals Market Imports from Major Countries|
|8 Saudi Arabia Ready Meals Market Key Performance Indicators|
|9 Saudi Arabia Ready Meals Market - Opportunity Assessment|
|9.1 Saudi Arabia Ready Meals Market Opportunity Assessment, By Application, 2021 & 2028F|
|9.2 Saudi Arabia Ready Meals Market Opportunity Assessment, By Distribution Channel, 2021 & 2028F|
|10 Saudi Arabia Ready Meals Market - Competitive Landscape|
|10.1 Saudi Arabia Ready Meals Market Revenue Share, By Companies, 2021|
|10.2 Saudi Arabia Ready Meals Market Competitive Benchmarking, By Operating and Technical Parameters|
|11 Company Profiles|