Hospitality acquired the largest market revenue share in the Saudi Arabia Catering Services Market – 6Wresearch
Catering Services market in Saudi Arabia witnessed growth in recent few years on account of rising of sectors like construction, tourism, healthcare, education and others in line with the focus on shifting dependencies to non-oil sector to oil sector. However, a sudden outbreak of Covid-19 pandemic which resulted in halt in activities of construction and travelling across the country which as a result affected the market. Although, with gradual reduction in restrictions and government efforts to revive the economy, the market has been on the recovery path and registered the growth in recent years on account of taken initiatives under Saudi vision 2030. The catering market in Saudi Arabia would witness growth in upcoming year due to speedy urbanization along with large scale construction projects, such as NEOM city and Red Sea project. Additionally, Saudi Arabia government vision to serve more than 330 million passengers by 2030, compared to 100 million by 2019, also launching of new airline service by Saudi Arabia with the investment of $100 million to increase the number of flight services in Saudi Arabia.
According to 6Wresearch, Saudi Arabia Catering Services Market size is projected to grow at a CAGR of 6.6% during 2022-2028. “Saudi Arabian government is diversifying the economy from oil sectors to non-oil sectors, Saudi vision 2030, growing footfall of religious tourists especially at the festive seasons, rise in spending in healthcare sector and growth in educational infrastructure would further boost demand for catering services market in Saudi Arabia.”
According to Shivali Sharma, Research Analyst, 6Wresearch, “Hospitality would have the fastest revenue growth in the Saudi Arabia Catering Services Market due to rise in number of hotel supply, higher rate of occupancy in cities like Riyadh, Jeddah and Al Khobar. Recently, major hotel chain organizations such as Hilton announced to open 60 more hotels in upcoming 10 years, which leads to increase in demand of catering services in upcoming years. Additionally, rise in number of visitors in Saudi Arabia such as 15 million international tourist visited Saudi Arabia in first quarter of 2022, and target to achieve 100 million visitors annually by 2030 would bolster the growth in hospitality sector and catering market as well.”
According to Sachin Rai, Research Associate, 6Wresearch, “The central region, is currently the focal point of development of smart cities such as NEOM City, Entertainment cities such as Qiddiya city, Amaala project and becoming the largest center for non-oil activities would make it fastest growing region over the projection period. Western region along with central region becoming the second fastest growing region owing to development of projects like Red Sea and increasing number of religious pilgrims in Mecca and Madinah regions.”
Some of the major companies in Saudi Arabia Catering Services Market include Nesma United Industries, Saudi Airlines Catering Company, Algosaibi Services Co. Ltd., Gulf Catering Company, Tamimi Global (TAFGA), Gulf Mahmal Support Services Company, Zamil Operations and Maintenance, Al-Karam Al-Arabi for Catering Services Limited, Unique Catering Services, AYTB.
“Saudi Arabia Catering Services Market (2022-2028)” report provides an in-depth analysis with 25 figures and 6 tables, covered in 79 pages. The report comprehensively covers the market by types, end-users and regions. Saudi Arabia Catering Services Market report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Email Us: email@example.com
Call Now: +91-11-430-24-305