Posted On: 2017-11-07
Saudi Arabia fast food market is witnessing growth due to surge in young age population and changing lifestyle of workforce in the Kingdom. The decline in crude oil prices and economy has not affected the market to a greater extent and the food consumption of the consumers in Saudi Arabia is on increasing trend. Saudi Arabia is one of the key contributing countries in GCC fast food market. Better outlets reach and service would fuel the demand for fast food in the country.
According to 6Wresearch, Saudi Arabia Fast Food market is projected to reach $9.0 Billion by 2023. Fast food demand is anticipated to register growth in the forecast period on account of adoption of western culture, growing influx of women workforce and availability of variety of fast food options. However, growing health concerns is forcing the companies to include healthy food options in their menus.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "Burgers, Hamburgers and Sandwiches occupied 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 accounted for more than 40% share in Kingdom’s population and are the biggest consumers of fast food in the country. Habit of eating out frequently is another major factor that is expected to drive the market of fast food during 2017-23.
"International fast food chains such as Burger King, KFC and McDonald’s along with local players such as Herfy and Al Baik are offering their global products to the consumers in the Kingdom of Saudi Arabia", Ravi further added.
According to Akash Jain, Research Associate, Research and Consulting, 6Wresearch, "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 the local needs. Chicken fast food ranked second in market share by types in the country’s fast food industry. Fast food trucks are the growing trend in the market owing to increasing social events such as food festivals and quick servicing. Asian and Latin American food demand is also growing in the country as number of regional and international tourists have surged."
"Western and Central region captured majority of the market share as cities such as Riyadh and Jeddah are the hub for tourism, industrial and commercial activities. Majority of the expatriates population lives in these two regions only", Akash Concluded.
Some of the major companies in Saudi Arabia Fast Food market include- McDonald’s, Dominos, Pizza Hut, Burger King, Herfy, KFC and Al Baik.
"Saudi Arabia Fast Food Market (2017-2023)" provides in-depth analysis with 33 figures and 4 tables covered in more than 90 pages. The report estimates and forecast overall Saudi Arabia fast food market by revenues, types such as burgers, pizza and chicken, distribution channel and regions. The report also gives the insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.