"Foodservice" refers to the industry and process of handling, preparing, and serving food and beverages outside of residential settings. In addition to restaurants, cafeterias, hotels, catering services, and institutional food facilities including hospitals and schools, it encompasses a wide range of locations and circumstances. The primary goal of the foodservice sector is to serve customers satisfying, pleasant, safe, and healthful meals.
Saudi Arabia Food Service Market Driving Factors and Challenges
Drivers: The Saudi Arabian restaurant business has seen a surge of foreign brands and restaurants in recent years, such as Cipriani, The Cheesecake Factory, and Hakkasan. With the opening of their branches in the Kingdom, mostly in Jeddah and Riyadh, a number of highly regarded fine dining hotels and restaurants have lately joined the KSA market. Scalini, Catch, and Zuma are a few of them. Saudi Arabia's food service business is seeing a rising number of well-known chefs concentrating on creating their own restaurants, a sign of the growth of both domestic and foreign dining establishments.
Moreover, The number of transactions and price increases are the main drivers of the food service market's growth in Saudi Arabia; the expansion of points of sale is slower. As more meals are consumed outside from home due to changing roles of women and Westernized lives, urbanized and busy young consumers are turning to food services to satiate their appetites. Demand in this industry is anticipated to be stimulated by the growing desire for meal delivery services and home delivery.
Challenges: The food service sector, which includes everything from luxurious dining establishments to street vendors, is very competitive. Businesses need to keep coming up with new ideas, deliver exceptional customer service, and launch big marketing campaigns in order to stand out in a crowded market. This can be difficult for both new and existing companies. Consumer Preferences are Changing: People are looking for food options that are ethically sourced, sustainable, and healthful in more and greater quantities.
Impact of COVID-19 on Saudi Arabia Food Service Market
Covid-19 has significantly changed the food and beverage sector. The foodservice industry was badly impacted by the closure of production facilities and delivery networks due to strict government restrictions, such as the lockdown in Saudi Arabia. Given that individuals would prefer to dine at home rather than go out to eat, this tendency is likely to continue until the end of 2020. This will pose a serious danger to the food service industry, and it will probably take some time for it to bounce back.
Saudi Arabia Food Service Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Al Tazaj Fakeih, AlAmar Foods Company, ALBAIK Food Systems Company S.A., Americana Restaurants International PLC, Herfy Food Service Company, Apparel Group, Fawaz Abdulaziz AlHokair Company, Kudu Company For Food And Catering, M.H. Alshaya Co. WLL, LuLu Group International, Reza Food Services Company Limited, Others.
Saudi Arabia Food Service Market Segmentation:
By Type: Based on the Type, Saudi Arabia Food Service Market is segmented as; Full Service Restaurants, Institutes, Quick Service Restaurants, Others.
By Service Type: Based on the Service Type, Saudi Arabia Food Service Market is segmented as; Dine-In, Takeaway, Delivery.
By Restaurant Type: Based on the Restaurant Type, Saudi Arabia Food Service Market is segmented as; Chain, Independent.
By Cuisine Type: Based on the Cuisine Type, Saudi Arabia Food Service Market is segmented as; Western Cuisine, Middle Eastern Cuisine, Asian Cuisine, Others.
By Region: This research also includes data for Eastern, Western, Southern, Northern.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.