The Saudi fast-growing market
The Saudi food and beverage (F&B) market, valued at $45 billion, is the largest and most attractive in the Middle East. By 2020, the total value of food imports will reach $35 billion. The size of the food service market in Saudi Arabia ($14.16 billion in 2022) is expected to reach $34.04 billion by 2030, registering a CAGR of 11.37% over the forecast period.
Saudi Arabia, shifting towards a more diversified, non-hydrocarbon-based economy as part of its Vision 2030 Plan, plans to invest $20 billion in the food industry by 2035, with an emphasis on the travel, tourism, hospitality, retail and banking sectors.
The Kingdom has the objective to attract 150 million tourists by the end of the decade, in line with the objectives of Vision 2030 Plan (+50%), and 55 million international tourists a year by 2030, thanks in particular to the creation of a $400 billion hotel investment fund. To accommodate these tourists, 310,000 hotel rooms are expected to be built over the next few years, along with an increasing number of food and beverage outlets.
