Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Saudi Arabia Ready-to-Cook Food Market, The Saudi Arabia Ready-to-Cook Food Market is projected to grow at a CAGR of around 5.83% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Saudi Arabia Ready-to-Cook Food Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2023-2028
- CAGR (2023-2028): 5.83%
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Saudi Arabia Ready-to-Cook Food Market Segmentation Breakdown:
The Saudi Arabia Ready-to-Cook Food Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
By Product Type
- Frozen
- Meat & Poultry
- Vegetables
- Others (Fries, Sweet Corn, Paratha, etc.)
- Ambient
- Soups & Sauces
- Noodles & Pasta
- Ready-to-Mix
- Others (Snacks, etc.)
As the country has always been known for its large-scale consumption of meat products, Frozen ready to eat food products constituted a significant share of the overall Saudi Arabia Ready-to-Cook Food market over the previous period.
By Food Preferences
- Vegetarian
- Non Vegetarian
By Sales Channel
- Online
- Offline
- Conventional Retail Outlets
- Hypermarket & Supermarket
- Other Retail Channels
In recent years, e-commerce platforms in Saudi Arabia, such as Carrefour, Lulu Hypermarket, and others, have seen a significant spike in demand for these food products.
By End Users
- Individual Users
- Hotels & Restaurants
- Others (Military, etc.)
MarkNtel Advisors Highlights Key Market Drivers for Saudi Arabia Ready-to-Cook Food Market:
Inclination of Millennial Customers Towards Ready-to-Cook Food Products
In Saudi Arabia, millennial customers have been increasingly adopting Ready-to-Cook food products such as pasta, noodles, frozen fries, frozen meatballs, etc., as working-class individuals in the country have been looking for readily available pre-cooked food items due to their busy lifestyles. The working class is the largest consumer of these meals due to their busy lifestyle, hence, the rise in the number of working professionals would elevate the consumption of Ready-to-Cook meals.
Along with this, the demand for Ready-to-Cook food products has been propagated during the outbreak of the COVID-19 pandemic, as the government of Saudi Arabia restricted outdoor movements. This inclined millennial customers to consume these food items, such as frozen food items, ready-to-mix, and others, during their work-from-home period.
Nonetheless, even after COVID-19, the trend of consuming these food items has consistently grown, as consumers in Saudi Arabia have gradually shifted towards these food products due to their numerous benefits. As a result, it is expected that the growing adoption of Ready-to-Cook food products by millennial customers will positively influence the growth of these food items in the upcoming years.
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A Comprehensive Analysis of Leading Companies in Saudi Arabia Ready-to-Cook Food Market
- Nestlé
- General Mills
- Almunajem Food
- Savola Foods
- Knorr Arabia
- Mamee Double-Decker
- Sunbulah Group
- Al Kabeer Group ME
- Gulfwest Company Ltd.
- Halwani Bros.
- Almarai Company
- Others (Herfy for Food Services Company JSC, etc.)
Saudi Arabia Ready-to-Cook Food Market Growth Opportunity:
Massive Investments in Poultry Meat Production to Uplift the Market Growth
Due to the rising demand for meat products in Saudi Arabia, the government has been massively investing in expanding poultry meat production facilities in the country. For instance, in 2022, the Ministry of Environment, Water, and Agriculture of Saudi Arabia announced investments of nearly USD4.5 billion in establishing poultry meat production units by 2025 to reduce its meat import dependency from other countries.
Thus, the establishment of new poultry meat production facilities in the country would further fulfill the demand for raw materials like chicken meat, etc., to the company’s manufacturing of Ready-to-Cook food products, thereby magnifying the growth of the market during 2023-2028.
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