Saudi Arabia Canned Food Market: Projected Growth and Trends Through 2028
Saudi Arabian Canned Food Market
Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Canned Food Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
A comprehensive research publication focusing on the Saudi Arabia canned food market has been released and is now available on our website. This in-depth analysis projects a significant growth trend, anticipating a robust compound annual growth rate (CAGR) of 3.55% from 2021 to 2028. This surge in growth is set to propel the market value to US$1,132.689 million by the end of the forecast period, up from US$887.449 million in 2021.
The Saudi Arabian economy, known as the Arab world’s powerhouse, is witnessing a substantial escalation in its food processing industry. Noteworthy investments expected to peak at $70 billion by 2030, representing a 59% increase over investment figures from 2016. The continued robustness of the food sector, as highlighted by Ministry officials projecting a $20 billion growth by 2035, is anticipated to stimulate the canned food market extensively, particularly within key industries such as beverages, dairy, and ready-to-eat sectors.
Factors Contributing to Market Growth
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Urbanization and Modern Retail: The urban population's upsurge, coupled with a spike in female labor participation and widening income allocation for food expenditures, forms a solid foundation for market expansion. Modern retail infrastructures, like supermarkets and hypermarkets, are becoming more prevalent in urban localities, offering consumers a diversified range of canned food options.
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Tourism and Hospitality Sector Expansion: An elevating focus on tourism - aiming to reduce dependence on the oil industry - has initiated extensive hotel development projects. This bolstering of the hospitality segment promises to heighten canned food consumption within the Kingdom.
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Online Distribution Channel Prosperity: With a near-ubiquitous internet usage rate at 100% and escalating smartphone penetration, online shopping platforms are thriving. These channels offer convenience and variety, echoing the upmarket lifestyle and technological embracement of the Saudi population.
Developments within the market illustrate innovation and responsiveness to consumer needs. Siwar Foods, for example, has recently unveiled a gourmet meal line catering to health-conscious consumers seeking convenience without compromising on taste.
Market Segmentation Insights
The report details a segment-wise analysis of the market, covering both organic and inorganic product types, and delves into various categories such as canned meats, fish/seafood, fruits and vegetables, beans, and legumes, providing an exhaustive overview of the market’s intricacies. This segmentation extends to the exploration of various distribution channels, including emerging online platforms and traditional offline venues, with supermarkets and convenience stores at the forefront.
The findings within this publication offer essential strategies for stakeholders in understanding and harnessing the potential of the Saudi Arabia canned food market. Key developments, growth drivers, and comprehensive market insights discussed in the report underscore the significance of adapting to evolving consumer preferences and technological advancements in the Kingdom's food sector.
For more nuanced data, trend analysis, and market projections, the full report on the Saudi Arabia canned food market can be accessed on our website, providing invaluable information to investors, policymakers, and industry players poised to make informed decisions in this dynamic market space.
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