The GCC food service market was valued at USD 31.80 billion in 2022 and is projected to reach USD 34.33 billion in 2023. By 2030, the market is expected to grow to USD 62.25 billion, reflecting a compound annual growth rate (CAGR) of 8.87% during the forecast period.
A significant driver of this growth is the rise of sports tourism, which plays a crucial role in economic development by influencing tourism, lifestyle, and the overall reputation of cities. In recent years, Gulf countries such as the UAE, Saudi Arabia, and Qatar have emerged as major global centers for sports events. These nations have strategically invested in their sports industries, enhancing their infrastructure and capabilities to attract and host international sports events.
This information is detailed in the research report titled “GCC Food Service Market, 2023-2030” by Fortune Business Insights™.
Get Sample PDF Brochure:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/gcc-food-service-market-108024
Segments
QSR to Take the Lead Since New Restaurant Types Are So Popular
The market is separated into full service restaurants, quick service restaurants, and other categories based on type. The availability of a wide range of food and beverage options at prices set in accordance with market competitiveness has allowed the Quick Service Restaurants (QSR) category to dominate with the biggest market share. In addition, new types of restaurants that focus on food delivery to customers, like virtual kitchens and ghost kitchens, are becoming more and more popular.
Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, and the rest of the GCC are the countries in which the market is examined.
Report Coverage
Exactly, it sounds like you’re summarizing the key components of a comprehensive research report. If you need further details on any of these aspects—such as specific market drivers, recent industry developments, impacts of COVID-19, or competitive strategies—just let me know! I’m here to help with any specific insights or additional information you might need.
Drivers and Restraints
Spending more on fast food and outside the home consumption will increase demand for the service.
The GCC food service market is projected to expand due to increasing costs associated with fast food and dining out. Fast food’s popularity, particularly among young people, has led to a rise in brands and eateries across Gulf countries. Key drivers of this growth include foreign investments, rising incomes, a youthful population, growing tourism, and evolving food consumption habits. The tourism sector is also significantly contributing to economic growth and creating job opportunities for both men and women.
However, the market faces challenges such as heavy reliance on food imports and natural resource scarcity, which could potentially impede growth.
Ask for Customization:
https://www.fortunebusinessinsights.com/enquiry/customization/gcc-food-service-market-108024
Country Insights
Saudi Arabia is expected to take the lead as a result of an increase in tourists.
Saudi Arabia holds the largest share of the GCC food service market, driven by an increase in visitors to the country. The growing trend of incorporating food outlets in shopping malls has contributed to the rapid expansion of shopping and food malls in Saudi Arabia.
In the GCC market, the UAE ranks second in terms of market share. The growth of the UAE market is largely attributed to the expansion of tourism industries in Dubai, Abu Dhabi, and Sharjah.
Competitive Landscape
Yum! Brands and American Restaurants Signed an Agreement to Establish and Run Pizza Restaurants
Starbucks, McDonald’s, and Yum Brands are the main participants in the food service industry, and they have been increasing their manufacturing capacity in order to cater to a wider clientele. Yum! Brands and American locations struck a contract for American Restaurants to open and run pizza locations in Saudi Arabia. The company intends to develop 100 locations in three years and 30 new pizza restaurants by 2023.
Key Industry Development
- May 2022- CKE Restaurants Holdings, Inc. strategically partnered with Universal Pictures for the promotion of movie “Jurassic World Dominion.” The company used this partnership to introduce new movie-themed burger products.
List of Key Players Profiled in the Report: –
- Starbucks Corporation (U.S.)
- Yum! Brands, Inc. (U.S.)
- McDonald’s Corporation (U.S.)
- Restaurant Brands International Inc. (Canada)
- Domino’s Pizza, Inc. (U.S.)
- Papa John’s International, Inc. (U.S.)
- ALBAIK Food Systems Company Ltd. (Saudi Arabia)
- Herfy Food Services Co. JSC, KSA. (Saudi Arabia)
- Kitopi (United Arab Emirates)
- Aura Group (Qatar)
Read Related News:
https://viralsocialtrends.com/muffins-market-size-share-and-growth-analysis-through-2032/
https://sites.google.com/view/muffins-market326/home
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]