Saudi Arabia Catering Services Market Valued at USD 4.88 Billion (2022) & Likely to Roll at 7.0% CAGR During 2023-28
MarkNtel Advisors currently published a research report, highlighting that the Saudi Arabia Catering Service Market is aimed to grow at a CAGR of around 7% in the forecast period of 2023-28. The rising demand among both residents as well as business organizations for hygienic, clean, and cost-effective food services on numerous occasions, weddings, events, etc., has propelled the market growth. Moreover, the Saudi Arabia Catering Services Industry is prominently fueled by the swelling demand for catering services at events & social gatherings, hospitals, corporate offices, and educational institutions, among others.
The report further states that the increasing development of airports in the country owing to the rising emphasis of the Saudi Government to boost their tourism is also likely to increase the demand for catering services across the country. Furthermore, the organization of several national and international events such as Saudi Horeca, HVAC R, Saudi International Hala Expo, commerce, etc., amplified the number of visitors, thus leading to an exceptional growth of the Saudi Arabia Catering Service Market.
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Companies Holding a Significant Share in the Saudi Arabia Catering Services Market
The companies holding a substantial share in the Saudi Arabia Catering Services Market include Gulf Catering Company, Tamimi Global Company Ltd., Saudi Catering & Contracting, Algosaibi Services, Nesma Catering, Saudi Airlines Catering, Al-Suwaiket Catering, Al-Suwaidi Services, and others.
Analyzing the Saudi Arabia Catering Services Market Segmentation
- By Type (Contractual and Non-contractual)
- By End User (Business & Industry, Education, Healthcare, Defense and Offshore, Mining & EPC, Sports & Leisure, and Others)
- By Model (Client Pay B2B, Consumer Pays/Retail, and B2C)
- By Region (West, East, South, North, and Central)
Contractual Segment to retain its dominance in the Saudi Arabia Catering Services Market in the coming years, given the emerging requirement for contractual catering contracts from end-user industries such as business & industry, commercial spaces, and other leisure activities. Moreover, the existence of quite a few sacred locations such as Makkah & Madinah, etc., in Saudi Arabia has further snowballed religious tourism in the country, leading to a boost in the demand for contract catering services by the tourism industry to provide visitors with food services. Also, the removal of age restrictions for Hajj pilgrims is presumed to further boost the demand for more contract catering services.
Business & Industry to standout as the most prominent end-user in enhancing the Saudi Arabia Catering Services Market over the past few years. The rising inclination of businesses toward the preference of Saudi Arabia to establish their corporate headquarters owing to the country’s flexibility regarding international trade has steered to a significant boost in the business and industry sector. Furthermore, the amplified foreign direct investment in the country by several companies to endorse the growth of the private sector has further aided in the development of corporate catering services in Saudi Arabia.
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