GCC Food Service Market to Worth USD 62.25 Billion by 2030 | At a 8.87% of CAGR
Key companies in GCC Food Service Market are 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), and more players profiled.
GCC Food Service Market
Pune, India, Aug. 29, 2023 (GLOBE NEWSWIRE) — The GCC food service market size was valued at USD 31.80 billion in 2022 and is projected to reach a valuation of USD 34.33 billion in 2023. The market is expected to reach USD 62.25 billion by 2030 with a CAGR of 8.87% during the forecast period. Sports have played an important role in the region and is one of the major drivers for the market growth. Emerging trend of cloud kitchens in GCC countries is setting market opportunities for the future. Improving demand for ethnic foods is also increasing the market growth. Fortune Business Insights™ shares this information in its report titled “GCC Food Service Market, 2023-2030.”
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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)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 8.87% |
| 2030 Value Projection | USD 62.25 Billion |
| GCC Food Service Market Size in 2022 | USD 31.80 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 111 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| GCC Food Service Market Growth Drivers | Increasing Spending to Consume Fast Food and Out of House Consumption to Surge the Demand for the Service |
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COVID-19 Impact:
Pandemic Affected Food Security in the GCC Countries
The COVID-19 pandemic impacted the Gulf Cooperation Council (GCC) countries. Additionally, the restrictions imposed on travel to lower the spread rate of the virus resulted in GCC countries taking up several fiscal and economic measures that included stimulus packages to aid healthcare spending, social assistance, and support for small businesses affected by the outbreak. Moreover, the pandemic also affected food security in GCC countries.
Segments
QSR to Lead Due to the Popularity of New Forms of Restaurants
On the basis of type, the market is divided into full service restaurants, quick service restaurants, and others. The Quick Service Restaurants (QSR) segment dominates with the largest market share due to availability of a variety of food and beverage prices set according to competition of the market. Furthermore, there is popularity of new forms of restaurants, such as virtual kitchens and ghost kitchens, which specialize in delivering food to consumers.
By country, the market is studied across Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, and the Rest of GCC.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Drivers and Restraints
Increasing Spending to Consume Fast Food and Out of House Consumption to Surge the Demand for the Service
Increasing spending to consume fast food and out-of-house consumption is anticipated to drive the GCC foodservice market growth. The popularity of fast foods amongst the young population has been increasing and the presence of brands and restaurants is also expanding in the Gulf countries. Foreign investments, rising incomes, high aspiration levels, a growing young population, rising tourism, and changing food consumption patterns are also driving the market growth. The tourism industry has witnessed a significant trend in getting revenues and creating jobs for men and women.
However, increasing reliance on food imports and limited availability of natural resources are expected to hamper the market growth.
Country Insights
Saudi Arabia to Lead Due to Increasing Number of Tourists in the Country
Saudi Arabia holds the largest GCC food service market share due to increasing number of tourists in the country. Increasing number of shopping and food malls has expanded rapidly in Saudi Arabia with the trend of opening food outlets in shopping malls.
The UAE holds the second-highest share in the GCC market. The UAE market growth is mainly attributed to the growing tourism industry in Dubai, Abu Dhabi, and Sharjah.
Competitive Landscape
American Restaurants Signed an Agreement with Yum! Brands for Establishing and Operating Pizza Restaurants
The key foodservice players are Starbucks, McDonald’s, and Yum Brands and they have been expanding their production capacity to serve to a larger customer base. American Restaurants signed an agreement with Yum! Brands for establishing and operating pizza restaurants in Saudi Arabia. The company has plans to open 30 new pizza restaurants by the year 2023 and 100 branches in a span of three years.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Market Overview of Related/Parent Market
- Industry SWOT Analysis
- Supply Chain Analysis
- Recent Industry Developments – Policies, Mergers & Acquisitions, and New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- GCC Food Service Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Full-Service Restaurants
- Quick Service Restaurants
- Others
- By Country (Value)
- Saudi Arabia
- United Arab Emirates
- Kuwait
- Qatar
- Rest of GCC
- By Type (Value)
- Competitive Matrix
- Competitive Landscape
- Market Share/Ranking Analysis
To Be Continued…!
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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.
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