This research report titled ‘Retail Market in Saudi Arabia 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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Based on product, the report categorizes the retail market in Saudi Arabia into the following products:
- Apparel and footwear
- Consumer electronics
- Beauty and personal care
- Home improvement
Additional Insights: Top Four Factors Driving the Retail Market in Saudi Arabia
The top three revenue contributing segments to the retail market in Saudi Arabia are illustrated below.
Grocery market in Saudi Arabia
The grocery sector contributed the largest in terms of sales in 2015, holding over 40% of the retail market in Saudi Arabia. The country’s retail food market continues to grow, with several leading Saudi and international retailers expanding operations, while combating stiff competition and changing consumer preferences. In 2013, the number of food retail outlets in Saudi Arabia was 40,435 stores, an increase of 15% from 2012.
The population of Saudi Arabia, which was approximately 30.89 million in 2014 and is expected to reach 40 million by 2025, will help boost demand for food imports, as Saudi Arabia relies mostly on foreign suppliers to satisfy about 80% of its food consumption needs. In 2013, Saudi Arabia’s total food and agricultural product imports rose by 8% to reach USD 19 billion. Food products accounted for about 92% of the total imports at USD 17.5 billion, with processed food products’ share accounting for 46% of the total food and agricultural imports.
Apparel and footwear market in Saudi Arabia
The apparel and footwear market in Saudi Arabia is another key segment in the retail sector. Products of the high-end segment of the apparel market is mostly imported from Europe and the US, which are in great demand from the Saudi population, owing to their high disposable income and willingness to pay for premium products. The apparel market in Saudi Arabia also tends to follow a seasonal trend, which is in line with the Saudi religious holidays and summer breaks, when apparel shopping reaches its peak.
The penetration of televisions and the internet, the growing preference for outdoor travel, and an increasing women workforce contribute to the evolving and changing lifestyles of today's Saudi Arabian population. Changing habits and lifestyles, especially among younger generations, is fueling the demand for Western-style clothing. “Many consumers in the country are brand conscious and look for new product lines of reputed brands. As a result, American brand names like Guess, GAP, and XOXO are registering an increase in sales,” says Poonam Saini, a lead analyst at Technavio for research on retail goods and services.
Consumer electronics market in Saudi Arabia
Consumer electronics is another important segment of the market and is poised for growth during the forecast period. Saudi Arabia registered a growth in the demand for electronic goods over the last few years. In line with the rising disposable income of the population and their growing interest in the latest technological gadgets, the demand for and sales of the latest models of mobile phones, tablets, laptops, and televisions, increased considerably.
“Axiom Telecom was one of the top retailers in the market with a share of 6%-7% in 2015. The company, which offers mobile phones, smartphones, tablets, and related accessories, benefits from its high number of outlets spreading across the country. The company is also active in digital retailing, offering attractive deals on smartphones and tablets,” says Poonam.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Alhokair Fashion Retail (Fawaz Al Hokair Group)
- Al Othaim
- Saudi Marketing Company (FARM Superstores)
- United Electronics (eXtra)
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