DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia Ready Meals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia ready meals market was valued at USD 18.18 million in 2020 and is projected to witness a CAGR of 5.43 % during the forecast period (2021 - 2026).
Among Saudi consumers, stress-eating became very common due to lockdown, with an increased tendency toward craving ethnic foods, or foods that resemble HRI standards and taste, thus facilitating the market growth for ready meals in various forms.
Also, due to the closures of many hypermarkets and supermarkets in the region, the online retail channel is supporting the sales of this category. Owing to this, consumers are increasingly ordering their food and beverage requirements via online retail stores, in order to minimize the spread of the COVID virus.
The GCC population is booming, and the middle class has been expanding rapidly over the years, driven by a sizeable number of expatriates who account for 52% of the total regional population. Saudi Arabia has the largest population in the region, with over 33 million residents in 2018, growing at an annual rate of 2.0%.
Thus, the youth, representing over 50% (under 25 years of age) of Saudi Arabia's population, are particularly influenced by global consumer trends, which drives the demand for international food and foreign cuisines through both HRI and packaged formats in retail, thus driving the ready meals market in the country.
While the continuous influx of expatriates from different geographies may introduce diverse cuisines in the region, growing awareness of healthy eating habits may boost the demand for organic ingredients-infused ready meals in the country.
Key Market Trends
Increasing Demand for Convenience Food Products and Emergence of Hectic Lifestyle Attributes
Convenience food is the type of food that requires minimum or no further preparation before consumption. This category includes canned food, packaged food or meals, frozen food, preserved food, and instant products. With technological innovations in the food industry, the range of convenience food includes chilled, frozen, portion-controlled, shelf-stable, microwave-able, and prepared-mixes. Frozen food holds a huge share in this segment.
Owing to the increasing number of women entering the workforce in Saudi Arabia, along with changing lifestyles, the demand for frozen meals and ingredients is increasing significantly. In emerging markets, like the Middle East, a relatively increasing disposable income is creating a new class, which is eager to experience new goods and services. This is likely to drive the market for ready meals over the forecast period in the country.
Increasing Consumption of Ambient Ready Meals
Saudi consumers increasingly seek convenience-oriented options to accommodate their active professional lifestyles. A diverse urban landscape is driving the demand for convenient, ready-to-eat, processed, preserved, and frozen foods in the country, which are shelf-stable and do not require refrigeration.
Rio Mare remained the leading brand in providing shelf-stable ready meals, due to its strong presence and widely recognized products. Shelf-stable ready meals have been gaining popularity in recent years, especially since 2018, after the launch of Goody Tuna Meals - high-quality tuna meals that are available in convenient, ready-to-eat pots. Goody Tuna Meals are available in several variants, including Mediterranean mix, spicy Thai quinoa, Mexican habanero, and golden corn mix.
Competitive Landscape
Some of the major companies operating in the market studied are Majid Al Futtaim (Carrefour), Basamh Trading Co., Americana Group, Al Watania, and Al Kabeer Group, as these companies have an extensive portfolio of the product.
Due to the increased demand of ready meals in the country, companies are constantly strategizing toward production expansion, which is likely to increase the production capacity. Additionally, this expansion is likely to bring improvement in the final product, so the supply remains in sync with the increasing demand.
Additionally, the increasing demand for ready meals and high economies scale has enabled the market to witness an emergence of private label ready to meal hitting shelves through various promotional offers and discounts. Thus, increasing the market competitiveness further.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Frozen Ready Meal
5.1.2 Chilled Ready Meal
5.1.3 Ambient Ready Meal
5.2 By Distribution Channel
5.2.1 Hypermarkets/Supermarkets
5.2.2 Convenience Stores
5.2.3 Online Stored
5.2.4 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Sunbulah Group
6.4.2 Carrefour
6.4.3 Basamh Trading Co.
6.4.4 Americana Group
6.4.5 Savola Group
6.4.6 Al Watania Group
6.4.7 Bolton Group SRL
6.4.8 Al Karamah Dough Production Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/pe17lw
