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Report
Saudi Arabia Full- Service Restaurants Market - Growth, Trend and Forecast (2023 - 2028)
Market Report I 2023-01-23 I 90 Pages I Mordor Intelligence
Saudi Arabia's full-service restaurant market was valued at USD 8,666.6 million in 2021, and it is projected to register a CAGR of 5.43% during the forecast period.
Key Highlights
Saudi Arabian consumers are obsessed with celebrity chef culture, big-name restaurants, and world-class luxury dining. Eating out and shopping are preferred choices for a large segment of the Saudi population. Full-service restaurants benefit enormously from this, especially as outlets have become the preferred destination for families spending time together and holding social gatherings.
The country's consumers, including a high number of ex-pats and tourists, are tilted toward western-style casual dining, especially European and American cuisines. Consequently, American casual dining restaurants, such as TGI Fridays, Bloomin Brands Inc, Brinker International Inc., and Fuddruckers Restaurants, are very popular and located in all the major cities of Saudi Arabia. ?Independent full-service channels maintain a dominant position in the full-service restaurant segment, providing dine-in services with an extensive menu.?
Chained consumer food service is also gaining popularity in Saudi Arabia due to numerous factors, such as loyalty and incentive schemes, promotions, outlet familiarity, cleanliness, and chains providing standardized offerings per the highest standards of regulations.
During Ramadan, to attract consumers, full-service restaurants, including Hyatt Regency Tent and The Ritz-Carlton Residences, are trying to compete with local restaurants to provide a better culinary experience. This initiative by the players in the market has increased sales growth during the festive season in the country.
Saudi Arabia Full- Service Restaurants Market Trends
Increasing Demand for Gourmet Dinning Experience
The high levels of disposable income which prevail among the Saudi population, coupled with the harsh climatic conditions in the country and the relatively limited range of other pastimes and leisure activities, make eating out and shopping the entertainment of choice for a large segment of the Saudi population.
The United States continues to hold a significant share of the Saudi Arabia chain full-service restaurants market, and it has maintained its dominance of the western style fine and casual dining market. The United States fine-dining restaurants, such as Chili's, Applebee's, Sizzler, and On The Boarder, are very popular and located in all major Saudi Arabia cities. These restaurants are frequently visited by Saudi families and are considered a form of entertainment.
The full-service restaurants provide dine-in service and an extensive menu and are more expensive than fast food chains. The launch of such restaurants in Saudi Arabia evidences the popularity of American-style food outlets. Saudi Arabia is following other Gulf nations in embracing the gourmet culture, with chefs running restaurants in the Kingdom and many more making their entry with pop-up outlets and concept restaurants.
Several options for upscale dining and premium food are already available in Saudi Arabia, including Asian fusion powerhouse Nozomi, Turkish meat haven Sultan's Steakhouse, and landmark restaurant The Globe. Thus, the rise in demand for gourmet dining experiences among the residents and the rising ex-pat population in Saudi Arabia is acting as a market-driving factor for full-service restaurants in the country.
Expansion of Various Global and Regional Full-Service Restaurants
With Saudi Arabia's focus on expanding its tourism sector and a growing ex-pat community, there is a huge fine dining experience serving up phenomenal gastronomic experiences to consumers. According to the World Migration Report 2022 published by the United Nations International Organization for Migration (IOM), Saudi Arabia has drawn a 13.5 million ex-pat population.
From Mediterranean feasts to jeweled dishes from the Far East, the country has award-winning restaurants to curb all the culinary cravings of consumers under different demographics. Furthermore, Saudi Arabia is moving toward becoming a world-class global tourism hub, backed by competitive advantages that attract international travelers looking for new experiences. Thus, this creates a massive opportunity for full-service restaurants in the country, as they provide fine culinary experiences with a good ambiance.
The premiumization in the dining experiences resulted in an increasing number of global premium-chained full-service restaurants/pop-up restaurants in the country. For instance, in 2020, COYA restaurant: Premium Peruvian pop-up was opened in Riyadh. COYA debuts its acclaimed Andean fusion cuisine in Saudi Arabia. COYA Riyadh is a unique blend of culture, art, and cuisine.
Furthermore, The Entertainer is a mobile application that runs buy-one-get-one-free offers for restaurants, travel, leisure attractions, spas, gyms, and places of entertainment. It is very popular in the Middle East, including Saudi Arabia, where users can benefit from the selected restaurants on their application. Such evolving factors and the expansion of various global and regional players proactively drive the studied market.
Saudi Arabia Full- Service Restaurants Market Competitor Analysis
The Saudi Arabia full-service restaurant market is fragmented with the presence of many domestic brands as well as international brands, where consumers have shown an inclination towards western-based food in the recent past. Al Faisaliah Group, Brinker International Inc, Dine Brands Global, Inc., TGI Fridays Inc., and Fuddruckers Restaurants are some major players operating in the market studied.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Structure
5.1.1 Independent Consumer Foodservice
5.1.2 Chained Consumer Foodservice
6 COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Leading Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Al Faisaliah Group
6.3.2 Dine Brands Global Inc.
6.3.3 TGI Fridays Inc?.
6.3.4 Brinker International Inc
6.3.5 Hospitality Board Holding Co.
6.3.6 Pf Chang's China Bistro Inc
6.3.7 Bloomin Brands Inc.
6.3.8 Fuddruckers Restaurants
6.3.9 Landmark Group
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