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Report
Saudi Arabia Ready Meals Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 100 Pages I Mordor Intelligence
The Saudi Arabian ready meals market is projected to witness a CAGR of 5.43% during the forecast period, 2022=2027.
During COVID-19, individuals in Saudi Arabia stocked up on groceries as they feared food insecurity. Among Saudi consumers, stress-eating became very common due to lockdown, with an increased tendency toward craving ethnic foods or foods with HRI standards and taste, thus facilitating the market's growth for ready meals in various forms. Also, due to the closure of many hypermarkets and supermarkets, the online retail channel is supporting the sales of this category. Thus, consumers are increasingly ordering food and beverages via online retail stores to minimize the spread of the virus.
The GCC population is booming, and the middle-class population 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 influenced by global consumer trends, driving the demand for international food and foreign cuisines through HRI and packaged formats in retail. This factor is boosting the country's ready meals market.
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.
Saudi Arabia Ready Meals Market Trends
Increasing Demand for Convenience Food Products and Emergence of Hectic Lifestyle Attributes
Convenience food 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. The increasing number of women entering the workforce in Saudi Arabia and changing lifestyles are likely to drive the Saudi Arabian market for ready meals over the forecast period. The growth of convenience retail in emerging economies is widening the access to frozen food products. Across Saudi Arabia, this trend may penetrate on a later phase, as consumers start to understand the versatility of products and link the same with convenience. Frozen ready meals are attracting those with hectic lifestyles, those who are trying to lose weight, and those who live alone and do not want to prepare a full meal.
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 available in convenient, ready-to-eat pots. Goody Tuna Meals are available in the Mediterranean mix, spicy Thai quinoa, Mexican habanero, and golden corn mix. Manufacturers of ambient-ready meals are shifting toward producing healthier products that are free from artificial additives, preservatives, and GMOs. Claims, such as 'free from artificial colors', 'no added food additives', and 'non-GMO', are commonly seen on the labels of such ready meals.
Saudi Arabia Ready Meals Market Competitor Analysis
Some of the major companies operating in the market are Majid Al Futtaim (Carrefour), Basamh Trading Co., Americana Group, Al Watania, and Al Kabeer Group, as these companies have extensive portfolios of the product and have gained recognition in the local market. Due to the increased demand for 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 improve the final product, so the supply remains in sync with the increasing demand.
Additionally, the increasing demand for ready meals and high economies of scale resulted in the emergence of private label ready-to-eat meals on the shelves through various promotional offers and discounts, thus increasing the market competitiveness.
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 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 Stores
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 Majid Al Futtaim
6.4.3 Basamh Trading Co.
6.4.4 Americana Group
6.4.5 Almarai Company
6.4.6 Al Watania
6.4.7 Al Kabeer Group
6.4.8 Bolton Group SRL
6.4.9 Al Karamah Dough Production Co. Ltd
6.4.10 Nutrition and Diet Center Frozen Ready Meals
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
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