Growing Religious and Business Tourism, Corporate Events, and Education Sectors are likely to be the key drivers for Saudi Arabia Catering Services Market - 6Wresearch
Saudi Arabia Catering Services market is expected to witness strong headwinds over the coming years due to slump in crude oil prices and slowdown of economy. Saudi Arabia's government revenues are majorly dependent on the export of oil products and decline in oil prices has affected the government spending in various sectors. However, shift in government expenditure towards healthcare and education sectors is likely to have some positive effect on the catering services market.
According to 6Wresearch, Saudi Arabia Catering Services market is projected to reach $6.9 billion by 2023. Catering to remote sites such as oil rigs and construction sites have remained a prominent markets in Saudi Arabia as it is the company's responsibility to provide meal to its employees at such sites. Decline in new construction awards and taxes on expatriates living & working in Saudi Arabia has forced the company's to increase the percentage of Saudi nationals in workforce.
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According to Ravi Bhandari, Assistant Manager, 6Wresearch, sectors including construction, oil & gas, petroleum and corporate end users are the key revenue generating sectors in contractual catering services. The length of contract can vary depending on the quality of food and services provided by the catering companies. However, growing business tourism, corporate events and weddings would increase the non-contractual catering market share in Saudi Arabia.
"Saudi Airline Catering Company is a major player in flight catering services market as it provides catering services primarily to international airline companies. Eastern region and Riyadh accounted for more than 60% market revenue share", Ravi further added.
According to Akash Jain, Research Associate, Research and Consulting, 6Wresearch, "Hospitality, education and healthcare sectors are expected to drive the catering services market of Saudi Arabia. Under National Transformation Plan and Saudi Vision 2030, the government of Saudi Arabia has increased budget spending on non-oil sectors to reduce dependency on oil & gas sector revenues. The government allocated more than $80 billion to education and healthcare sector together."
"Growing religious tourism to Makkah and Madinah during Hajj and Umrah season along with rise in national and international passengers over the coming years would stabilize catering services market in the country", Akash Concluded.
Some of the major companies in Saudi Arabia Catering Services market include- Al Tamimi, Gulf Catering, Saudi Airlines, Nesma Trading, Saudi Catering and Contracting Company and Algosaibi Services.
"Saudi Arabia Catering Services Market (2017-2023)" provides in-depth analysis with 32 figures and 7 tables covered in more than 95 pages. The report estimates and forecast the overall Saudi Arabia catering services market by revenues, types such as contractual and non-contractual services, end users and regions. The report also gives insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
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