Skip to main content

News and Insights

Saudi Food Show header image

09 Jan 2024

Feast on the Future: The Evolution and Potential of Saudi Arabia's Food Sector

Feast on the Future: The Evolution and Potential of Saudi Arabia's Food Sector
Saudi Arabia's food sector is a dynamic landscape, shaped by its distinctive geographical location, enriched socio-cultural tapestry, and robust economic position. As globalization blurs borders, a strong wave of localization is gripping industries worldwide post COVID-19, and the Saudi Arabian food industry is no exception.

As globalization blurs borders, a strong wave of localization is gripping industries worldwide post COVID-19, and the Saudi Arabian food industry is no exception. With a transformative horizon ahead, the nation is gearing up for an unparalleled investment boom, as outlined by Minister of Industry and Mineral Resources, Bandar Alkhorayef, forecasting an inflow of $20 billion by 2035. 

 

Key Highlights:

  • The projected investment is primed to invigorate several sectors, with the poultry, dairy, bakery, sweets, beverages, and juices sectors standing out as primary beneficiaries.
  • Aiming for excellence, these investments aspire to augment the worth of the Kingdom's agricultural output, paving the way for distinctive competitive edges.
  • Saudi Arabia's strategic vision is evident, with the National Industry Strategy striving to boost agricultural exports from a commendable $3.7 billion in 2022 to a staggering $10.9 billion by 2035.
  • The Vision 2030 framework, a beacon of the Kingdom's future aspirations, integrates with the National Industrial Strategy, shedding light on the essentials of food security and a diversified economic canvas.
  • The industry's pulse is marked by groundbreaking initiatives such as Almarai's ambitious $1.2 billion poultry production expansion, Seara Arabia Food Industries Co.'s $120 million venture, and SALIC's investment in National Aquaculture Group to acquire 42.4% stake.
  • Further enriching the landscape is a $133 million venture in the canned tuna segment, which promises to be a job engine, to create 4,000 employment opportunities.
  • Charting growth, the food sector, which stood at a substantial $41 billion in 2019, is forecasted to touch a monumental $57 billion by 2030, riding on an annual growth trajectory of 3%.
  • Anchoring this growth is the Kingdom's populace, marked by a 1.4% upswing in food and beverage spending coupled with a 1.73% surge in population.

 

As we delve deeper into this industry analysis, these pivotal highlights serve as our guideposts, illuminating the intricacies of a sector ripe with potential and poised for transformation.

 

Read More

View all News and Insights
Loading

STRATEGIC PARTNER

 

Modon

TOP TABLE HEADLINE SPONSOR

CATEGORY SPONSOR - BEVERAGE

 

Aljameel