The KSA commercial food service equipment market is experiencing significant growth, driven by the expanding food service industry, the rise of quick-service restaurants, changing consumer preferences, and increasing urbanization and population growth. Rapid technological advancements in the food industry have also transformed market dynamics, making operations smoother and more efficient for both customers and organizers. These factors collectively contribute to the market's robust expansion and evolving landscape.
NEWARK, DE / ACCESSWIRE / July 3, 2024 / The KSA commercial food service equipment industry size reached USD 622.3 million in 2023. Over the forecast period, demand is anticipated to rise at 5.9% CAGR. Total industry value is predicted to increase from USD 652.6 million in 2024 to USD 1,159.4 million in 2034.
Central Saudi Arabia is poised to maintain its stronghold in the KSA industry, with an expected share of around 33% by 2034. The potential of franchising for foreign food service brands in KSA is projected to be high through 2034. Equipment manufacturers are set to provide innovative features in the existing models. Several companies are also anticipated to invest huge sums in research and development activities to come up with state-of-the-art models.
The impact of Saudi Vision 2030 on the KSA commercial food service industry is projected to be positive. Similar other government initiatives are increasing the demand for novel food service equipment with the growth of the tourism sector. The rising number of tourists in the region is compelling companies to increase investments in modern equipment to cater to varying culinary experiences.
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Restaurants are looking to improve their operations by utilizing smart food service equipment. A few restaurants in KSA are projected to adopt the cloud for enterprise-level location management, real-time data analysis to make smart decisions, and modern security protocols to protect operation and consumer data. Increased use of technology has resulted in the rapid introduction of several new types of equipment.
Key Takeaways from the Industry Report
Commercial food service equipment sales in KSA grew at a CAGR of 2.4% between 2019 and 2023.
Commercial food service equipment sales in Central Saudi Arabia are projected to soar at a CAGR of around 6.8% during the assessment period.
Northern Saudi Arabia's commercial food service equipment industry size is projected to reach USD 956.5 million by 2034.
Based on end-users, the full-service restaurants segment is set to exhibit a CAGR of 6.1% during the forecast period.
By equipment type, the cooking equipment segment is forecast to thrive at 5.9% CAGR between 2024 and 2034.
"Technological innovations are set to play a key role through 2034, with the integration of smart technologies transforming the sector. Devices integrated with the Internet of Things (IoT) and Artificial Intelligence (AI) are projected to gain impetus as restaurants want high productivity," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Competitive Landscape
The KSA commercial food service equipment industry is consolidated, with leading players accounting for about 29% to 35% share.
Panasonic Holding Corporation,
Electrolux AB,
The Middleby Corporation,
Dover Corporation,
ITW,
Haier Smart Home Co., LTD.,
Well-built Inc.,
Marmon Holdings, Inc.,
Rational AG
Are the leading manufacturers and suppliers listed in the report?
Key commercial food service equipment manufacturers are investing in continuous research to produce new models and increase their production capacity to meet end-user demand. They are also showing an inclination toward adopting strategies, including acquisitions, partnerships, mergers, and facility expansions, to strengthen their footprint.
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Recent Development-
In January 2024, France-based ECF GROUP opened the first 1600 m² RESTOFAIR store in Riyadh, Saudi Arabia. The store was developed with the collaboration between AL-BABTAIN and ABED families. By 2025, the company plans to open three more stores in the Kingdom of Saudi Arabia. The store includes two sections, namely, a showroom for professionals in the food service sector and a Cash and Carry department.
More Insights into the KSA Commercial Food Service Equipment Industry Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the KSA commercial food service equipment industry, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the KSA industry potential, growth, and scope, the sector is segmented based on equipment type, sales channels, end-user, and region.
Regional Outlook: KSA Commercial Food Service Equipment Industry
The Kingdom of Saudi Arabia (KSA) is witnessing substantial growth in its commercial food service equipment industry, driven by a combination of economic diversification, urbanization, and a burgeoning food and beverage sector. Future Market Insights indicates that this industry is poised for significant expansion in the coming years.
Key Drivers
Economic Diversification and Vision 2030: KSA's Vision 2030 aims to reduce the economy's dependence on oil by promoting other sectors, including hospitality and tourism. This strategic shift is boosting investments in the food service industry.
Urbanization and Population Growth: Rapid urbanization and a growing population, particularly in cities like Riyadh and Jeddah, are increasing demand for commercial food service establishments, thereby driving the need for advanced equipment.
Tourism and Hajj Pilgrimage: The growth in religious tourism, especially during Hajj and Umrah seasons, significantly increases the demand for high-capacity, efficient food service equipment to cater to large crowds.
Key Segments of Industry Report
By Equipment Type:
A few leading equipment types include food preparation equipment, cooking equipment, beverage preparation equipment, refrigeration equipment, warewashing equipment, heating and holding equipment, and other food and beverage service equipment. Food preparation equipment is further divided into slicers and peelers, mixers and grinders, food blenders, and processers. Cooking equipment is segregated into grills, pressure fryers, commercial ovens, fryers, combi ovens, convection ovens, and toasters. Beverage preparation equipment is trifurcated into drink blenders and juicers, dispensers, and ice crushers. The three types of ware washing equipment include semi-integrated, fully integrated, and countertops/benchtops and portables. Heating and holding equipment include warmers, merchandisers, and sauce dispensers. Three types of refrigeration equipment are refrigerators and chillers, walk-in coolers and freezers, and display cases.
By Sales Channels:
The two leading sales channels include online and offline. The offline channel is divided into hypermarkets/supermarkets, multi-brand outlets, and specialty/company outlets.
By End-user:
Full-service restaurants, quick-service restaurants, caterers, hotels and clubs, commercial canteens, and transportation are a few of the key end-users.
By Sub-region:
Information about leading regions of KSA, such as Central Saudi Arabia, Eastern Saudi Arabia, Western Saudi Arabia, Northern Saudi Arabia, and Southern Saudi Arabia, is provided.
Report Preview: https://www.futuremarketinsights.com/reports/commercial-food-service-equipment-industry-analysis-in-ksa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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