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Saudi Arabia Bakery Products Market Overview
Saudi Arabia bakery products market witnessed decent growth in the year 2019 on the back of growth shown by the hospitality sector which showed no sign of slowing with 64,000 hotel rooms and 187 hotel projects added to the supply list in 2019 coupled with rise in demand for ready to eat food products. However, the outbreak of the Covid-19 pandemic caused disruption in supply chain as well as imports of raw materials such as wheat, which created shortage of raw material supply, furthermore the closure of confectioneries, restaurants, retail establishments and other places of business to limit the spread of COVID-19 had significant impacted bakery business. Although, due to fear of sudden imposition of lockdown trend of bulk buying of bakery products was seen in the country in 2020.
According to 6wresearch, Saudi Arabia bakery products market revenue size is projected to grow at a CAGR of 3.3% during 2023-2029. The growth associated with the bakery market during the forecast period is accredited to the developments in the kingdom on account of Saudi Vision 2030 and the efforts and initiatives by the government in projects such as Red Sea Development, Jeddah Tower, NEOM City Development and other GIGA Projects. Moreover, with expansion in hotels and opening of restaurant chains in the country to make Saudi Arabia, a leisure tourism hub in the region for foreign tourist would boost the bakery market. Therefore, hospitality sector of the country would multiply the revenues in the coming future. Also, the diversification of the economy on account of rising urban middle class population of the country would increase the demand for bakery products such as breads, cakes/pastries and biscuits across the country.
Market by Type
Bread accounts for the major share in the Saudi Arabia Bakery Products market and the trend would continue in the upcoming years with a higher growth rate because of its demand and widespread use in the residential sector as it is a staple diet of the majority of urban households, therefore, accounting major share in bakery products market in Saudi Arabia.
Key Highlights of the Report
- Saudi Arabia Bakery Products Market Overview
- Saudi Arabia Bakery Products Market Outlook
- Saudi Arabia Bakery Products Market Size
- Saudi Arabia Bakery Products Market Forecast
- Market Opportunity Assessment
- Saudi Arabia Bakery Products Company Ranking
- Market Drivers and Restraints
- Saudi Arabia Bakery Products Market Trends
- Historical Data of Saudi Arabia Bakery Products Market Revenues, for the Period 2019-2022
- Saudi Arabia Bakery Products Market Forecast of Revenues, Until 2029
- Historical Data of Saudi Arabia Bakery Products Market Revenues, by Product Types, for the Period 2019-2022
- Market Size Forecast of Saudi Arabia Bakery Products Market Revenues, by Product Types, until 2029
- Historical Data of Saudi Arabia Bakery Products Market Revenues, by Distribution Channels, for the Period 2019-2022
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