BY 2020, SAUDI ARABIA TOTAL FOOD IMPORTS WILL REACH MORE THAN $35 BILLION
“Recently, there has been an increase in the
import of food products in the retail market in Saudi Arabia. About 80% of
the nation’s food requirement, which is worth about $24 billion, is being
imported from foreign countries. Over the next four years, the import rate is
expected to grow by about 35% to reach a revenue of almost $35 billion,” says
Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research.
The key vendors
in the food retail market in Saudi Arabia include Carrefour, NESTO, Othaim,
Panda, and Tamimi. The market is dynamic with the presence of a vast number of
players and is dominated by modern retail chains such as supermarkets and
hypermarkets. The Saudi Arabian retailers are constantly searching for new
products and are focusing towards product promotion and advertising. Vendors in
the market are aiming for better market positions through competitive pricing,
weekly promotional offers, and by offering advertisement support to the
customers.
Source:
Technavio Research
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