The population of the recent era is very much health conscious and want to live healthy & wealthy lifestyle which fuel the retail market growth in the Saudi Arabia. With the growing demand the key players are doing effective job for attaining the handsome amount of share and expanding the business premises more efficiently. Moreover, the significant increase in disposable income and development in the economy is the major growth driver of this retail market in Saudi Arabia. Moreover, with the increase in demand for food and grocery items the retailer is introducing an online platform for supplying their product across the globe and attaining the handsome amount of share. The online platform is providing huge variety of goods and so many facilities to the consumer as with the online smart phone application consumer can take their queries directly to the retailer on the chatbots and can email. Therefore, the food and grocery retailing in Saudi Arabia is growing more significantly with extensive development in the economy and applications.
According to the report analysis, ‘FOOD & GROCERY RETAILING IN SAUDI ARABIA, MARKET SHARES, SUMMARY AND FORECASTS TO 2022’ states that some of the major companies which are currently functioning in this domain with the effective strategies and plans for dominating the handsome of share which involves Panda, Abdullah Al Othaim Supermarket, Bin Dawood, Farm Superstores, Al Raya, Tamini Stores, Danube, Carrefour Hypermarket, Manuel, Balsharaf Supermarket and several others. Danube produces the fastest growth 2017 and with an increasing store count, the Panda is the major market leader in Saudi Arabia. Not only has this, after the study it is concluded that the Food & Grocery is the largest sector in the Saudi Arabia retail industry and its growth is mainly operated by growing household expenditure as this expense defines the status most prominently of the consumer or customers. The report also contains in-depth analysis of the new and upcoming trends in the behavior of consumer by investigating the various aspects of the market, covering the factors driving shopping, market dynamics and consumer insights.
Saudi Arabia retail market is anticipated to grow at a CAGR of 7.3% during 2017-2022. Moreover, the sales of food and grocery are going to rise more significantly in the forecasted period which is majorly supported by the rising household spending. The food and drink specialists pursue to encounter the sales of this sector more efficiently in the near future. As the demand is growing more effectively which resulted the establishment of new e-commerce platforms which increase the sales as the women workforce is growing more significantly in this region. The online platforms are introducing strong growth, although remains in its seed stage in terms of sales.
The key player are playing effective role in making this market more profitable and competitive by determining the current and future trends in food and grocery category which is very much fruitful for both the buyer and the retailer. Moreover, the key player are projecting so many effective strategies and policies which provide and explore the novel opportunities that will align the product offering and ensure to meet with the demand of consumer. Therefore, in the near future the market of Food and Grocery retailing in Saudi Arabia will grow rapidly over the decades with the more development in the technologies of product making.
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications