Cooking ingredients and meals witnessed positive growth in volume terms in 2023, thanks to a trend of easing inflation (particularly during the second half of the year) and an increase in the rate of employment, which together had a positive impact on household spending. Increased employment is a cornerstone of the government’s Vision 2030 programme, the aim of which is to create jobs in various non-oil sectors, in order to fuel growth in the economy.
While inflation showed signs of cooling during the second half of 2023, many households remained highly budget conscious, which resulted in a preference for wallet-friendly brands and products. This was due to the continued fallout from the tripling of the VAT rate from 5% to 15% in July 2020 amid the challenging economic conditions resulting from the pandemic.
Domestic companies featured prominently within the competitive landscape in 2023, thanks to proactive government policies which aim to encourage local food production, and which form a key part of the wider Vision 2030 programme. With the Kingdom importing the vast majority of its food, it is increasingly focussing on local production in order to become more self-sufficient and diversify its economy.
Modern grocery outlets, notably supermarkets and hypermarkets, continued to dominate the retail distribution landscape for cooking ingredients and meals in Saudi Arabia in 2023, thanks to their broad coverage of all household supplies – not only packaged food. Promotional activities were another key attraction for consumers, especially those which offered money-saving benefits.
The market for cooking ingredients and meals in Saudi Arabia will register steady expansion in volume terms over the forecast period, alongside increasingly busy lifestyles. With workforce participation increasing, thanks to increasing employment opportunities for Saudi nationals, especially women, this will have a positive impact on household spending, as well as demand for convenient, time-saving meal solutions.
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Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in Saudi Arabia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
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Cooking Ingredients and Meals
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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