Saudi food consumption to touch $70bn
Riyadh, September 23, 2013
The value of food consumption in Saudi Arabia will reach $70 billion in the next four years due to increasing population, which accounts for 70 per cent of the GCC's total population, said a report.
The country is expected to remain the highest food consumer in the GCC at 64 per cent by 2015, followed by the UAE at 18.9 per cent, with Bahrain coming in last at 1.5 per cent, said the Arab News report quoting a release by the Foodex Saudi Expo.
Saudi Arabia’s food imports are projected to grow 35.2 per cent by 2020 compared to 16.8 percent in 2010, it said.
Based on market data, the kingdom ranked first in the consumption of raw materials such as sugar, wheat and barley, the expo’s sales manager Ahmed Rahim was quoted as saying.
Many countries, notably Turkey, Britain, Spain, Italy, Japan and Indonesia, are investing in hotel chains and restaurants in the kingdom, said Rahim.
The sector is on the verge of rapid growth in the area of food and drink over the next two years, he was quoted as saying.