GCC Hospitality and Food Service Market Size Set to Expand at Significant CAGR of 9.25% During 2023–2029

GCC Hospitality and Food Service Market

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects GCC hospitality and food service market size to grow at a significant CAGR of 9.25% by 2029.Amajor growth driver for GCC hospitality and food service market is the rise in the number of millennials who are of working age and their evolving tastes and preferences for ready-to-eat foods. It has triggered the growth of the market for customized and more contemporary food options. The market has seen a substantial rise owing to a rapid boom in consumer demand for attractive yet healthy modern cuisines, particularly in commercial settings. Due to organizations offering appealing culinary incentives to attract and retain employees, the use of catering services has increased recently. Food service providers across the GCC countries have started incorporating healthy food options, such as organic foods, wholesome snacks, organic meals, and a well-balanced vegan diet, into their normal menus.

GCC Hospitality and Food Service Market – Overview

Hospitality refers to the act of greeting visitors or providing a home away from home, and the term is derived from the Latin word “hospes,” which means “visitor or stranger.” The catering, dining, takeaway, vending, taverns, and fast-food segments of the food service and hospitality industry are complex and dynamic sectors. Foodservice refers to the act of providing food to a customer or visitor in a commercial setting. It is all about food and beverages that are enjoyed outside of the home. Consumers travel to food service facilities for a variety of reasons, including mingling, celebrating, adding convenience, and exploring new tastes and flavors. The cooking and serving of meals for patrons dining outside of the home are governed by the food service industry.

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Impact of COVID-19 on GCC Hospitality and Food Service Market

COVID-19 pandemic outbreak demonstrated that businesses cannot rely on a stable status quo and that change is unavoidable. The revenue loss experienced by the Gulf Cooperation Council (GCC) hotel and food service sector in 2020, with a total financial loss estimated to be between USD 50 billion and USD 60 billion, is evidence of the crisis’s scope.

GCC Hospitality and Food Service Market – By Type

On basis of the type, GCC hospitality and food service market is divided into Full-Service Restaurants, Quick Service Restaurants, Institutes, and other segments. As tourists become more interested in the luxurious dine-in culture, GCC is experiencing a growing luxurious, refined dining culture. Also, tourism guides in the GCC promote fine dining experiences in their tourism packages, increasing demand for full-service restaurants. Full-service restaurants provide a variety of delicacies while maintaining the decorum and standardization of the specific establishments. Due to the presence of a large number of small and major players, the GCC full-service restaurant segment is highly fragmented.

Competitive Landscape

GCC hospitality and food service market is highly competitive. Major players in the market include Emirates Flight Catering, Dubai World Trade Centre Catering, Alshaya Group, Jumeirah Group, The Address Hotels + Resorts, Emaar Hospitality Group, Rotana Hotel Management Corporation, Accor Hotels, Marriott International, Intercontinental Hotels Group (IHG), and Hilton Worldwide. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the GCC hospitality and food service market.

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