Saudi Arabia: Food Service - Hotel Restaurant Institutional
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Saudi Arabia is home to an over-sized and resilient hotel, restaurant and institutional (HRI) industry that is a promising market for U.S. exporters. In addition to local cultural preferences, demand is driven by religious pilgrims and foreign labor. In 2019, total consumer food service revenue was approximately $21.7 billion, but the market experienced a sharp contraction in 2020 due to COVID-19 and lower oil prices. While demand at quick service restaurants has largely rebounded, partly due to home delivery apps, fine dining establishments have been slower to recover. In 2021, Post expects the HRI sector to resume its long-term growth of approximately three percent per year once the economy overcomes the impact of COVID-19.
