Latest news with #foodindustries
Argaam
14 hours ago
- Business
- Argaam
Saudi food industries sector seen to grow 7% by 2030: Argaam Macro
Argaam Macro in a recent report expected Saudi Arabia's food industries sector to record a compound annual growth rate (CAGR) of nearly 6.8% through 2030, driven by rising demand for food products. In the report released today, August 19, 2025, Argaam Macro revealed that the sector's size reached about SAR 166.15 billion in 2024, compared to SAR 152.22 billion a year earlier, marking an increase of SAR 13.9 billion, or 9.2% year-on-year. The food industries sector makes up 10% of the Kingdom's total manufacturing industries, underscoring its importance as a vital sector contributing to diversifying the industrial base and strengthening national food security. Argaam Macro 's study explained that the accelerated growth of food industries in Saudi Arabia has been fueled by several key factors, including the continuous population growth, the rising number of visitors and tourists, the steady expansion of food and beverage manufacturers, along with higher household consumer spending, aided by rising incomes and evolving consumption patterns. The study indicated that harnessing these factors effectively —through developing food industry infrastructure, catalyzing investment in modern technologies, and strengthening local and global partnerships—would enhance self-sufficiency, improve product quality, and increase export opportunities. Moreover, the tourism sector expansion, increasing international events, the facilitation of entry measures, and the development of entertainment destinations all encourage the food industries sector to broaden its production and distribution scope in line with global standards and preferences. Investing strategically and proactively in these factors not only benefits food industries but also boosts all market sectors. It is a key pillar in delivering Saudi Vision 2030's targets for a diversified and sustainable economy.
Argaam
20-05-2025
- Business
- Argaam
JCPDI signs SAR 100M MoU with Chinese food firm
The Royal Commission for Jubail and Yanbu (RCJY) announced that Jazan City for Primary and Downstream Industries signed a memorandum of understanding (MoU) with a Chinese company to enhance and support the development of the food industries sector in the city and to facilitate the company's investments. The company's investment will exceed SAR 100 million and will include the establishment of a factory in the animal protein zone in Jazan for the production of meat and poultry, with an export capacity exceeding 50,000 tons annually, the state-run SPA reported.
