The food service market in the Gulf Cooperation Council (GCC) was estimated at $18.8 billion by the end of 2014, says a report.
The report issued by the alternative asset management firm Al Masah Capital Limited expected this sector to grow annually by seven per cent to reach $24.5bn by 2018, reports UAE-based Aliqtisadi.
According to the report, Saudi Arabia topped the countries in the region with total food services sales of $8.9bn, which represents roughly half of the total Gulf market. The UAE came second with total sales of $5.3bn and accounted for 28 per cent of the total market in the region, followed by Kuwait ($1.9bn), Qatar ($1.3bn), Oman ($1.1bn) and Bahrain ($ 0.4bn).
Within the food service sector arose the fast food sector or Quick Service Restaurants (QSR), which accounted for 58.2 per cent ($ 10.9bn) of the food service market in Gulf countries 2014, followed by the Full Service Restaurants sector (FSR), 31.5 per cent ($5.9bn), while the cafes and bakeries sector accounted for 10.3 per cent ($1.9bn).
($1 = AED3.67, at the time of publishing)