Saudi Arabia Confectionery Market

Saudi Arabia Confectionery Market

Saudi Arabia refrigerator market is anticipated to register a robust CAGR in the forecast period, 2023-2027. Saudi Arabia boasts of one of the largest home appliances markets in the Middle East region, owing to the improved lifestyle and high purchasing capacity of consumers. The hot and arid climate of the Saudi Arabia and the growing number of households and expatriates in the country are the primary factors driving the Saudi Arabia refrigerator market across the country. Cities like Jeddah and Madinah, Riyadh, and Makkah fuel the demand for refrigerators. The ongoing technological advancements and the decline in the price of refrigerators are expected to surge the Saudi Arabia refrigerator market growth for the next five years.

Rise in Consumer Inclination Towards Smart Appliances Drives the Market Growth

The government is promoting infrastructural development projects such as Neom City and the construction of smart homes and cities, which is expected to boost the demand for efficient home appliances among the people. The construction of smart infrastructure has increased the demand for innovative refrigeration products. Also, the integration of novel technologies such as the internet of things, artificial intelligence voice control, custom interface with the freezing products, and digital connectivity in the refrigerators to give the user real-time updates on smartphones are expected to create lucrative growth opportunities for the Saudi Arabia refrigerator market over the next five years.

Flourishing Tourism Industry Boosts the Market Growth

The oil & gas industry is the major revenue-generating industry in the Kingdom of Saudi Arabia. The ongoing initiatives are taken by the government, such as Saudi Vision 2030, to diversify the income sources and have planned to spend $810 billion of investments in culture, leisure, and entertainment projects, thereby fueling the construction of world-class infrastructure in the country. The majority of the tourists visiting Saudi Arabia were only religious pilgrims, expatriate workers, and business workers. To promote the tourist industry, the government has released the tourist visas in 2019 and has allowed tourists to have UK and Schengen Area and US visas. Also, the project called the Amaala, also known as Please Note: Report will be updated with the latest data and delivered to you within 3-5 working days of order. Single User license will be delivered in PDF format without printing rights