Saudi food sector to hit USD69.94b
20 Nov 2014
(MENAFN) The Saudi Ministry of Agriculture said the Saudi food sector is expected to grow by 55.3 percent over the next few years, reaching USD69.94 billion per annum, Arab News reported.
The ministry also said that the latest figures indicate that the Kingdom’s food and agricultural commodities account for 15 percent of its imports, with an estimated value of USD17.45 billion, with agricultural imports projected to grow by as much as 76 percent by 2016.
The food and beverage sector in the Kingdom, which has exports coming from international markets such as Austria, Greece, India, Thailand, Mexico and Malaysia, among others, has been expanding to include more products including confectionery and baked goods, organic and health foods, seafood, frozen foods and ready to eat, and food technology and packaging.