Qatar's food market soars with digital advancements, e-commerce growth
(MENAFN) In Qatar, the food market is experiencing robust growth driven by rapidly advancing digital solutions and a strong presence in e-commerce, according to Francisco Miguel De Sousa, Managing Director at Talabat Qatar. Speaking to a Qatari news agency, De Sousa highlighted Qatar's rapid digital development and thriving e-commerce environment as pivotal factors contributing to the expansion of their services and customer base. He emphasized that Qatar serves as an ideal market for testing innovative technological solutions in the food delivery sector.
According to a report from Statista, the revenue in Qatar's food market is projected to reach USD9.71 billion (QR35.44 billion) by 2024. The industry is expected to maintain a compound annual growth rate (CAGR) of 5.01 percent over the next five years. Within the sector, the largest segment is Fish & Seafood, with a market volume expected to reach USD1.99 billion (QR7.26 billion) in 2024. Online sales are anticipated to contribute 5.5 percent to the total revenue of the food sector this year.
Looking ahead, the e-commerce industry, including online food delivery, is forecasted to grow steadily at a rate of 12.10 percent annually until 2029, with a projected market volume of USD2.6 million (QR9.49 million). De Sousa underscored Talabat's role in spearheading the transformation of Qatar's online service sector, expanding the food tech ecosystem and diversifying options from restaurants to cafes and online grocery services, alongside increasing investments in technology within the industry.
In terms of per-person revenues, Qatar is expected to generate USD3,546 per capita in the food market in 2024. Looking towards 2029, a market volume of USD2.4 billion (QR8.76 billion) is projected. Additionally, the food market anticipates a volume growth of 4 percent in 2025.
On a global scale, China leads in food market revenue, expected to generate USD1.6 trillion in 2024. Qatar's burgeoning market and technological advancements position it as a dynamic player in the regional and global food industry landscape.
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