Bandar Alkhorayef, Minister of Industry and Mineral Resources, said the ministry seeks to attract investments worth $20 billion in the food industry sector by 2035, the Saudi Press Agency reported.
This mainly includes poultry, dairy, bakery, and sweets, as well as the beverage and juice sectors.
The goal is to maximize the value of agricultural crops, which feature comparative advantages for the Kingdom. In addition, the country aims to double exports from $3.7 billion in 2022 to $10.9 billion in 2035, as per the objectives of the National Industry Strategy.
Among the major projects that are currently being implemented as part of the target investments are Almarai Co.'s $1.2 billion project to expand poultry production and Seara Arabia Food Industries Co.'s poultry products factory with $120 million in investments.
Alkhorayef also pointed to the first-of-its-kind canned tuna project with investments worth $133 million, in addition to other qualitative projects. He added that these projects will offer 4,000 new job opportunities, contribute to the development of local content, and promote exports.
According to estimates, the Kingdom's food industry grew from $41 billion in 2019 to $57 billion by 2030, at an estimated annual growth rate of 3%. This is driven by an increase in consumer spending on food and beverages of 1.4% and population growth of 1.73%, which will, in turn, lead to steady growth in all industrial commodities by 2030, the minister said.