本地生活行业行业专题研究：中东外卖市场、竞争及美团出海空间测算

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% within six months [55]. Core Insights - The Middle East food delivery market is experiencing strong growth, with an average revenue per user (ARPU) of $570, significantly higher than other global regions. The market size has maintained a year-on-year growth rate of over 20% from 2018 to 2023 [2][7]. - In Saudi Arabia, the food delivery market is rapidly expanding, with revenues expected to reach $10.19 billion by 2024 and a delivery penetration rate increasing from 25% pre-pandemic to 42.9% in 2024. The market is highly concentrated, with Hunger Station and Jahez holding 45% and 30% market shares, respectively [2][20][28]. - The potential profitability of the Saudi food delivery market could reach between $4 billion and $11.5 billion under neutral assumptions, warranting continued attention on companies like Meituan and Dingdong Maicai [2]. Summary by Sections 1. Overview of the Middle East Food Delivery Market - The Gulf Cooperation Council (GCC) region, comprising six countries, has a significant economic status with a total GDP of approximately $2.19 trillion, and Saudi Arabia being the largest economy with a GDP of $1.1 trillion [5][6]. - The food delivery market in the Middle East has substantial growth potential, with a projected penetration rate of around 40% by 2025 and an ARPU of $570 in 2024, indicating a strong consumer spending capacity [7][9]. 2. Competitive Landscape - The Saudi food delivery market is characterized by high concentration, with major players like Hunger Station and Jahez dominating the market. The average order value (AOV) is above $17, with delivery fees varying from $1.7 to $5.7 [28][20]. - Keeta has rapidly gained market share, achieving a 10% market share within five months of its launch, indicating a strong competitive entry into the market [31][32]. 3. Profitability Estimates - The profitability model for Jahez shows a consistent increase in order volume and a take rate above 30%, suggesting a robust revenue generation capability [35]. - The profitability potential for the Saudi food delivery market is estimated to exceed $20 billion by 2027 under optimistic scenarios, with Meituan's potential earnings in Saudi Arabia projected between $4 billion and $11.5 billion [47][48].