The Saudi Arabia red meat market is expected to register a CAGR of 3.47% during the forecast period 2018 to 2023
The Saudi Arabia red meat market is expected to
register a CAGR of 3.47% during the forecast period, 2018 to 2023. Government
support has enabled manufacturers to improve production technology and to
compete with international food suppliers in terms of prices and quality.
Increase in Number of Fast Food Chains, Hotels, & Restaurants – Boosting the Red Meat Market in Arab Nation
Saudi Arabia is among the most visited countries in the Middle East, though it is not designated as a tourist destination and does not issue tourist visas. The expat population is the reason for increased consumption in the country. Demand for red meat has been increasing in Saudi Arabia. However, more in demand are the high-value cuts of red meat. Companies are investing significantly in meat protein bars. It is emerging as an enormous opportunity for protein bar manufacturers.
Internet Retailing Continues to Grow in Saudi Arabia Enzymes due to Improved Online Payment System
Storage type plays a crucial role in the Saudi Arabian red meat market owing to high volumes of import. The fresh meat market is dominated by lamb meat, which is easily available from local butchers. Hence, factors, such as high nutritional benefits and easy availability, drive the market for fresh meat.
The Saudi Arabia red meat market can be segmented into horeca, supermarket/hypermarket, slaughterhouse retailers, online retailers and others. Red meat sales online is at a very nascent stage but it is expected to grow tremendously, with an estimated CAGR of 4.85% during the forecast period. Major PLAYERS: AMERICANA GROUP, HALWANI BROTHERS COMPANY and BRF S.A., amongst others.
Source: Market Research