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The Saudi Arabia - Red Meat Market size is projected to increase by USD 1.08 billion and the market size is estimated to grow at a CAGR of 3.8% between 2023 and 2028.
In the red meat market segment, processed products offer unparalleled convenience, requiring minimal preparation time and effort for consumers. Techniques such as curing and smoking play a pivotal role by extending the shelf life of red meat, minimizing food waste, and adding distinctive flavors. These processing methods provide an extensive array of culinary options, enabling the creation of sausages, deli meats, and cured meats, offering diverse choices to consumers. Nashar Meat food factory and Sunbulah Group stand out in this market segment, offering a wide range of high-quality processed meat products, including burgers, sausages, nuggets, and more, crafted with premium natural ingredients and Islamic traditions.
Additionally, certain processing techniques, like smoking, aid in preserving vital nutrients in the meat, contributing to the nutritional profile of the final product. This combination of convenience, extended shelf life, and nutritional value enhancement is poised to drive significant growth in the processed red meat market segment, further enhancing the red meat market in Saudi Arabia during the forecast period.
The Red Meat Market in Saudi Arabia shows an Accelerated CAGR during the forecast period.
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Driver
Rising urbanization is the key factor driving market growth. Urbanization often results in a shift in dietary preferences. Urban dwellers may have different tastes and preferences compared to those in rural areas. As people move to urban areas, there is an increased demand for convenient and processed food products, including red meat. Furthermore, urbanization is often accompanied by the growth of the food service sector, including restaurants, cafes, and fast-food chains. Urbanization is associated with changes in lifestyle, work patterns, and eating habits. Urban consumers may have less time for traditional meal preparation. As a result, there is an increased demand for processed and easy-to-cook red meat products that align with busy urban lifestyles. Thus, rising urbanization in Saudi Arabia will boost the growth of the market during the forecast period.
Growing demand for halal certification and traceability is the primary trend shaping market growth. Saudi Arabia has a predominantly Muslim population, and the demand for halal-certified red meat is high. Halal certification guarantees that the meat products stick to Islamic principles and are slaughtered according to specific guidelines. Halal certification is a trust-building factor among consumers, as it assures them that the red meat they are purchasing is prepared according to religious requirements.
Moreover, with increasing awareness of halal practices and a growing concern for food safety, consumers are making more informed choices. They may actively seek out products with clear halal certification and traceability information. Thus, halal certification and traceability are integral to the Saudi Arabia - red meat market, driven by religious, consumer, and regulatory considerations, which will boost the growth of the market during the forecast period.
Concerns associated with water scarcity and feed costs is a challenge that affects market growth. The livestock industry, including cattle farming, requires substantial water for drinking and irrigation of feed crops. Water scarcity can restrict the availability of water for livestock, impacting their well-being and overall productivity. Additionally, the cost of producing feed, including grains and forage, can be high, especially in a water-scarce environment. High feed costs directly impact the economics of livestock farming.
Furthermore, efforts are being made to explore alternative feed sources that are less water-intensive and more suitable for the local climate. Identifying and utilizing alternative feed sources such as drought-resistant crops or agro-industrial by-products, can help to decrease dependence on traditional feed crops and contribute to cost savings in livestock nutrition. Therefore, water scarcity and feed costs will impede the growth of the market during the forecast period.
The market share growth by the offline segment will be significant during the forecast period.
Traditional butcher shops and meat markets are common in neighborhoods and localities across Saudi Arabia. Major supermarket chains and hypermarkets such as Lulu Group International in Saudi Arabia offer a wide variety of red meat products, including fresh cuts, ground meat, and processed meat and provides convenience, a broad selection, and adherence to quality standards.
The offline segment was valued at USD 3.89 billion in 2018.
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Supermarkets often source meat from reliable suppliers. Specialty stores focus on high-quality meats, sometimes with an emphasis on specific cuts or premium offerings. Furthermore, companies in Saudi Arabia specialize in meat processing and distribution. They supply meat products to retail outlets, restaurants, and establishments. Thus, these factors will boost the growth of the offline segment and enhance the Saudi Arabia - red meat market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The red meat market in Saudi Arabia report also includes detailed analyses of the competitive landscape of the market and information about 17 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Saudi Arabia red meat market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Saudi Arabia Red Meat Market Scope |
|
Report Coverage |
Details |
Page number |
130 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.8% |
Market Growth 2024-2028 |
USD 1.08 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.25 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Al Kabeer Group ME, Almarai Co., Almunajem Foods, Americana Foods Inc, Baden, Forsan Foods and Consumer Products Ltd., Golden Meat, Halwani Bros Co., Herfy Food Services Co., Jaber Measam Foodstuff LLC, Lulu Group International, Nashar Meat, Savola Group, Shahia Factory, Siniora, Sunbulah Group, and Taiba Farms |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Market Segmentation by Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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