Saudi Arabia Meat Market Size & Analysis Report – Opportunities & Forecast, 2021-2028
Saudi Arabia Meat Market
Saudi Arabia Meat Market is expected to expand at a CAGR of 5.5% over the forecast period. This is because of the altering consumer preferences, strong economic growth, and rising tourism activities.
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Saudi Arabia Meat Market Dynamics
The increasing drift towards modern lifestyles by millennials and the economic changes in the nation has strengthened the demand for seafood. Seafood has gained immense prominence in Saudi Arabia, encouraging the authorities to promote aquaculture and fisheries. The augmenting demand for seafood has proliferated the growth of the global Saudi Arabia Meat Market. Moreover, meat consumption is exceptionally high in Saudi Arabia, which has raised the need for imports. For example, as per the FAO, the poultry production of Saudi Arabia was nearly 800 thousand tonnes in 2019 and 930 thousand tonnes in 2020. The poultry imports are likely to touch 521 thousand tonnes in 2020. However, the stringent norms regarding meat imports and circulation in the nation have retrained the market growth. Moreover, Saudi Arabia has prohibited Brazilian poultry imports, which would bolster domestic production. These measures may impede new international players from entering the market and hinder market size.
Besides this, the evolution of the coronavirus crisis has adversely influenced market growth. This is due to the temporary halt of the slaughterhouses, butcher shops, the lack of accessibility of meat production in hypermarkets, and the limitation on the supply chain. The aggravating consciousness and the menace of zoonotic diseases have obstructed market growth.
Product Types Drivers
By product types, the Saudi Arabia meat market can be bifurcated into chilled, fresh, and frozen. Amongst these, the fresh meat segment captured the most significant share over the forecast period. The growing number of butcher shops and slaughterhouses to make fresh meat available to consumers has strengthened the market growth. However, the frozen food segment is likely to seize the largest share during the forecast period. The enlarged shelf life of frozen meat and altering consumption choices of the workforce has influenced market growth.
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