Meat - Saudi Arabia

Saudi Arabia

Gross production value in Meat market is projected to amount to US$4.84bn in 2024. An annual growth rate of 3.25% is expected (CAGR 2024-2028), resulting in gross production value of US$5.50bn in 2028.
The import value in Meat market is projected to amount to US$1.2bn in 2024. An annual growth rate of -3.62% is expected (CAGR 2024–2028).
The export value in Meat market is projected to amount to US$125.2m in 2024. An annual growth rate of -0.85% is expected (CAGR 2024–2028).

Key regions: United Kingdom, United States, Brazil, Germany, Italy

Market

Region

Region comparison

Currency

Analyst Opinion

Saudi Arabia, known for its oil reserves and the holy cities of Mecca and Medina, has a rapidly growing meat market. As the population grows, so does the demand for meat.

Customer preferences: In Saudi Arabia, the preference for meat is high due to cultural and religious reasons. The majority of the population is Muslim, and they follow Halal dietary laws, which means the meat must be prepared in a specific way. Additionally, Saudi Arabians tend to prefer lamb and beef over other types of meat.

Trends in the market: The meat market in Saudi Arabia is growing at a rapid pace due to the increasing population and the rising disposable income of the people. The demand for meat is increasing, and so is the supply. The government is also taking steps to increase the production of meat in the country to reduce the dependence on imports. Moreover, there is a growing trend towards healthier and organic meat products, which is also driving the market growth.

Local special circumstances: Saudi Arabia is a desert country with limited water resources, which makes it difficult to produce meat locally. The country is heavily dependent on imports to meet the demand for meat. However, the government is taking steps to increase local production by providing subsidies and incentives to farmers. Additionally, the country is investing heavily in technology and research to improve the quality and quantity of local meat production.

Underlying macroeconomic factors: The Saudi Arabian economy is heavily dependent on oil exports, which means that the fluctuations in the global oil market can have a significant impact on the country's economy. However, the government is taking steps to diversify the economy and reduce dependence on oil. The Vision 2030 plan aims to transform the economy by investing in non-oil sectors such as agriculture, which includes the meat market. This plan is expected to drive the growth of the meat market in Saudi Arabia in the coming years.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.