Key regions: United States, Brazil, Germany, Italy, Spain
The Agriculture market in Saudi Arabia has been experiencing significant growth in recent years due to various factors.
Customer preferences: Saudi Arabia has a rapidly growing population, which has led to an increase in demand for food products. In addition, there is a growing preference for organic and locally-sourced produce among consumers.
Trends in the market: One of the major trends in the Agriculture market in Saudi Arabia is the adoption of modern farming techniques and technologies. This has led to increased efficiency and productivity in the sector. Another trend is the growing investment in the agriculture sector by the government, which has led to the development of large-scale farming projects.
Local special circumstances: Saudi Arabia has a harsh climate, with high temperatures and limited rainfall, which makes it difficult to grow crops. However, the government has invested heavily in irrigation systems, which has enabled the cultivation of crops in areas that were previously unsuitable for farming. Another special circumstance is the country's dependence on food imports, which has led to a focus on increasing domestic food production.
Underlying macroeconomic factors: The Agriculture market in Saudi Arabia is supported by the country's strong economy, which has enabled the government to invest in the sector. In addition, the country's Vision 2030 plan, which aims to diversify the economy and reduce dependence on oil, includes a focus on developing the agriculture sector. The government has also implemented policies to support local farmers and increase food security in the country.
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.
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