Saudi Arabia Fats & Oils Market to Grow with a CAGR of 7.02% through 2028
Saudi Arabia Fats & Oils Market is influenced by
several key drivers, including population growth and changing demographics,
rapid economic development and urbanization, and health and wellness trends
with dietary diversification.
According to TechSci Research report, “Saudi Arabia
Fats & Oils Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Saudi Arabia Fats & Oils
Market stood at USD 4.01 million in 2022 and is anticipated to grow with a CAGR
of 7.02% in the forecast period, 2024-2028. The Saudi Arabia fats and oils
market is a dynamic and multifaceted sector within the broader food industry.
As the largest country in the Middle East, Saudi Arabia's demand for fats and
oils is driven by various factors, including a growing population, evolving
dietary preferences, economic diversification efforts, and cultural traditions.
Saudi Arabia has one of the fastest-growing
populations in the Middle East, with a diverse demographic profile. A larger
population inherently leads to increased demand for food products, including
fats and oils, which are essential components of the daily diet. Additionally,
the country has witnessed rapid urbanization, with a significant percentage of
the population residing in cities. Urban lifestyles often involve a shift
toward convenience foods, including processed and packaged items that contain
fats and oils. This urbanization trend contributes to the growing demand for
fats and oils in Saudi Arabia.
Saudi Arabia's economy has undergone diversification
efforts as part of its Vision 2030 plan. This economic diversification has led
to increased consumer spending power, enabling households to explore a wider
range of food products and cuisines that utilize various fats and oils.
Additionally, fats and oils hold cultural significance in Saudi Arabian
cuisine. Traditional dishes like Kabsa (spiced rice with meat), Samboosa
(samosas), and various sweets are prepared using a variety of fats and oils for
flavor and texture. These cultural preferences ensure a constant demand for
specific types of oils and fats. Furthermore, as global awareness of health and
nutrition grows, many consumers in Saudi Arabia are becoming more conscious of
their dietary choices. This has led to increased demand for healthier oils,
such as olive oil and oils with lower saturated fats, as consumers seek to
maintain a balanced and nutritious diet.
Consumers are increasingly seeking healthier and
organic fats and oils. This trend has boosted the demand for products like
olive oil, coconut oil, and avocado oil, known for their perceived health
benefits. Additionally, the growth of the foodservice industry, including
restaurants, hotels, and catering services, has led to increased consumption of
fats and oils in commercial food preparation. The hospitality sector's
expansion, especially in urban areas, drives demand for bulk quantities of
oils.
The importance of halal certification is paramount in
Saudi Arabia, and many fats and oils producers ensure their products meet halal
requirements. This certification enhances consumer trust and broadens market
reach. Additionally, with rising awareness of environmental sustainability,
there is a growing interest in sustainably sourced fats and oils. Consumers are
increasingly considering the environmental impact of their food choices.
Furthermore, the rise of e-commerce platforms and online grocery shopping has
made it convenient for consumers to access a wide range of fats and oils
products, with options for home delivery.
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The Saudi Arabia fats and oils market faces challenges
such as price volatility, competition, and the need to balance cultural
preferences with healthier options. Additionally, the impact of international
factors on global oil prices can influence local pricing.
However, these challenges also present opportunities
for market players. Innovation in product development, including the
introduction of healthier alternatives and environmentally friendly packaging,
can capture the attention of health-conscious and environmentally aware
consumers.
Saudi Arabia fats & oils market is segmented into type,
form, functionality, application, and region.
Based on type, the market is segmented into fats and
oils. Among these, oils have a significant share of the Saudi Arabia fats &
oils market. Edible oils are an essential ingredient in Saudi Arabian cooking.
They are used for sautéing, frying, and as a base for various dishes.
Traditional recipes, such as Kabsa (spiced rice with meat) and Samboosa
(samosas), rely heavily on oils for flavor and texture. As a result, edible
oils have a consistent presence in Saudi households.
Based on region, the market is segmented into Northern
& Central, Western, Southern, and Eastern. Among these, Northern &
Central has a significant share of the Saudi Arabia fats & oils market. The
Northern and Central regions are home to a burgeoning food processing and
manufacturing sector. Riyadh, the capital of Saudi Arabia, and other cities in
these regions have seen the establishment of food production facilities,
including those involved in edible oil processing. This localization of food
processing contributes to the demand for edible oils for cooking and food
production.
Major companies operating in Saudi Arabia fats &
oils market are:
- Delmon Products Limited (IFFCO)
- Cargill, Inc.
- Areej Vegetable Oils & Derivatives
S.A.O.C
- Wilmar International Limited
- Arab Malaysian Vegetable Oil Products
Company Limited
- Pacific Oils & Fats Industry Sdn
Bhd
- Mewah International Group
- Parisons Group
- AAK Kamani Private Limited
- Fuji Oil Asia PTE. Limited
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“The future of
the Saudi Arabia fats and oils market looks promising. The country's growing
population, urbanization, economic diversification efforts, and evolving
dietary preferences are expected to drive sustained demand for fats and oils.
As consumers seek healthier and sustainable options, companies that can adapt
to these changing preferences while maintaining the quality and cultural
relevance of their products are likely to thrive in this dynamic and
competitive market. With Saudi Arabia's commitment to economic development and
diversification, the fats and oils market is set to remain a vital and evolving
sector in the country's economy.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Saudi Arabia Fats & Oils Market By Type (Fats
and Oils), By Form (Dry and Liquid), By Functionality (Molding, Texturing,
Filling, Coating, Health, and Others), By Application (Chocolates &
Confectioneries, Processed Foods, Bakery Products, Dairy Products and Others),
By Region, By Competition Forecast & Opportunities, 2018-2028F, has evaluated
the future growth potential of Saudi Arabia fats & oils market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Saudi Arabia fats & oils market.
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