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.
As per the TechSci Research report titled “Saudi Arabia Fats & Oils Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028,” the market recorded USD 4.01 million in 2022 and anticipates a CAGR of 7.02% during 2024-2028. The dynamic Saudi Arabia fats and oils market is a multifaceted sector within the broader food industry, driven by factors such as a growing population, evolving dietary preferences, economic diversification efforts, and cultural traditions.
With one of the fastest-growing populations in the Middle East, Saudi Arabia experiences increased demand for fats and oils as essential components of the daily diet. Rapid urbanization, with a significant urban population, contributes to a shift toward convenient foods containing fats and oils. Economic diversification efforts, as part of the Vision 2030 plan, have elevated consumer spending power, allowing households to explore a wider range of food products. Traditional dishes like Kabsa (spiced rice with meat), Samboosa (samosas), and various sweets, prepared using a variety of fats and oils for flavor and texture, hold cultural significance in Saudi Arabian cuisine. As global awareness of health and nutrition grows, consumers in Saudi Arabia are becoming more conscious of their dietary choices, leading to increased demand for healthier oils such as olive oil and oils with lower saturated fats.
A rising preference for healthier and organic fats and oils, including olive oil, coconut oil, and avocado oil, has stimulated demand. The expanding foodservice industry, particularly in urban areas, has driven the consumption of fats and oils in commercial food preparation. Halal certification is vital in Saudi Arabia, enhancing consumer trust, and there is growing interest in sustainably sourced fats and oils due to rising environmental awareness. E-commerce platforms have made it convenient for consumers to access a broad range of fats and oils products.
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The Saudi Arabia fats and oils market grapple with 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. Nevertheless, these challenges offer opportunities for market players to innovate in product development, introducing healthier alternatives and environmentally friendly packaging that resonate with health-conscious and environmentally aware consumers.
The Saudi Arabia fats & oils market is segmented into type, form, functionality, application, and region. Among these, oils have a significant share in the Saudi Arabia fats & oils market, playing a crucial role in Saudi Arabian cooking. Edible oils, essential for sautéing, frying, and as a base for various dishes, maintain a consistent presence in Saudi households. Geographically, the Northern & Central region holds a significant share due to a burgeoning food processing and manufacturing sector, with cities like Riyadh witnessing the establishment of food production facilities.
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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