Saudi Arabia Dairy Products Market size is estimated to reach $32,651 million by 2026, growing at a CAGR of 7.1% over 2021-2026. Dairy products are meals derived from the milk of mammalian animals such as cows, buffaloes, goats, sheep, yaks, and camels. Because milk is a liquid, it is vulnerable to microbial development, which can lead to product degradation. Milk is processed into cheese, milk powder, ice cream, and other dairy products to avoid this problem and extend its shelf life. Major reasons fuelling the rise of Saudi Arabia dairy products include increasing health awareness, increased demand for protein-rich meals, and increased consumption of premium dairy products including dairy desserts. Furthermore, one of the main factors expected to fuel the growth of the Saudi Arabia dairy products market over the projected years 2021-2026 is the need for dairy products in sports nutrition.
Saudi Arabia Dairy Products Market Segment Analysis – By Product Type
The Saudi Arabia Dairy Products Market based on product type can be further segmented into Milk, Butter, Cheese, Cream, Desserts, Milk Powder, Yogurt, and others. Owing to increasing demand and rising consumption rates at all levels of the population, the milk segment will be the largest income generator in 2020. Also, the growth rate is poised to show upsurge owing to the variation in regional consumption patterns of dairy based milk products. On the other hand, the yogurt segment is estimated to register the fastest CAGR of 7.5% for the period 2021-2026. As it is considered as one of the best Saudi Arabia Dairy Products for consumers looking for a low-fat diet and is utilized as a replacement for almost any dairy product. Moreover, it is considered as a part of the diet that helps in improving immunity as well the gut health which is another major factor driving the segment growth. Over the projected period 2021-2026, growing incidences of lifestyle illnesses such as obesity and diabetes are expected to promote sector expansion.
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Saudi Arabia Dairy Products Market Segment Analysis – By Distribution Channel
The Saudi Arabia Dairy Products Market based on distribution channel can be further segmented into Hypermarket/Supermarkets, Specialty Stores, Online Retail and Others. The hypermarkets/supermarkets segment registers for the highest Saudi Arabia Dairy Products market share in 2020. This is mainly owing to facts as these stores are incorporated with numerous alternatives and the availability of varieties of Saudi Arabia Dairy Products from various brands. Furthermore, Saudi Arabia Dairy Products sales by hypermarkets/supermarkets is believed to rise effectively as consumers prefer these retail channels for shopping owing to the in-store promotions by retailers and price comparisons is anticipated to further expand the consumption rate over the forecast period 2021-2026. On the contrary, the online retail segment is forecasted to register the fastest CAGR of 7.7% over 2021-2026. This is mainly owing to the fact that there is an increase in the number of online retail channels, especially in developing economies, which has augmented the penetration of modern grocery retail chains, further contributing to the sales of Saudi Arabia Dairy Products in the up-coming years.
Saudi Arabia Dairy Products Market Drivers
Increase Global Demand for Various Products
The Saudi Arabia Dairy Products market driver is poised to be ascribed to consumers’ increased awareness of a healthy lifestyle, as well as their increasing disposable income. Furthermore, greater health awareness, as well as increased demand for protein-rich meals and premium dairy product consumption, are significant drivers driving the country’s dairy market’s rise. Other important causes are the nutritional advantages of dairy products and the growing demand for dairy products in sports nutrition are estimated to drive the growth of the global dairy market over the forecast years 2021-2026.
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Saudi Arabia Dairy Products Market Challenges
Rise in Vegan Consumers
The growth in veganism and the plant-based dietary habits of the vegan community has resulted in a decrease in the use of dairy products in Saudi Arabia. Lactose intolerance, dairy allergy, consumer movement toward plant-based food products, and misunderstandings about milk consumption are some of the key obstacles limiting the regional dairy products market’s growth. The availability of cholesterol-free alternatives such as toned milk, soy milk, rice milk, potato milk, and almond milk, however, is expected to stifle development of the global dairy market during the forecast period 2021-2026.
Saudi Arabia Dairy Products Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Saudi Arabia Dairy Products market. In 2020, Saudi Arabia Dairy Products market share is fragmented by the top ten players present in the market. The Saudi Arabia Dairy Products market top 10 companies are Almarai Company, Mibaar Asia, Halwani Bros and Co., Amul, Kraft Foods Inc, Lactalis, Nestle SA, Megmilk Snow Brand Co. Ltd, Fonterra Group Cooperative Limited and others.
Key Takeaways
The rise in veganism and the plant-based eating preferences of the vegan population has led to a reduction in the consumption of dairy products, are enhancing the growth of the Saudi Arabia Dairy Products Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent manufacturers operating in the market will be provided in the Saudi Arabia Dairy Products Market report.
High cost of Saudi Arabia Dairy Products is set to create hurdles for the Saudi Arabia Dairy Products Market.