Top Growth Opportunities: Dairy & Soy Food in Saudi Arabia
LONDON, July 3, 2017 /PRNewswire/ -- Top Growth Opportunities: Dairy & Soy Food in Saudi Arabia
Summary
Saudi Arabia ranks third amongst the largest markets in the global Dairy & Soy Food sector in terms of per capita expenditure in US dollar, smaller than Australia and the US. Furthermore, Saudi Arabia is forecast to have high growth in per capita dairy and soy consumption. This is attributable to increased consumer spending power given expectations of GDP growth, and the fact that women are strengthening their role in the workplace, increasing their economic importance and spending power as consumers. Saudi Arabia is thus a long term growth market.
Dairy market in Saudi Arabia saw healthy growth between 2011 and 2016, and is set to expand further in the five years to 2021, reaching a CAGR of 8.0%. The economy's overreliance on the hydrocarbons sector was exposed in 2016, as GDP contracted heavily in response to the continued fall in global commodity prices. Although GDP is set to recover in 2017, there is a growing consensus among the Saudi elite that more needs to be done to diversify the economy and boost domestic employment among Saudi nationals. The National Transformation Plan, a vast program of economic transformation, addresses these concerns and it is expected that as the economy returns to growth, consumer spending power and confidence will increase, offering numerous positive signs for investors.
Saudi Arabian Dairy & Soy Food market registered growth in volume terms, at a CAGR of 4.3% during 2011-2016. Furthermore, it is forecast to record marginally higher growth at a CAGR of 4.6% during 2016-2021 when compared to the review period.
Dairy market in Saudi Arabia is set to experience a CAGR of 8.0% and 4.6% in value and volume terms respectively, during the 2016-21 period. Structural reforms and demographic changes promise to create jobs and boost consumer demand for dairy products in the largest categories. Growth in Saudi Arabia's Dairy market is being driven by volume and value gains in the three largest categories- Cheese, Yogurt, and Butter & Spreadable Fats.
Hypermarkets & Supermarkets is the largest distribution channel for Dairy & Soy Food products in Saudi Arabia, accounting for a 34.8% share in 2016. It recorded the fast growth in terms of CAGR while a marginal growth in terms of value shares during 2011-2016.
The report "Top Growth Opportunities: Dairy & Soy Food in Saudi Arabia" provides recommended actions and detailed analysis of how to target the best growth opportunities for Dairy & Soy Food producers and retailers. Readers can understand what categories, channels, companies, and consumers will drive the success of Dairy & Soy Food markets in the Saudi Arabia.
Specifically, this report enables the following -
- Key consumer demographic groups driving consumption within the US market. Improve your consumer targeting by understand who's driving the market, what they want, and why.
- A study of market value and volumes over 2011-2016 for the US, supplemented with category, brand and packaging analysis that shows the current state of the market, and how it will evolve over the 2016-2021 period.
- White space analysis, to pinpoint attractive spaces in the market and the key actions to take.
- Insight into the implications behind the data, and analysis of how the consumer needs will evolve in the short-to-medium term future.
- Examples of international and US-specific product innovation targeting key consumer needs.
Companies mentioned in this report: Panda, Abdullah Al-Othaim Supermarkets, Hyper Panda, Tamimi Markets , BinDawood Superstores, Danube, Carrefour, Abdullah Al-Othaim Hypermarkets, Lulu Hypermarket.
Scope
- In Saudi Arabia, the average growth recorded for all Dairy & Soy Food categories was 6.5% in US dollar value terms during 2011-2016. However, the value growth is projected to rise in the next five years and all the categories are expected to see faster growth at an average of 7.4% during 2016-2021, compared to the last five years.
- Cheese has been the top value category and is forecast to register the fastest growth during 2016-2021 and is estimated to be worth US$5,515.3 million by 2021
Reasons to buy
- This report brings together consumer analysis and market data to provide actionable insight into the behavior of Saudi Arabia Dairy & Soy Food consumers.
- This is based on GlobalData's unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in the Dairy & Soy Food sector.
- Category, brand, and packaging dynamics are also examined.
- This allows product and marketing strategies to be better aligned with the leading trends in the market.
Download the full report: https://www.reportbuyer.com/product/4969334/
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