Goldstein Market Intelligence is a young business consulting and market research firm with vast reach across America, Asia and parts of Saudi Arabia and the Middle East. Introducing latest research report on “Saudi Arabia Red Meat Industry” This report includes the forecast on the basis of red meat manufacturers, red meat import and export data, and production and import of live animals.
With increased media attention and the growing focus of industry players toward exploring sustainable and environmentally friendly alternatives to traditional meat, a shift in consumer trends toward the consumption of meat alternatives has been observed. This shift of consumers toward meat alternatives has been further fueled by the outbreak of COVID-19 this year, according to latest research by Goldstein Market Intelligence.
A detailed chapters of the research is available for download at https://bit.ly/3iDfYgh
The global food industry is facing enormous transformation, led by dynamics in the various subsectors and consumer demand. Consumers bring innovation to the food industry due to their changing dietary preferences among food products and ingredients. Livestock meat and meat products is one such industry of the food sector which is impacted greatly due to this transition.
Goldstein Market Intelligence studied the full spectrum of the Saudi Red Meat market, which comprises four sectors:
Trade in the traditional meat industry is expected to be affected by this outbreak due to the shallowing demand for livestock meat products in major meat-importing countries, such as the U.S., China, Japan and Germany, which, in turn, would hit the sector’s economy of meat-exporting countries.
The COVID-19 outbreak has already pushed the related government agencies to monitor food safety closely and promote healthy eating, which, in turn, will affect the food processing of sustainable and plant-based products. More focus may also be laid towards disinfection and hygiene practices in production plants and in different stages of food supply chain.
It is observed that the outbreak of COVID-19 will bring positive growth in demand for plant-based and natural products but can negatively affect the demand for traditional meat in the food sector.
Foodservice for the hotel sector is also forecast to grow with Saudi forecasting over 150 new hotels by 2024. With this requirement for cheap protein for the expat labour will also increase. Over 800 hotels are under contract in the Middle East and Africa, with a capacity of over 200,000 rooms.
There will also be opportunities for growth in the quick service sector, with more shopping center’s being built, and the expansion of airports to accommodate a growing tourism sector. Saudi Arabia, for example, is expecting to have over 24,101 thousand passengers by 2021.
Future growth is expected to be in high-end foodservice, particularly in countries that are looking to develop their tourism industries, such as the Saudi Arabia.
How to tackle Intense Rivalry among the Existing Competitors in Meat Products industry
- By building a sustainable differentiation
- By building scale so that it can compete better
- Collaborating with competitors to increase the market size rather than just competing for small market.
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