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2021-03-09
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Saudi Arabia
The increasing advancement in the food processing and packaging industry in Saudi Arabia is likely to have a positive effect on the growth of the Frozen Food Market. The major categories of packaged food are bakery products and frozen processed food. Some of the emerging categories in this sector are frozen ready-to-eat foods. Storage life can be extended notably by making storage temperatures colder. Consumer’s expectations of food quality are rising. There is an increase in the frozen food packaging market with the consumer appreciation of the product quality. With the growth in the economy and changing lifestyles, there is an increased demand for frozen food packaging in Saudi Arabia and the market is expected to grow lucratively during the forecast period. The primary drivers of canned food market in future will be the increasing urban population in Saudi Arabia. This will increase demand for canned food because of the hectic lifestyle of the urban populace leading consumers to prefer food that is easily and quickly prepared or is ready-to-eat. The rise in female labor force participation will be a major contributor to the canned food market in Saudi Arabia.
Saudi Arabia canned food market is expected to register positive CAGR of around 2.3% during the period 2019-2035. Growing product and packaging innovation will also augment the canned food market in Saudi Arabia.
On the basis of Product Type:
On the basis of Distribution Channel:
On the basis of Region:
On the basis of end users:
On the basis of Sector:
We conducted interviews with the Consumers (B2C Vs B2B), Frozen Food Brands, End User Industry Verticals, Contractual Suppliers, Product Managers, Consultants, Decision Makers, VPs, Executives, Sales Managers, Regional Sales Head, C-level Executives, etc.
Growth Drivers
Market Challenges
Slow Innovation in production
Customer’s perception over the foreign food especially the US’s stuff is having an edge over those produced locally. It is factual that the foreign food is of high quality in terms of utility and its positive impact on health. Also, they are considered to be more hygienic. As the foreign countries like US is considered to be superior in terms of technology over Saudi Arabia, customer get easily attracted towards the foreign brand. To enjoy the economic sovereignty by food industry, Saudi Arabia needs to develop approaches for better food industry technology rest it may have to bear the heavy cost.
Less trend of Online Shopping
Saudi Arabia is very adoptive to new products and brands but consumer did not accept the trend of online shopping. More online marketing logistics needs to be developed so as to facilitate them for online shopping. The country is lacking in effective logistics and supply chain management.
Loss of Revenue due to decrease in export of oil products
Saudi Arabia is lagging behind in new technological innovation in refinery. In 2012, Saudi Arabia had exported 76% of total export in crude petroleum. It would have earned more profit in export and been one of the power of the world if it had best technology.
Social Value System
Liberals have been accusing Saudi Arabia of spreading patriarchy and misogyny which do not allow women to indulge in business activities.
Nitaqat Law
In order to provide employment to the youth generation, it introduced a law Nitaqat law that makes the private company to appoint them. But, private companies are facing different kind of problems that the Saudi Arabians are not skilled enough to perform the delicate jobs to produce high standard products. Hence the company prefers the expatriate workers to carry out the business and production effectively and efficiently.
Opportunities
Consumers have the buying capacity for varied kind of food of their choices as Saudi Arabia is one of the fastest growing countries with per capita income of $20,813 with forecast to reach $33,500 by 2020.
Countries like India, Bhutan, Turkey, Philippines, Pakistan, Bangladesh, and Egypt and so on encourage their citizens to work in Saudi Arabia as it improves their foreign exchange. Also, people from third country are ready to work in Saudi Arabia as it offers good amount of remuneration.
Saudi Arabia is ranked 6th position in Local Supplier quantity and as 24th position for both Value Chain Breadth and Production process sophistication.
The report analyses and includes complete detailed chapter of 50-70 pages about the short term & long terms impact of COVID-19 outbreak on each segment of "Saudi Arabia Frozen Food Market" along with government measures to support the sector. It also showcases the current market landscape during COVID, impact of the virus on leading companies, expected demand schedule and supply chain in the industry and other various major factors. This will help you identify those companies that may benefit from this pandemic as well as those that will lose out.
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