Saudi Arabia Edible Oils Market Size Set to Grow at Steady CAGR of 3.05% During 2023–2029

Published | 03 May 2023

Saudi Arabia edible oils market is flourishing due to an increasing demand for healthier cooking oils, government initiatives promoting local production, a rise in foreign investments, and economic diversification.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the Saudi Arabia edible oils market size to grow at a CAGR of 3.05% during the forecast period between 2023 and 2029. Saudi Arabia edible oils market is growing steadily due to population growth, changing dietary preferences, and increased health awareness. The market is likely to expand further during the forecast period, driven by rising demand for healthier edible oils, such as olive oil and canola oil, as well as rising customer desire for convenience foods. The market is also benefiting from the government's measures to diversify the economy and minimize reliance on oil exports, which include support for the domestic agriculture industry. However, fluctuations in the prices of raw materials, such as palm oil and soybean oil, may limit the growth of Saudi Arabia edible oils market during the period in analysis.

Saudi Arabia Edible Oils Market – Overview

Edible oils are oils obtained from plants or animals that are used in cooking, frying, baking, and other food preparation procedures. These oils, which are ingested in liquid form, give critical nutrients and flavor to meals. Vegetable oils, such as canola, soybean, corn, sunflower, and olive oil, as well as animal fats such as butter, lard, and ghee, are examples of common edible oils. Edible oils are also utilized in food processing, such as the production of margarine, mayonnaise, and other processed foods. They are an important source of dietary fat and energy and play an important function in the human diet.

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Impact of COVID-19 on Saudi Arabia Edible Oils Market

The COVID-19 pandemic had a significant impact on the Saudi Arabia edible oils market. The nationwide lockdowns and restrictions on travel and commerce resulted in a decline in demand for edible oils, as the food service industry, which is a major consumer of these products, was severely affected. However, the demand for edible oils for household consumption increased, as people cooked more at home. The disruption in the supply chain also led to shortages and price fluctuations. Despite the challenges, the Saudi Arabia edible oil market has shown resilience, with manufacturers adapting to changing consumer behavior and investing in online channels to meet the demand.

Saudi Arabia Edible Oils Market – By Packaging Type

On the basis of packaging type, Saudi Arabia edible oils market is divided into Pouches, Jars, Cans, and Bottles segments. The pouches segment dominates the Saudi Arabia edible oils market. Because of their ease and affordability, flexible packaging, pouches have gained appeal for edible oils across Saudi Arabia. Flexible packaging is lightweight, easy to handle, and requires less storage space, which saves producers and consumers money. Also, pouches with qualities that preserve the quality of the oil, such as airtight closures and UV protection, can be designed.

Competitive Landscape

Saudi Arabia edible oils market is significantly competitive. Major companies in the market include Savola Group, United Farmers Holding Company (UFHC), Nadec Foods, Lamsoon, Emirate Refining Company (Erco), Golden Falcon, Aujan Industries, Ali Shaihani Group of Industries, Faisal Al Nusif Trading Co. (Fantco), Arabian Food Industries Co. (Domty), Americana Foods, Salama Group, United Carton Industries Company (UCIC), Abdullah Hashim Industrial Gases & Equipment Co. Ltd., and Al-Adwani General Trading Co. Ltd. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Saudi Arabia edible oils market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia Edible Oils Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Edible Oils Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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