From 2014 to 2023, the raw animal fats market in Saudi Arabia exhibited fluctuating volumes with significant changes occurring at certain points. In 2018, the market experienced a notable peak with a 66.67% increase over the previous year and a substantial drop in 2019 by 8%. The COVID-19 pandemic in 2020 led to a 13.39% reduction in market volume. Post-2020, the market showed recovery and steady growth, culminating in a 4% year-on-year increase in 2023, reaching 26 thousand metric tons.
Looking ahead, the forecasted data indicates a continued upward trend with a projected compound annual growth rate (CAGR) of 2.19% over the next five years leading to 2028. This will result in an estimated 29.76 thousand metric tons by 2028, reflecting an 11.41% total growth from 2023.
Future trends to watch include:- Increased demand for animal-based products.- Innovations in animal fat processing and utilization.- Impact of regulatory changes and health trends on animal fat consumption.- Potential shifts in the global animal fat market influencing local dynamics.
