The butter and ghee market in Saudi Arabia has shown fluctuating trends from 2014 to 2023, with an initial peak of 64.0 thousand metric tons in 2014. The market experienced notable declines, particularly in 2015 and 2017, with slight recoveries in subsequent years. In 2023, the market stood at 44.0 thousand metric tons, demonstrating a year-on-year decline of 2.22% and a 5-year CAGR of -2.52%.
Looking at future trends, the forecast data from 2024 to 2028 reveals a continuous decline, with an expected 5-year CAGR of -2.2%, and an overall growth rate of -10.52% by 2028. The projected volume in 2028 is 38.28 thousand metric tons.
Future trends to watch for include:
- Potential changes in consumer dietary preferences and health consciousness impacting butter and ghee consumption.
- Evolving import/export regulations affecting market supply.
- Technological advancements in dairy production and processing which could influence market dynamics.
- Increasing competition from alternative dairy products that may further influence market trends.
