The import of sets of different knives and cutlery sets to Saudi Arabia has shown significant fluctuations over the past decade. The data from 2013 to 2023 reveals varied year-on-year changes, with substantial increases and decreases. For instance, 2017 saw an exceptional rise of 326.22%, while 2016 experienced a steep decline of 67.88%. The year 2023 stood at 73.23 thousand kilograms, marking a 4.27% decrease from the previous year. Over the past five years, the compound annual growth rate (CAGR) is -6.11%, indicating a general downward trend. The forecast indicates a continued decline, with a projected five-year CAGR of -4.22%, resulting in a 19.38% reduction by 2028.
Future trends to watch for:
- Shifts in consumer behavior and preferences towards cutlery.- Economic factors influencing import volumes.- Potential changes in trade regulations and tariffs.- Market competition from local manufacturers.