Production of animal fats in Saudi Arabia increased from 66.0 thousand metric tons in 2014 to 102.0 thousand metric tons in 2023, exhibiting a CAGR of 2.76% over this period. Between 2014 and 2023, the production exhibited significant fluctuations, with the highest year-on-year increase of 27.85% in 2016 and the largest decrease of 10.1% in 2018. In recent years, 2022 saw a slight increase of 2.04% and 2023 continued this trend with a 2% rise.
Looking forward, production is forecasted to grow steadily, reaching 111.3 thousand metric tons by 2028, with an average annual growth rate (CAGR) of 1.39% from 2024 to 2028 and an overall forecasted growth rate of 7.12% over the five-year forecast period.
Future trends to watch for include:
- Potential impacts of global commodity price fluctuations on production costs.
- Technological advances in production processes and their impacts on efficiency.
- Changes in domestic and international demand for animal fats influencing production strategies.
