The beef meat market in Saudi Arabia has experienced varied changes over the years. In 2023, the market stood at 147 thousand metric tons, showing a year-on-year decrease of 1.34%. From 2014, there have been significant fluctuations, with a notable dip in 2016 at -18.24% and a peak recovery in 2021 at 19.68%. Over the past five years, the compound annual growth rate (CAGR) settled at -0.8%, indicating a slight declining trend in overall consumption.
Future trends project that by 2028, the market volume for beef meat will continue on a downward trend, with a forecasted CAGR of -0.66%. The total decline in market size over the next five years is anticipated to be around -3.25%. This highlights a consistent but gradual reduction in the market size, which may influence industry strategies and policies.
Future trends to watch for include:
• Impact of sustainable and alternative protein sources on beef consumption.
• Changes in consumer preferences and dietary shifts.
• Economic factors influencing purchasing power and meat consumption patterns.
• Potential government regulations aimed at health or environmental concerns.
