Saudi Arabia Edible Oils Market, By Type (Palm Oil, Soybean Oil, Rapeseed Oil, Sunflower Oil, Peanut Oil, Specialty Blended Oil, Olive Oil, Corn Oil, Flaxseed Oil, Avocado Oil, Edible Oil, Pumpkin Seed Oil, Grape Seed Oil); By Packaging Type (Pouches, Jars, Cans, Bottles); By End Users (Domestic, Food Service, Industrial), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Saudi Arabia Edible Oils Market Size Set to Grow at Steady CAGR of 3.05% During 2023–2029
Saudi Arabia edible oils market is flourishing due to an increasing demand for healthier cooking oils, government initiatives promoting local production, a rise in foreign investments, and economic diversification.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the Saudi Arabia edible oils market size to grow at a CAGR of 3.05% during the forecast period between 2023 and 2029. Saudi Arabia edible oils market is growing steadily due to population growth, changing dietary preferences, and increased health awareness. The market is likely to expand further during the forecast period, driven by rising demand for healthier edible oils, such as olive oil and canola oil, as well as rising customer desire for convenience foods. The market is also benefiting from the government's measures to diversify the economy and minimize reliance on oil exports, which include support for the domestic agriculture industry. However, fluctuations in the prices of raw materials, such as palm oil and soybean oil, may limit the growth of Saudi Arabia edible oils market during the period in analysis.
Saudi Arabia Edible Oils Market – Overview
Edible oils are oils obtained from plants or animals that are used in cooking, frying, baking, and other food preparation procedures. These oils, which are ingested in liquid form, give critical nutrients and flavor to meals. Vegetable oils, such as canola, soybean, corn, sunflower, and olive oil, as well as animal fats such as butter, lard, and ghee, are examples of common edible oils. Edible oils are also utilized in food processing, such as the production of margarine, mayonnaise, and other processed foods. They are an important source of dietary fat and energy and play an important function in the human diet.
Impact of COVID-19 on Saudi Arabia Edible Oils Market
The COVID-19 pandemic had a significant impact on the Saudi Arabia edible oils market. The nationwide lockdowns and restrictions on travel and commerce resulted in a decline in demand for edible oils, as the food service industry, which is a major consumer of these products, was severely affected. However, the demand for edible oils for household consumption increased, as people cooked more at home. The disruption in the supply chain also led to shortages and price fluctuations. Despite the challenges, the Saudi Arabia edible oil market has shown resilience, with manufacturers adapting to changing consumer behavior and investing in online channels to meet the demand.
Saudi Arabia Edible Oils Market – By Packaging Type
On the basis of packaging type, Saudi Arabia edible oils market is divided into Pouches, Jars, Cans, and Bottles segments. The pouches segment dominates the Saudi Arabia edible oils market. Because of their ease and affordability, flexible packaging, pouches have gained appeal for edible oils across Saudi Arabia. Flexible packaging is lightweight, easy to handle, and requires less storage space, which saves producers and consumers money. Also, pouches with qualities that preserve the quality of the oil, such as airtight closures and UV protection, can be designed.
Competitive Landscape
Saudi Arabia edible oils market is significantly competitive. Major companies in the market include Savola Group, United Farmers Holding Company (UFHC), Nadec Foods, Lamsoon, Emirate Refining Company (Erco), Golden Falcon, Aujan Industries, Ali Shaihani Group of Industries, Faisal Al Nusif Trading Co. (Fantco), Arabian Food Industries Co. (Domty), Americana Foods, Salama Group, United Carton Industries Company (UCIC), Abdullah Hashim Industrial Gases & Equipment Co. Ltd., and Al-Adwani General Trading Co. Ltd. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Saudi Arabia edible oils market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia Edible Oils Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Edible Oils Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. South Africa Insurance Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. The growing middle-class insurance benefits, including protection against unforeseen risks
- 3.2.1.2. Government policies and regulations encourage the growth of the insurance sector and protect consumers.
- 3.2.1.3. The rise in digitalization has enabled insurers to reach more customers and provide more personalized insurance solutions.
- 3.2.2. Restraints
- 3.2.2.1. The high levels of unemployment and poverty in South Africa
- 3.2.2.2. The prevalence of fraud in the insurance sector is leading to higher costs and losses for insurance companies
- 3.2.3. Opportunities
- 3.2.3.1. The growing demand for micro-insurance products, especially in rural areas
- 3.2.3.2. The rising demand for insurance products related to cyber security and other emerging risks
- 3.2.4. Challenges
- 3.2.4.1. The constantly evolving regulatory environment in South Africa creates uncertainty and additional compliance costs for insurers.
- 3.2.4.2. Limited awareness and understanding of insurance products
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. South Africa Insurance Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Type
- 4.2.1.1. Life Insurance
- 4.2.1.2. Non-life Insurance
- 4.2.1.2.1. Automobile Insurance
- 4.2.1.2.2. Fire Insurance
- 4.2.1.2.3. Liability Insurance
- 4.2.1.2.4. Other Insurances
- 4.2.2. By Distribution Channel
- 4.2.2.1. Insurance Brokers
- 4.2.2.2. Agencies
- 4.2.2.3. Direct Marketing
- 4.2.2.4. Bancassurance
- 5. Competitive Landscape
- 5.1. List of Key Players and Their Offerings
- 5.2. South Africa Insurance Company Market Share Analysis, 2022
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 6. Impact of Covid-19 on South Africa Insurance Market
- 7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 7.1. Old Mutual Limited
- 7.2. Sanlam Limited
- 7.3. Discovery Limited
- 7.4. MMI Holdings Ltd
- 7.5. Liberty Holdings Limited
- 7.6. Hollard Insurance Group
- 7.7. Guardrisk Insurance Company Ltd
- 7.8. Santam Limited
- 7.9. Zurich Insurance Company Ltd
- 7.10. Mutual & Federal Insurance Company Ltd
- 7.11. Momentum Metropolitan Holdings Limited
- 7.12. Alexander Forbes Group Holdings Limited
- 7.13. African Rainbow Life
- 7.14. Bryte Insurance Company Limited
- 7.15. Genworth Financial Mortgage Insurance Pty Ltd
- 7.16. Other Prominent Players
- 8. Key Strategic Recommendations
- 9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents, By Region
- 9.5. Assumptions & Limitations
- *Financial information in case of non-listed companies can be provided as per availability.
- **The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
- List of Figures
- Figure 1 South Africa Insurance Segmentation
- Figure 2 South Africa Insurance Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 South Africa Insurance Market Size, By Value (USD Million), 2019–2029
- Figure 5 South Africa Insurance Market Share, By Type, By Value, 2019–2029
- Figure 6 South Africa Insurance Market Share, By Distribution Channel, By Value, 2019–2029
- List of Tables
- Table 1 South Africa Insurance Market Size, By Value (USD Million), 2019–2029
- Table 2 South Africa Insurance Market Size, By Type, By Value, 2019–2029
- Table 3 South Africa Insurance Market Size, By Distribution Channel, By Value, 2019–2029
- Table 4 Old Mutual Limited Company Overview
- Table 5 Old Mutual Limited Financial Overview
- Table 6 Sanlam Limited Company Overview
- Table 7 Sanlam Limited Financial Overview
- Table 8 Discovery Limited Company Overview
- Table 9 Discovery Limited Financial Overview
- Table 10 MMI Holdings Ltd Company Overview
- Table 11 MMI Holdings Ltd Financial Overview
- Table 12 Liberty Holdings Limited Company Overview
- Table 13 Liberty Holdings Limited Financial Overview
- Table 14 Hollard Insurance Group Company Overview
- Table 15 Hollard Insurance Group Financial Overview
- Table 16 Guardrisk Insurance Company Ltd Company Overview
- Table 17 Guardrisk Insurance Company Ltd Financial Overview
- Table 18 Santam Limited Company Overview
- Table 19 Santam Limited Financial Overview
- Table 20 Zurich Insurance Company Ltd Company Overview
- Table 21 Zurich Insurance Company Ltd Financial Overview
- Table 22 Mutual & Federal Insurance Company Ltd Company Overview
- Table 23 Mutual & Federal Insurance Company Ltd Financial Overview
- Table 24 Momentum Metropolitan Holdings Limited Company Overview
- Table 25 Momentum Metropolitan Holdings Limited Financial Overview
- Table 26 Genworth Financial Mortgage Insurance Pty Ltd Company Overview
- Table 27 Genworth Financial Mortgage Insurance Pty Ltd Financial Overview
- Table 28 Other Prominent Players Company Overview
- Table 29 Other Prominent Players Financial Overview
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