Saudi Arabia Condensed Milk Market:
Growth opportunities in the Saudi Arabia Condensed Milk Market look promising over the next six years. This is mainly due to the strong demand for non-dairy milk products, emergence of new recipes in bakery and increasing online awareness campaigns.
Saudi Arabia Condensed Milk Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The robust demand for non-dairy milk products in the nation is regarded as one of the prominent drivers responsible for the growth of the Saudi Arabia condensed milk market. Also, the augmenting consciousness concerned with the enormous benefits proffered by the substitutes of dairy-free items, which include the provision of an adequate number of vitamins and minerals, has further strengthened the market size. Moreover, it is an essential ingredient in desserts like cakes and ice creams, owing to their thick consistency and sweet flavor. The v igorous demand for condensed milk-based products, especially by individuals with lactose intolerance, is strengthening the market size. The augmenting online campaigns to spread awareness about the vegan diet patterns to help the consumers share their experiences has paved the way for market growth.
Furthermore, the introduction of new recipes in bakery and confectionaries is encouraging individuals to choose these products. The government across several nations is largely emphasizing that increasing the production of the dairy sector will indirectly influence the market’s demand. The project Almarai got acceptance for the loan of USD 100 million, which includes USD 90 million for the Beyti to finance its dairy and juice production capacity and mounting working capital needs up to USD 10 million for Teeba, to intensify its capital base and fund its permanent working capital needs.
Product Segment Drivers
Based on the product, non-dairy is predicted to witness a higher CAGR during the forecast period. This is primarily attributed to the escalating lactose intolerant population. The young generation is moving towards vegan and non-dairy products as these products do not involve animal cruelty during the production process
Distribution Channel Drivers
Based on the distribution channel, supermarkets/hypermarkets are expected to lead the market during the forecast period. This is because of the easy availability of a wide variety of products under one roof. Moreover, the customer assistance services that aid in selecting the right product are further driving the market growth.
Saudi Arabia Condensed Milk Market Segmentation:
Segmentation by Product Type
- Dairy
- Non-Dairy
Segmentation by Packaging Type
- Cans
- Tubes
- Bottles
Segmentation by Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retails
- Others
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