Saudi Arabia Condensed Milk Market Research Report

 

The GMI Research's latest analysis reveals that the Saudi Arabia Condensed Milk Market is slated to register a higher CAGR over the forecast period. This is attributed to the growing awareness regarding the various benefits provided by dairy-free substitute products like numerous minerals and vitamins, and the rising demand for non-dairy milk products in Saudi Arabia.

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Saudi Arabia Condensed Milk Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The rising demand for non-dairy milk products in Saudi Arabia is a key driver propelling the growth of the condensed milk market in Saudi Arabia. The growing awareness regarding the various benefits provided by dairy-free substitute products like offers numerous minerals and vitamins will further surge the growth of the Saudi Arabia condensed milk market. Condensed milk is a vital ingredient in desserts, including ice cream and cakes, as they are a sweet flavor and have a thick texture. Furthermore, the high demand for condensed milk-based products, especially among lactose intolerance consumers, will further bolster the growth of the condensed milk market in Saudi Arabia. The rising online awareness campaigns have promoted the trend of vegan diet patterns as this platform has aided the vegan consumer to share their experiences. Thereby, the emerging trend of vegan food products is creating various new growth opportunities for the market.

The introduction of new recipes in bakery and confectioneries is promoting people to opt for condensed milk during the forecast. The government is emphasizing on rising the production of the dairy industry, which will fuel the demand for the market. The project Almarai received approval for a loan of USD 100 million, along with USD 90 million for the Beyti to fund its dairy and juice production capacity expansion and increasing working capital requirements and up to USD 10 million for Teeba, to support its capital base and fund its permanent working capital requirements.

Product Segment Drivers

Based on the product, the non-dairy is expected to increase at a faster CAGR over the forecast period due to the growing lactose intolerant population in the nation. The young generation is focusing on shifting towards vegan and non-dairy products as these products do not include animal cruelty throughout the production process.

Distribution Channel Segment Drivers

Based on the distribution channel, supermarkets/hypermarkets is predicted to lead the market over the coming years due to the easy availability of a huge range of products under one roof. In addition to this, the customer assistance services that aid in preferring the right product is further promoting the consumers to opt for this distribution channel for their weekly grocery purchase.

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

About GMI Research

GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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