Saudi Arabia Pet Food Market is to Grow at a CAGR of 8.20% through 2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia pet food market was worth USD 50.8 billion in the year 2021. It is estimated to grow at a CAGR of 8.20%, earning revenue of around USD 87.8 billion by the end of 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia pet food market was worth USD 50.8 billion in the year 2021. It is estimated to grow at a CAGR of 8.20%, earning revenue of around USD 87.8 billion by the end of 2028. The growth of the Saudi Arabia pet food market is attributed to the rising trend of pet adoption among Saudis, particularly dogs and cats along with increasing humanization of animals among pet owners due to which their expenditure on best pet care and food is rising, propelling the demand for pet food in the country. Saudi Arabia is emerging as a potential market for pet food due to which the brands are increasingly launching new products in this region, which is anticipated to drive the market growth in the forecast period as well.
The pet adoption rate has only recently been surging in Saudi Arabia. Therefore, this region is emerging as a potential market for pet food in the forecast period. As a result, many pet food brands are focusing on targeting the opportunities and launching their products in this region to boost their sales. They are launching diverse product ranges with varying pet types that suit their nutritional requirements. The increasing availability of pet foods is anticipated to propel the growth of the Saudi Arabia pet food market.
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The sales channels, of the Saudi Arabia pet food market is segmented into specialized pet shops, online channels, and retail stores. While the retail stores segment accounts for the largest market share. This is due to the common habit of buying pet food along with other groceries. The unprecedented COVID-19 pandemic outbreak negatively impacted the growth of the Saudi Arabia pet food market. Since several countries worldwide imposed strict lockdown to curb the spread of the virus, import and export activities were completely halted. Because of which, the production and supply channels of pet food were also affected, negatively influencing its market growth. There was a huge demand and supply gap in the retail stores due to shortage of demand and supply. Fortunately, though the pet food brands as well as consumers shifted their focus towards online stores,that kept the market floating during these sensitive times.
The leading market players of the Saudi Arabia pet food market are Mars Petcare, Del Monte, Nestlé, Hill's Pet Nutrition, Bayt Al Aleefa, Blue Buffalo Pet Products, Inc., United Pet Group, Colgate-Palmolive, and other prominent players.
The Saudi Arabia pet food market is highly concentrated and competitive among the global brands that enjoy consumer loyalty. Majorly the companies are investing in research and development activities to launch new products so as to attract a larger share in the market. These companies are prominently adopting competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc.
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