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Middle East Red Meat Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Middle East Red Meat Market is projected to register a CAGR of 2.57%. Key Highlights. Largest Segment by Type - Mutton : Mutton in the form of fresh and chilled have a higher penetration in the market for these are easily available and considered better in quality, mainly grass-fed ones.
New York, Jan. 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Middle East Red Meat Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381183/?utm_source=GNW
Largest Segment by Country - Saudi Arabia : Beef is the largest consumed red meat in Saudi Arabia. The local regulatory bodies are encouraging local producers to boost meat production to cater to the surging demand.
Fastest-growing Segment by Type - Pork : The rise of expat population and tourism in the region is driving the demand for pork meat. Fresh and chilled pork is likely to be the fastest growing pork form in the region.
Fastest-growing Segment by Country - Bahrain : The influx of expats into Bahrain has resulted in the globalization of cuisine preferences and a rise in the public appetite for meat products, including pork products.
Key Market Trends
Mutton is the largest segment by Type.
Mutton is the major red meat type consumed in the Middle East, primarily due to the increasing per capita consumption of mutton in the region, which rose by 70% in 2021 from 2016. Bahrain, Qatar, and Kuwait have the highest per capita consumption of mutton in the region. The rise in mutton consumption in Bahrain can be attributed to increased disposable incomes. The country has also seen an increase in the ex-pat population from Western and Asian nations over the past two decades, leading to a more diverse range of gastronomic preferences, including items like hamburgers. Similarly, among red meat, consumption is largely dominated by mutton due to the religious affiliations of Bahrain’s population.
Apart from mutton and other meat, pork is expected to be the fastest-growing meat consumed in the region, with an anticipated CAGR of 10.50% during the forecast period (2022-2028). The demand for pork increased in the region due to the increased ex-pat population. In 2020, 12.9% of the UAE population was Christian. Similarly, other Middle Eastern countries like Cyprus (which has a 78% Christian population), Lebanon, and Egypt have high Christian populations. This population group consumes all types of red meat, including pork, resulting in higher consumption.
Beef is the second most consumed meat in the region, and Oman has the highest per capita beef consumption, amounting to 16.28 kgs in 2021. The country relies on beef imports from New Zealand, Pakistan, and the United Arab Emirates. Most fresh meat cuts available through online channels are New Zealand’s Beef Sirloin, Topside Steak, and Silverside Steak.
Saudi Arabia is the largest segment by Country.
Among all the countries, Bahrain is anticipated to be the fastest-growing red meat-consuming country during the forecast period. It is anticipated to register a growth of 4.04% by value. As a result of the approximately 48.9% increase in ex-pats from western and Asian nations in 2020, Bahrain’s cuisine preferences have become more diverse, with locals favoring items like hamburgers and sausages. Among red meat, consumption in Bahrain is largely dominated by mutton, mainly due to the religious affiliation of Bahraini consumers.
The Rest of the Middle East, which includes countries such as Iran, Iraq, and Turkey, was the major red meat-consuming regional segment in the market in 2021. The segment is also anticipated to grow by 16.7% in value from 2022 to 2028. This is highly attributed to the increasing government support in the segment. For instance, in 2021, the head of Iran’s Livestock Provision Council urged the government to support local producers of edible meat by purchasing meat at guaranteed prices. The system was implemented in 15 provinces of Iran and proved its efficiency by increasing red meat production in Iran by 41% in the fourth month of the Iranian calendar year ((July 22-August 21), compared to the same period in 2020.
After Bahrain, Oman is anticipated to be the fastest-growing country in the market for red meat consumption and is expected to record a CAGR of 3.31%, by value, during the forecast period. This growth is anticipated majorly due to the increasing beef consumption in the country, as it is the most consumed red meat in Oman. For instance, beef consumption increased by 2.7% from 2016 to 2021.
Competitive Landscape
The Middle East Red Meat Market is fragmented, with the top five companies occupying 4.71%. The major players in this market are Al Kabeer Group ME, BRF S.A., Herfy Food Services Co., Tanmiah Food Company and The Organic Meat Company LTD. (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06381183/?utm_source=GNW
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