Vision 2030 is a strategic plan to move Saudi Arabia away from its reliance on oil to a more diverse economy, including tourism, manufacturing, ports, entertainment and the construction of new cities. The Kingdom aims to diversify its non-oil exports and to increase its share of non-oil GDP from 16% to 50% by 2030.
Almarai Co Ltd is likely to retain its lead in butter and spreads over the forecast period, but it will need to invest in the market if it is to fend off growing competition from Danish company, Arla Foods. Arla has been investing heavily in expanding its local dairy production since September 2021, which should enable it to offer a wider range of products, potentially at lower prices, with it looking to exploit the Kingdom’s burgeoning affordable dairy market.
The health and wellness trend is expected to continue recording dynamic growth in Saudi Arabia over the forecast period with consumers becoming increasingly conscious of what they put into their bodies. This is especially true of younger generations who tend to focus more on healthier lifestyles and better eating routines in comparison with older generations who typically follow different and more traditional lifestyles.
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Butter and Spreads
This is the aggregation of butter, cooking fats and margarine and spreads.See All of Our Definitions
This report originates from Passport, our Butter and Spreads research and analysis database.
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