Artemis Business Care visited the Saudi Agriculture Exhibition, held from October 21 to 24, 2024, at the Riyadh International Convention & Exhibition Center (RICEC).

The Saudi Agriculture Exhibition is the largest B2B event in the region, alongside with Saudi Agrofood, Saudi FoodPack, and Saudi Aquaculture shows. It brought together more than 370 companies and 27,000 professional visitors from from 29 countries, resulting in over USD 800 Millions contracts signed in 2023.

The Saudi agro-food sector is a vital component of the country’s economic landscape, contributing significantly to its GDP and aligning with the goals of Vision 2030:

Economic Contribution: The food and agriculture sector in Saudi Arabia is a cornerstone of economic development, contributing approximately 100 billion Saudi Riyals ($26.6 billion) to the GDP in 2022. It is expected to attract $20 billion in investments by 2035 as part of the National Industrial Strategy aimed at achieving food security and holistic economic growth.

Self-Sufficiency Goals: Saudi Arabia has made significant strides in achieving self-sufficiency in various food products. The country has surpassed 100% self-sufficiency in dairy products and table eggs, with notable progress in poultry and red meat sectors. However, there is still room for improvement in fish production, which had a self-sufficiency ratio of 48% in 2022.

Investment Opportunities: The Kingdom is actively seeking private sector investment to bridge a $10 billion gap in agriculture. Key areas for investment include plant production, animal husbandry, fisheries, and agricultural processing. These efforts are crucial for advancing the National Agriculture Strategy 2034 goals and promoting food self-sufficiency and sustainability.

Sector Growth: The Saudi Arabian food and beverage market, led by the agro-food sector, was valued at $28.8 billion in 2023 and is projected to grow at a CAGR of 3.22% over the next five years. The sector benefits from population growth, lifestyle changes, government support, and favorable trade agreements.

Don’t hesitate to contact Artemis Business Care if you wish to develop your business in Saudi Arabia.