Riyadh, Damam- Meat market rates sustained rocketing digits across many retail outlets despite the Saudi Ministry of Agriculture and Livestock announcing a 30 percent cut on livestock rates.
Given the current Hajj season, which brings about Eid al-Adha, there has been an an increase in locally bred livestock supply playing out a decrease for the overall market— Hajj pilgrims carryout a sacrifice as part of the rituals to their pilgrimage, leading to ris5ng demand for livestock and a lowered demand for retailed meat.
Eid al-Adha or otherwise known “Festival of the Sacrifice,” is the second of two Muslim holidays celebrated worldwide each year. Taking place during Hajj season, it honors the willingness of Ibrahim (Abraham) to sacrifice his son, as an act of submission to God’s command, hence a sacrifice is presented and the meat from the sacrificed animal is divided into three parts.
The family retains one third of the share; another third is given to relatives, friends and neighbors; and the remaining third is given to the poor and needy.
Consumers notice that the decrease in rates of livestock is not much of a game changer, given that customers are still paying a pricey tag on the retailed kilo of meat. The decrease in livestock rates chiefly benefited butcheries and retailers, given that they will be making more profit per livestock unit through retail.
Top ministerial officials had ensured Asharq Al-Awsat newspaper that a 35 percent decrease had been registered across all livestock vending outlets.
They added that the chief reason to the cut down on livestock rate is to increase consumer purchasing power as there is a notable upsurge in living expenses.
However, the evident lack of interest in purchasing red meat eventually affected the retail market.
On the other hand, livestock markets viewed fluctuating price rates that are directly affected by supply and demand—which affected the cut on rates anticipated by consumers.
Nevertheless a large portion of livestock institutions, whether working local product or imports, admit to at least a 20 percent cut compared to last year’s rates.