Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by
Infinium Global Research on plant-based food market provides in-depth analysis
of segments and sub-segments in the GCC as well as regional plant-based food
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the GCC and regional plant-based food market over the short term
as well as long term. The report is a comprehensive presentation of trends,
forecast and dollar values of GCC plant-based food market. According to the
report, the GCC plant-based food market is projected to grow at a CAGR of
10.63% over the forecast period of 2021-2027.
GCC plant-based food market was
valued at USD 4.42 billion in 2020 and expected to reach USD 8.90 billion in
2027, with a CAGR of 10.63% during the forecast period. The plant-based foods
industry is becoming a booming business in GCC countries. Plant-based meat,
egg, and dairy products are increasingly becoming a significant element in the
food & beverage industry. In grocery stores and specialty health-food
stores across several parts of the country, new vegan frozen food, vegan meals,
snacks, desserts, and sides have gained considerable demand. As conscious
health groups, such as flexitarians, vegetarians, and vegans continue to grow,
the sales of packaged vegan food will also continuously escalate over the
coming years.
The growing trend of veganism in
Saudi Arabia is majorly driving the plant-based food market. The vegan
lifestyle trend is on the rise in Saudi Arabia, particularly among the young
population. Growing awareness regarding animal rights and the environment among
the youth is majorly driving the veganism trend in Saudi Arabia. Furthermore,
the number of health problems associated with animal-based food is augmenting
the demand for plant-based food. Animal-based food is associated with a number
of health conditions including heart diseases, diabetes, and cancer. Several
scientific studies support the correlation between animal-based food
consumption and the occurrence of health disorders. For instance, research
conducted on 45,000 volunteers by a team of researchers at the University of
Oxford found that a vegetarian diet could cut the risk of heart disease by as
much as 32%. Moreover, Animal agriculture requires vast quantities of resources
such as land and water which can be significantly reduced by focusing on
plant-based ingredients. However, higher prices of plant-based foods are hampering
the market growth in Saudi Arabia. Products such as plant-based meat and
plant-based eggs are expensive compared to their animal-based counterparts.
Generally, plant-based meats and eggs cost almost double that of their
animal-based counterparts. The entry of new plant-based food startups in Saudi
Arabia is anticipated to offer growth opportunities to the market. The novel
coronavirus started to spread in Saudi Arabia in the first quarter of 2020. By
the second quarter of 2020, the virus spread all across the country. Being a
part of the food & beverage industry, the plant-based food market in Saudi
Arabia witnessed higher demand during the pandemic. The increased demand for
plant-based food was mainly attributed to the changed buying pattern during the
pandemic.
Geographically, Saudi Arabia holds
the largest market share in the GCC plant-based food market. The growing trend
of veganism in Saudi Arabia is majorly driving the plant-based food market. The
vegan lifestyle trend is on the rise in Saudi Arabia, particularly among the
young population. UAE is the second-largest market in the region. Businesses in
the UAE's food sector are finding lucrative opportunities in the rapidly
growing plant-based market as more consumers choose to reduce their meat and
dairy consumption.
The report on GCC plant-based food
market covers segments such as product, and application. On the basis of
product, the sub-markets include dairy alternatives, plant based meat, plant
based meal, plant based condiments, plant based eggs, and others. On the basis
of application, the sub-markets include food and beverage industry, and
pharmaceutical industry.
The report provides profiles of
the companies in the market such as Beyond Meat Inc, Al Islami Foods, Blue
Diamond Growers, Danone SA, Healthy Farm, Freakin' Healthy, KOITA Foods,
Upfield BV, Kellogg Company, and Other companies.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of plant-based food market. Moreover, the study highlights current
market trends and provides forecast from 2021-2027. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
Please Choose One of them.