GCC Plant-based Food Market (Product - Dairy Alternatives, Plant Based Meat, Plant Based Meal, Plant Based Condiments, Plant Based Eggs, and Others; Application - Food and Beverage Industry, and Pharmaceutical Industry): Industry Analysis, Trends, Size, Share and Forecasts to 2027

GCC Plant-based Food Market (Product - Dairy Alternatives, Plant Based Meat, Plant Based Meal, Plant Based Condiments, Plant Based Eggs, and Others; Application - Food and Beverage Industry, and Pharmaceutical Industry): Industry Analysis, Trends, Size, Share and Forecasts to 2027

Report Code: GCC005 Region: GCC Published: October, 2023

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.

Market Insight

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.

GCC Plant-based Food Market

Segment Covered

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.

Companies Profiled:

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.

Report Highlights:

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.


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