Saudi Arabia Vegan Meat Market to Grow at a CAGR of 19.4% during Forecast Period
Published | 21 June 2022
Saudi Arabia Vegan Meat Market is growing at a high CAGR owing to the growing awareness about the health benefits of vegan meat, increasing investments along with the shift toward a sustainable lifestyle by minimizing animal proteins…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Vegan Meat Market is projected to grow at a CAGR of 19.4% by the end of 2028. The Saudi Arabia Vegan Meat Market is booming because of an increasing number of consumers' preference for plant-based products due to the high protein content and enhanced nutritional benefits. Also, the growing availability of a variety of delicious vegan meat products aids to fuel the market growth. Furthermore, Saudi Arabia Vegan Meat Market is one of the most emerging markets that grow continuously owing to the rising demand for a protein-rich diet, developing well-being as well as health pattern, and the growing Food and Beverage industry. However, the concern over the source quality of plant vegan meat and allergies such as wheat proteins often lead to gluten allergy which impacted the growth of the plant-based meat Market. Also, vegan meat products are more expensive than real meat which in turn may act as a huge restraining factor for the market growth.
Investment and Initiatives by Prince Khaled in the Future of Plant-based Food and Clean-Tech
Saudi Arabia's Prince Khaled bin Alwaleed has done more than anyone else on the earth to help a whole area transition to a plant-based diet. He is a member of the Saudi royal family and is dedicated to bringing clean technologies, plant-based food systems, and sustainability to the Persian Gulf region. Prince Khaled was born in California and now divides his time between the Middle East and the United States. As a vegan since 2009, one of his favorite locations to visit for plant-based fast cuisine is Veggie Grill. Prince Khaled is now investing in and assisting in the growth of the plant-based and renewable energy economy in the United States and elsewhere. He's putting his resources and his experience into food tech, plant-based alternatives, and clean-tech startups, all to help Saudi Arabia and its neighbor's transition to a plant-based economy. On the whole, all these initiatives by Saudi Arabia's Prince Khaled bin Alwaleed offer lucrative growth opportunities in the Saudi Arabia Vegan Meat Market in the future.
Rising Health Awareness Surges the Demand for Vegan Meat
Over the next five years, the meat replacements industry in Saudi Arabia is predicted to grow due to expanding public knowledge about personal health and an increase in the number of vegans and vegetarians. Furthermore, rising health concerns about meat-eating, combined with the recent outbreaks of many animal diseases, have boosted the market for meat replacements in Saudi Arabia. Consumer demand for plant-based meat alternatives is increasing due to a growing trend of clean eating and increased understanding of ingredients that provide nutrients. Increased demand for chilled, ambient, and frozen sectors due to the introduction of innovative meat substitute products with exceptional taste and flavor. The market for meat alternatives in Saudi Arabia is predicted to grow due to a growing preference for plant-based protein and technological developments in extrusion and processing.
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CHALLENGES/REGULATORY/Trends in Saudi Arabia Vegan Meat Market
Challenge: Perception of the Taste of Vegan Meat Products
Plant-based or vegan meat products have similar nutritional benefits as animal meat. In terms of texture, color, flavor, and taste, manufacturers strive to create meat replacements that are as close to real meat as possible. The flavor and diversity of meat alternatives, on the other hand, disappoint many consumers. Consumers believe that choosing meat replacements means giving up a substantial amount of flavor. Soy protein, for example, is unsuitable for eating due to its off-flavor. Compounds include aldehydes, ketones, furans, and alcohols that generate the off-flavor. Medium-chain aldehydes are one of the main causes of soy products' beany and grassy flavor. However, because of its great nutritional content, soy is in high demand. Furthermore, customers consider meat replacements to be either excessively sticky or too chewy. This has prompted meat substitute manufacturers to develop novel goods, such as increasing the density of flesh, primarily soy protein and wheat gluten, to improve the texture of their meat substitutes, closely resembling meat chewiness.
Segmental Coverage
Based on the distribution channel, the Saudi Arabia Vegan Meat Market is segmented into By Retail Shops, Supermarkets/Hypermarkets, Online Retail, and Others. Among these, Retail Shops dominate the market owing to rapidly rising consumer demand and an increasingly health-conscious populace that favors vegan eating habits. Furthermore, the rise of the retail sales segment is being aided by consumers interested in home-cooked meals. Furthermore, the online segment is expected to hold the largest market share during the forecast period (2022-2028). This is due to the availability of vegan meat through online sales channels has made it easier for customers to purchase vegan meat at their leisure. Moreover, in comparison, institutional sales have been sluggish in the last five years, but significant growth is projected during the forecast period, as customers increasingly seek vegan meat in snack and fast food items.
Impact of COVID-19 on Saudi Arabia Vegan Meat Market
The food system underwent substantial changes during the COVID-19 pandemic, including disruptions in crucial input sources, limited access to production areas, and product distribution disruptions. Despite these limitations, vegan meat businesses have been able to adapt and continue to develop new products and increase sales. The food supply chain was disrupted due to trade restrictions imposed around the nation in response to COVID-19. Moreover, the food service channel distribution was severely hampered, resulting in a substantial increase in retail sales post the pandemic due to pantry stocking and panic buying. Consumers have been encouraged to order goods online during the COVID-19 pandemic, due to social distancing norms. This, in turn, is expected to encourage distributors to expand their operations. Furthermore, concerns about global sustainability, personal health, and ethical animal treatment fueled this shift toward plant-based or vegan meat diets, and it now looks like the pandemic has just accelerated this tendency.
Competitive Landscape
The leading market players in the Saudi Arabia Vegan Meat Market are Al Safi - Danone Co. Ltd., Beyond Meat Inc., Upfield, Saudi Dairy and Food Stuff Company, Rude Health, Blue Diamond Growers, Superbom Alimentos, Koita FZE, The Meatless Farm Co., Al Islami Foods, and other prominent players. The Saudi Arabia Vegan Meat Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia Vegan Meat Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Vegan Meat Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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