Changing food habits is driving the growth of Saudi Arabia Vegan Meat Market, in the forecast period, 2022-2026.
According to TechSci report on, “Saudi Arabia Vegan Meat Market - By Product Type (Tofu, Tempeh, Textured Vegetable Protein and Others) By Type of Sales (Institutional Sales and Retail Sales) By Region, Competition Forecast & Opportunities, 2026”, Saudi Arabia vegan meat market has shown promising growth in historical years until 2019 and is expected to continue its growth in upcoming forecast years 2021 to 2026. Saudi Arabia vegan meat market owes its growth to the factors like rapidly increasing concerns among the consumers toward healthier food and the trend of innovative food items. Moreover, various research and innovative food institutions are actively involved with the mass production of vegan meat aiding to the growth of the market in the upcoming five years. Also, the market players are devoting their resources toward producing products that are high in fiber, vitamin C, and iron, and are processed in lower saturated fats and calories, thus health conscious consumers are being more inclined toward vegan diet and along with the varied flavors the consumers are enjoying the flavorful and yet healthy food habits and supporting the growth of the Saudi Arabia vegan meat market in the next five years.
Furthermore, the country has a large population that abide by their religious regulations and beliefs and consuming meat and related products is indirectly aiding to the growth of the vegan diet while consuming food outside their homes. Also, with the tourism industry flourishing, tourist population often comes with the demand of vegan meat thereby surging the demand of the product and influencing the growth of the market in the future five years of forecast until 2026.
Vegetarian substitute to the animal based meat and related products is termed as vegan meat. The substitute is often made of soy, soy protein, potato protein, pea protein, or plant based protein although it tastes almost like the real meat and thereby preferred by the consumers concerned for the health as well as the animal lives enthusiasts. The vegan meat is manufactured such that it gives the complete blend of the same texture, same flavor although with healthier alternative and saving animal lives. Consistent research and advancements are being carried out to satisfy the rapidly increasing demand from the consumers in the next five years and thus supporting the growth of the market.
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The Saudi Arabia vegan meat market is segmented by the product type, type of sales, competitional landscape, and regional distribution. Based on product type, the market is further fragmented into tofu, tempeh, textured vegetable protein and others. Tofu is consumed as a vegan product for a longer period, and thus is anticipated to register maximum revenue shares of the market in the upcoming five years. Though, tempeh being produced from soy protein is expected to rapidly gain popularity and aid to the growth of the Saudi Arabia vegan meat market in the next five years. Research and advancements in the production of vegan meat by using textured vegetable protein is rapidly increasing and is expected to register fastest growing CAGR rate in the future five years of forecast until 2026. Textured vegetable protein was invented by a food processing company named, Archer Daniels Midland. They had developed the textured protein in the form of rods or tubes which is further processed through multiple production methods and turned into vegan meat. The flavoring and texture is almost same that of real meat and is rapidly increasing its popularity through aggressive advertisements.
Based on type of sales, the market is further diversified into institutional sales, and retail sales. Retail sales are anticipated to hold the larger shares of the revenue in the market on the account of rapidly increasing consumers demand and increasing health conscious population that is inclined toward vegan food habits. Moreover, consumers interested in home cooked meal are supporting growth of retail sales segment. Also, the availability of the vegan meat on online sales channel has made it easier for the consumers to purchase vegan meat according to their conveniences. Institutional sales have been slower in comparison in the last five years, though a significant growth is expected in the future five years since, the consumers are now demanding vegan meat in their snack items as well as fast food items too.
A partial list of market player in the Saudi Arabia vegan meat market includes Al Safi - Danone Co. Ltd (Al Safi), 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, among others. These market players hold larger shares of the market than the new market players. With the evolving technology, it is appropriate to say that the effective research and development of the technologically advanced products would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide products that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Saudi Arabia vegan market is a flourishing and promising market for future investments. The vegan products’ demand is rapidly increasing and looking at the global trends, the consumers are inclined toward changing their food habits, and pick healthier consumption patterns. Moreover, environmentalists and animal protection enthusiasts are popularizing the consumption of vegan meat over the animal meat. Also, the fact that various infectious diseases are rising due to unchecked consumptions of animal meat is driving the acceptance of vegan meat in the country. New market players may focus on the extensive research on various sources of the plant-based protein for the manufacturing process of vegan meat. Investments in the mass production and quality check and regulations would be wise options for strategizing the market entry,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Vegan Meat Market By Product Type (Tofu, Tempeh, Textured Vegetable Protein and Others) By Type of Sales (Institutional Sales and Retail Sales) By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi Arabia vegan meat market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia vegan meat market.
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