Saudi Arabia Vegan Meat Market to Grow Due to Extensive Research until 2026
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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