Saudi Arabia Plant-Based Food Market is Projected to Reach Around USD 534.7 Million By the End of 2030 with a Growing CAGR of 11.15% | Infinium Global Research

Infinium Global Research has added a new report on Saudi Arabia Plant-Based Food Market. The report covers the analysis of the regional markets of Saudi Arabia. Moreover, the report gives insights into the factors that affect the regional performance of the market in the short run and in the long run. The Saudi Arabia plant-based food market is a customer intelligence and competitive study of the demand, forecasts, trends, and macro indicators in the Saudi Arabia market. The dynamics include drivers, restraints, opportunities, political, socioeconomic factors, technological factors, key trends, and future prospects. The Saudi Arabia plant-based food market was valued at USD 233.2 Million in 2022 and is expected to reach USD 534.7 Million by 2030 and grow at a CAGR of 11.15% over the forecast period.

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Key Drivers of Plant-Based Food Market Growth

Veganism is on the rise in Saudi Arabia, with the trend significantly driven by the country's youth. Young Saudis are increasingly advocating for animal rights, with many filing petitions to the government to address animal cruelty. The shift towards a vegan lifestyle is further supported by influential figures, including Prince Khaled Alwaleed bin Talal, who has embraced veganism and actively promotes the lifestyle.

The number of restaurants offering vegan dishes in Saudi Arabia has grown substantially in recent years, with approximately 80 restaurants across the country now serving vegetarian foods. As the vegan trend continues to gain traction, the demand for plant-based foods is on the rise, shaping the plant-based food market in Saudi Arabia.

Health Concerns and Plant-Based Foods

Animal-based diets have been associated with various health conditions, including heart diseases, diabetes, and cancer. Scientific studies have established a correlation between the consumption of animal-based foods and the occurrence of these health disorders. For instance, research conducted by the University of Oxford revealed that a vegetarian diet could reduce the risk of heart disease by up to 32%. A study by the Harvard School of Public Health found that one serving a day of red meat in adolescence or early adulthood was associated with a 13% higher risk of breast cancer.

The Kingdom of Saudi Arabia is witnessing a growing prevalence of chronic diseases, such as cardiovascular diseases (CVD) and obesity. Approximately 5.5% of the population is affected by CVD, and about 35.5% suffer from obesity. Plant-based foods, which are rich in dietary fiber, have been found to help manage weight and tackle obesity effectively. Moreover, allergies like lactose intolerance are further contributing to the adoption of plant-based foods.

Challenges in Pricing

Plant-based meats and eggs are generally more expensive than their animal-based counterparts, primarily due to small-scale production and lower market demand. Government subsidies enjoyed by animal farms lower the cost of production for animal-based food products, making them more affordable. Animal feed subsidies in Saudi Arabia, totaling USD 320 million per year, benefit small livestock farmers.

While animal-based food industries benefit from established production capacity, efficient supply chains, and expansive distribution networks, plant-based food products are relatively new to the market. This novelty results in higher production costs per unit. However, as plant-based food brands work on innovative production processes and source readily available ingredients, prices are expected to decrease in the coming years.

Prominent Players and Growth Prospects

The plant-based food market, while currently niche and comparatively smaller, is expected to expand in Saudi Arabia over the forecast period. Leading plant-based food brands like Beyond Meat, Impossible Foods, and Danone are expanding their presence in the Saudi Arabian market.

The market is further bolstered by the entry of plant-based food startups. For example, Freakin' Healthy, a plant-based snack food startup established in 2018, now distributes 10 product lines across 250 locations in Saudi Arabia. Investment firms are also showing a growing interest in the plant-based food market, with companies like KBW Ventures investing in various plant-based product companies.

The accessibility and increasing product availability in retail locations are presenting favorable growth opportunities for market expansion. New plant-based food launches in grocery stores and specialty health-food stores are gaining considerable demand, attracting health-conscious consumers. As flexitarians, vegetarians, and vegans continue to grow, sales of plant-based foods are set to escalate in the coming years.

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Table of Content

Chapter 1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

Chapter 3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for Saudi Arabia Plant-based Food Market

3.5. IGR-Growth Matrix Analysis

3.6. Competitive Landscape in Saudi Arabia Plant-based Food Market

Chapter 4. Saudi Arabia Plant-based Food Market by Product

4.1. Plant Based Milk

4.2. Plant Based Meat

4.3. Plant Based Meal

4.4. Plant Based Condiments

4.5. Plant Based Eggs

4.6. Others

Chapter 5 Saudi Arabia Plant-based Food Market by Source

5.1 Overview

5.2 Soy

5.3 Almond

5.4 Gluten Containing Seeds

5.5 Other Sources

Chapter 6 Saudi Arabia Plant-based Food Market by Distribution Channel

6.1 Overview

6.2 B2B

6.3 B2C

6.3.1 Supermarkets and Hypermarkets

6.3.2 Convenience Stores

6.3.3 Online Stores

6.3.4 Other Channels

Chapter 7 Company Profiles and Competitive Landscape

7.1 Competitive landscape

7.2 Company Profiles

7.2.1 Beyond Meat, Inc

7.2.1.1 Overview

7.2.1.2 Company Snapshot

7.2.1.3 Financial Snapshot

7.2.1.4 Product Portfolio

7.2.1.5 Recent Development

7.2.2 Freakin' Healthy

7.2.2.1 Overview

7.2.2.2 Company Overview

7.2.2.3 Product Portfolio

7.2.3 KOITA Foods

7.2.3.1 Overview

7.2.3.2 Company Snapshot

7.2.3.3 Product Portfolio

7.2.4 Upfield BV

7.2.4.1 Overview

7.2.4.2 Company Snapshot

7.2.4.3 Product Portfolio

7.2.4.4 Recent Development

7.2.5 Kellogg Company

7.2.5.1 Overview

7.2.5.2 Company Snapshot

7.2.5.3 Financial Snapshot

7.2.5.4 Product Portfolio

7.2.6 List of Other Companies

More Insights on this report, Speak to Our Analyst: https://www.infiniumglobalresearch.com/saudi-arabia/enquiry/21103

Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of Saudi Arabia plant-based food.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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