DUBAI: The Gulf Cooperation Council (GCC) is experiencing a seismic shift in its dietary landscape, with the plant-based meat market poised for explosive growth.
Projected to surge from $60 million in 2023 to a staggering $500 million by 2030, representing a 734 per cent increase, this burgeoning market presents a compelling opportunity for investors and manufacturers alike.
The phenomenal growth is fueled by a confluence of factors, chief among them the increasing health consciousness of consumers.
While the GCC’s meat market is worth $17 billion, dominated by chicken, itis estimated to grow at a steady six percent annually until 2030, a significant segment of the population is actively seeking to reduce their meat consumption.
A study by Redseer Strategy Consultants reveals that 10-15 per cent of GCC consumers are motivated by health concerns to limit their meat intake.
In the UAE specifically, this figure climbs to 15 per cent, driven by the high-income, Western-influenced demographic. A staggering 74 per cent of these consumers cite health concerns as their primary reason for reducing meat consumption, presenting a clear opportunity for companies to promote healthier, plant-based alternatives.
The trend extends beyond mere dietary modification, encompassing a broader shift towards healthier lifestyles.
Healthy food options
“Consumers are increasingly making conscious choices about nutritious foods, creating a surge in demand for plant-based meat alternatives and other healthy food options. This shift is even permeating the fast-food industry, where “conscious indulgence” is gaining traction,” Sandeep Ganediwalla, Partner at Redseer Strategy Consultants, said.
In the UAE, he said that 26 per cent of consumers express a preference for replacing meat with plant-based alternatives, a trend particularly strong among health-conscious individuals seeking healthier options even when indulging in fast food.
The preference is evident in both the UAE and Saudi Arabia, where over 40 per cent of consumers express a desire for plant-based options in their fast food choices.
“The rise of the “flexitarian” category further fuels the demand for plant-based alternatives. This group, comprising primarily non-vegetarians who are consciously reducing their meat intake, represents a significant 41 per cent of consumers. They are driving demand for plant-based options and healthier food choices, creating a robust market for plant-based meat producers,” Ganediwalla said.
Good opportunity for manufacturers
The broader trend towards health and well-being is evident in the growing preference for food products promoting health, including those with reduced or low sugar content.
“The shift towards healthier choices presents a significant opportunity for manufacturers to develop and market plant-based meat alternatives that not only mimic the taste and texture of traditional meat but also cater to the growing demand for healthier, more sustainable food options,” Ganediwalla said.
The success of this burgeoning market hinges on addressing consumer expectations. To capture a significant share of this rapidly expanding market, he said that players must prioritise taste and quality in their product development, ensuring that plant-based alternatives can satisfy the discerning palates of consumers.
“Additionally, promoting the health benefits of plant-based alternatives and emphasizing their role in sustainable food systems will be crucial for driving continued growth.”
