Report : Middle East & Africa Plant-Based Meat Products Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
At 15.5% CAGR, the MEA Plant Based Meat Products Market is speculated to be worth US$ 5,311.09 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA plant based meat products market was valued at US$ 138.15 million in 2021 and is expected to reach US$ 379.17 million by 2028, registering an annual growth rate of 15.5% from 2021 to 2028. Developing importance of environment sustainability and expanding veganism and vegetarianism trends are the critical factors attributed to the market expansion.
Plant-based meat manufacturers are making significant investments in product innovation to attract a large number of consumers. They have begun to offer organic, gluten-free, non-GMO, allergen-free products that address various consumer requirements. Moreover, they are also using plant proteins other than soy and pea protein to differentiate their products from their competitors’. The company realized that jackfruit is an underutilized resource and manufactured its products using jackfruit as the main raw material. This factor offers a competitive edge to the company over its competitors. Plant-based meat manufacturers are also developing products that address the local needs of consumers. Considering this as an opportunity, startups, such as OmniFoods and Karana, have begun to manufacture plant based pork, which is expected to gain huge momentum in the coming years. This is expected to drive the market during the forecast period
On the contrary, product price is high of plant based meat products hurdles the growth of MEA plant based meat products market.
Based on type, the MEA plant based meat products Market is divided into patties, nuggets, meatballs, sausages, and others. The patties segment held 46.4% market share in 2021, amassing US$ 64.07 million. It is projected to garner US$ 181.10 million by 2028 to expand at 16.0% CAGR during 2021–2028.
Based on category, the MEA plant based meat products Market is categorized into frozen, refrigerated, and ambient. The frozen segment held 71.5% market share in 2021, amassing US$ 98.74 million. It is projected to garner US$ 266.65 million by 2028 to expand at 15.2% CAGR during 2021–2028.
Based on distribution channel, the MEA plant based meat products Market is categorized into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 64.6% market share in 2021, amassing US$ 89.24 million. It is projected to garner US$ 242.51 million by 2028 to expand at 15.4% CAGR during 2021–2028
Based on country, the MEA plant based meat products market has been categorised into the South Africa, Saudi Arabia, UAE, and Rest of MEA. Our regional analysis states that Rest of MEA captured 69.8% market share in 2021. It was assessed at US$ 96.42 million in 2021 and is likely to hit US$ 261.48 million by 2028, exhibiting a CAGR of 15.3% during the forecast period.
Key players dominating the MEA plant based meat products market are Kellogg’s Company; Tofurky; VBites Foods Ltd; Quorn; and Impossible Foods Inc. among others.
- In Sep 2020, Gardein (Conagra Brands, Inc.) debuts a first-ever collection of plant based meat alternative soups.
- In April 2022, Beyond Meat expands the availability of beyond chicken tenders at over 8,000 new outlets nationwide, including grocery, pharmacy, and club stores.