A plant-based future

In recent years, there has been a noticeable shift towards plant-based diets, with many people opting to reduce or eliminate meat consumption altogether. This trend is being driven by concerns relating to health and the negative impact meat production has on the environment, as well as concerns about animal welfare and the ethical implications of consuming animal products.

As a result, the global plant-based meat market is growing at a rapid pace. A report by Grand View Research reveals that the market is expected to grow by 19.3% from 2022 to 2030.

In a region where traditional food is heavily dominated by meat, the plant-based market is relatively small compared to Europe and the US. However, things are changing. In previous years, products such as soy-based burgers and vegetarian sausages dominated the meat alternative market, but there are a growing number of innovative alternatives emerging. These include plant-based seafood, meat alternatives made from fungi and algae, and lab-grown meat, which is grown from animal cells in a lab rather than being produced through traditional farming methods.

Over the last few years, many alt-meat brands entered the GCC market including Beyond Burger, Meatless Farm, Impossible Burger, Linda McCartney and Quorn. Now two new players are set to shake up the landscape.

Black Sheep Foods

Saudi Arabia’s Prince HRH Prince Khaled bin Alwaleed bin Talal Al Saud is a pioneer in the plant-based food market in the region.

In December 2022, his company KBW Ventures invested in US-based alternative meat company Black Sheep Foods.

The San Francisco-based start-up launched in 2019 and has raised US$ 12.3million in Series A funding thus far. The company specialises in plant-based meat alternatives and its best selling product is a plant-based lamb meat alternative, which HRH Prince Khaled bin Alwaleed bin Talal Al Saud reportedly described as “shockingly good”.

Consumers in the Middle East are known to be particularly discerning about lamb, but the product is already garnering high praise.

Thryve

In November 2022, UAE-based group IFFCO announced the launch of THRYVE, which it claims is the Gulf region’s first 100% plant-base meat venture.

IFFCO is an international group that manufactures and markets FMCG brands such as Noor, Rahma, Al Baker, Hayat and Savannah. In a statement, the company announced that THRYVE aims to be an innovative plant-based food hub that will develop, manufacture and market sustainable alternative products. Furthermore, the company will utilise new research and technology and blend it with Middle Eastern cuisine and traditions to create products that cater specifically to the region’s demand for sustainable foods.

In conclusion, the move from meat to plant-based diets is a growing trend that is being driven by a range of factors and the GCC is no exception. Therefore, the meat alternative market is expected to continue to grow and innovate, with new products, stakeholders and innovations entering the market in the next few years.