Consumer demand for alternative protein is growing and supermarket chains, big brands, and startups are all vying for a slice of the market.
Across the globe people are making lifestyle changes due to the impact meat production has on the environment and climate change. 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. Over the last few years, many alt-meat brands entered the market such as Beyond Burger, Meatless Farm, Impossible Burger, Linda McCartney and Quorn. Now two new players are set to shake up the market.
Black Sheep Foods
Saudi Arabia’s Prince Khaled bin Alwaleed bin Talal is a pioneer in the plant-based food market in the region. In December 2022, Prince Khaled’s KBW Ventures invested in US-based alternative meat company Black Sheep Foods.
The San Francisco-based start-up launched in 2019 and has raised $12.3m in Series A funding thus far. According to a press release, the company specializes in plant-based meat alternatives. Its best selling product is a plant-based lamb meat alternative, which Prince Khaled 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-based 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 will be an innovative plant-based food hub that aims to develop, manufacture, and market sustainable alternative products. Furthermore, the company will utilize new research and technology with Middle Eastern cuisine and traditions to create products that cater specifically to the region’s demand for sustainable foods.