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Middle East Plant Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

Middle East Plant Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

  • September 2022
  • ID: 6321753
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Middle East Plant Protein Market stood at 682.50 million usd in 2021 and is projected to register a CAGR of 4.62% to reach 855.41 million usd in 2026.

Key Highlights
Largest Segment by Product Type - Soy Protein : Soy protein remained the most favored type due to its low cost and excellent quality. The F&B and animal feed industries drove the soy protein segment in the region.
Largest Segment by End User - Food and Beverages : The higher supply of plant proteins like rice, pea, and wheat proteins that have an ability to mimic meat texture and offer protein fortification is catering to the segment.
Fastest Growing Segment by Product Type - Pea Protein : Pea protein demand is growing in meat alternatives due to their quick rehydration, neutral flavor, and texturizing abilities, leading to the development of new products.
Fastest Growing Segment by End User - Food and Beverages : The demand for plant proteins, mainly pea protein, is growing due to its versatility and an increasing number of Arabs are shifting their preferences toward vegan meals.

Key Market Trends

Largest Segment By End User : Food and Beverages

By end-user, plant protein has many applications in the F&B segment, which is majorly driven by the meat and meat alternatives segment. In 2020, the industry claimed a share of 17% of the overall plant proteins used in the region.
With the growing trend of veganism in the region, the protein ingredients sourced from soy, wheat, and pea are gaining traction among consumers. As of the 2017 census, Israel had the world’s leading vegan population. It is also popularly known as the world’s vegan capital, further expanding the consumer base and driving innovations in various food products.
The F&B segment was followed by animal feed, with the majority application share recorded from soy proteins. In 2020, about 81% of plant protein demand in the animal feed segment was met by soy protein due to its abundant availability and lower price points. Over the review period, soy proteins were about 50% cheaper than other plant protein types.

Largest Country : Saudi Arabia

By country, Saudi Arabia maintained its top position, followed by Iran, in 2020, primarily driven by the F&B sector. The market has benefited from large investments, especially by the industry’s leading companies, which has led to a solid market structure and organized sales. Nonetheless, the top two countries also remained the fastest growing in the market. Over the forecast period, with a CAGR of 6.91%, Iran is set to record the fastest growth rate by volume. Increased government support is accelerating national market growth. For instance, the government of Saudi Arabia released an up-to-date list of animal feed subsidies, including animal feed products such as soy protein meal.
Increased veganism and rising demand for allergen-free sources, especially in modernizing countries like the United Arab Emirates, are further driving the value growth. As a result, sources like pea protein have been gaining prominence due to their ability to act as an excellent substitute for soy protein when incorporated into meat substitutes.

Competitive Landscape

The Middle East Plant Protein Market is fragmented, with the top five companies occupying 13.29%. The major players in this market are Axiom Foods, Inc., CHS Inc., DuPont de Nemours Inc, Kerry Group plc and Wilmar International Ltd (sorted alphabetically).

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