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MARKET OUTLOOK

Triton Market Research has stated that the plant-based food and beverage market in the Middle East and Africa is likely to progress with a CAGR of 8.35% in the projected years from 2021 to 2028. Turkey, the United Arab Emirates, Saudi Arabia, South Africa, and Rest of MEA together form the market in this region.

It has been reported that nearly 69% of the population in Turkey is lactose intolerant. FOMILK is a Turkish brand offering plant-based milk in the country. Owing to the increasing popularity of its non-dairy product range, the company has started expanding in the Middle East and beyond. Veganism is significantly increasing in Turkey. The Vegan and Vegetarians Association of Turkey, launched ‘Vegfest,’ to increase public awareness of veganism in the country. 

Also, new vegan mini markets are coming up in the country. For example, in Istanbul, Vegan Dukkan – Ecolife is a vegan mini market & health food store offering vegan food products. These developments indicate that the market for plant-based food and beverage in the country will grow further in the coming years.

About 80% of the people in South Africa are lactose intolerant. Thus, over the last few years, they have started adopting a vegan lifestyle. The vegan population in the country has increased significantly in the country since 2018. Infinite Foods is an Africa-based company offering plant-based food products. It has joined hands with companies such Oatly, Beyond Meat, and others, which offer plant-based meat and milk products. These factors are aiding the market development in the country.

COMPETITIVE OUTLOOK

The prominent companies operating in the plant-based food and beverage market are Sweet Earth Inc, Danone SA, Pacific Foods Of Oregon, Field Roast Grain Meat Co Inc, Daiya Foods Inc, Quorn Foods, Amy’s Kitchen, Conagra Brands, and Kikkoman Corporation.