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UAE-based IFFCO Group is set to commission its first 100% plant-based meat factory to support efforts to accelerate the shift towards sustainable and healthy food products.
The company behind several consumer brands, including London Dairy, Igloo and Al Baker, said the project is part of its new plant-based venture called THRYVE.
The proposed meat factory will be commissioned by early 2023 and will cater to the growing group of health and sustainability-conscious consumers.
“We have embarked on our journey by investing in cutting-edge food technology and are committed to catalysing a sustainable shift in the food system in the Middle East,” said Andrey Dribny, CEO-Culinary at IFFCO Group.
According to a new report, the climate crisis can be addressed by enhancing consumers' accessibility to alternative proteins.
Such an approach is the “most capital-efficient and high-impact” solution to today’s climate concerns, according to Boston Consulting Group, which suggests that more than a third of consumers are willing to ditch of swap meat for alternative food sources.
The global plant-based meat market, estimated to be worth $7.9 billion in 2022, is forecast to reach $15.7 billion by 2027, according to a report published on ResearchAndMarkets.com.
(Reporting by Cleofe Maceda; editing by Seban Scaria )
