In our previous newsletter, we explored the rapid growth of the plant-based protein market in the UAE and GCC, driven by evolving consumer preferences and health-conscious trends. This follow-up interview provides further insights into the dynamic shifts and opportunities within this emerging sector. 

Read on for an exclusive conversation with Edward Hamod, Founder and CEO of Switch Foods, as we discuss the current market landscape, consumer behavior, and the future of plant-based proteins in the region. I hope you found these insights helpful. For a more detailed discussion of how these changes impact your business, feel free to reach out to us. 

Read on for further insights. 

Key Insights from Our Last Newsletter

1. Meat is a $17 Bn opportunity with chicken accounting for over 80% of GCC; However, 10-15% of consumers want to reduce meat consumption due to its negative health impact 

Chicken accounts for the largest meat market share in the GCC (almost 80%), unlike in the West where beef and pork are more dominant. While it has remained a dominant category, there is a significant shift in consumers’ behavior. 

In UAE, ~15% of consumers are looking to reduce their meat consumption due to health concerns. This trend is driven by the high-income, Western-influenced population. Nearly 74% of these consumers cite health concerns as the primary motivation for reducing meat consumption. For players, this presents an opportunity to promote healthier meat alternatives. 

2. This is resulting in a ~$500Mn plant-based meat market in the GCC 

The plant-based meat market in the GCC is expected to grow significantly, reaching approximately $500 million by 2030. This growth is driven by several factors: the meat market is projected to grow at a CAGR of 6% by 2030, increased awareness and brand efforts are boosting the percentage of the population willing to try plant-based options, and improvements in taste are driving higher repeat rates. Enhanced product taste and quality are expected to further increase consumer stickiness. 

 For market players, this signifies a lucrative opportunity to invest in and develop plant-based products, ensuring they meet consumer expectations for taste and quality to capture a significant share of this rapidly expanding market. 

We had the opportunity to discuss this fascinating industry with the CEO of Switch Foods, a leading innovator in the GCC. 

Exclusive Interview with Edward Hamod, Founder and CEO of Switch Foods 

Sandeep Ganediwalla, Partner at Redseer Middle East, recently had the opportunity to engage in an exclusive one-on-one discussion with Edward Hamod, Founder and CEO of Switch Foods, a leading innovator in the plant-based protein market in the GCC. Switch Foods is quickly becoming a household name for those seeking healthier, sustainable, and delicious alternatives to traditional meat products. In this exclusive conversation, Edward shares insights on navigating the evolving landscape of plant-based foods in the region and how Switch Foods is driving growth and innovation. 

Read on to gain valuable insights from one of the leading champions in the plant-based protein sector. 

Sandeep Ganediwalla: Edward, thank you very much for joining us today. It’s truly a pleasure to have you here. To start, could you kindly give us an overview of your current business and share what inspired you to embark on the journey of founding Switch Foods? 

Edward Hamod: Sure, Sandeep. I’ve been in the food processing industry since 2005, working in various geographies. The journey into plant-based foods began due to a personal health event in my family, which made me dive deeper into the foods we consume. This drove me to explore the plant-based landscape globally.  

We saw a significant opportunity in the UAE and GCC region due to rising health consciousness and government support for food security and sustainability. We incorporated Switch Foods in 2022 to accelerate consumer adoption of plant-based meat in the region. 

Sandeep Ganediwalla: How has the market reacted to Switch Foods? What has been the response so far? 

Edward Hamod: The response has been positive. We are leading in market share in many retailers, which is a great validation from consumers.  

Initially, 95% of our sales were from retail, but now we see significant growth in the food service sector, such as restaurants and cafes. This shift is promising as it indicates wider acceptance and demand for our products. 

Sandeep Ganediwalla: Can you elaborate on the competitive landscape? How do you differentiate Switch Foods from other players in the market? 

Edward Hamod: Our main competitors are not other plant-based brands but traditional meat products. Our differentiation lies in three main pillars: taste, health, and sustainability. Our products are known for their great taste and are allergen-free, gluten-free, non-GMO, and sustainably sourced.  

We focus heavily on ensuring our products are delicious because, at the end of the day, people need to enjoy their food. 

Sandeep Ganediwalla: What are the major challenges you foresee for Switch Foods and the plant-based industry in the region? 

Edward Hamod: One of the biggest challenges is consumer behavior change. While there is a growing interest in healthier, sustainable eating, it takes time for people to adopt new eating habits. Additionally, the meat industry lobby is strong and can influence public perception. However, we are confident in our product quality and the growing trend towards plant-based diets. 

Sandeep Ganediwalla: How has your experience been with raising funds for Switch Foods? 

Edward Hamod: Fundraising has been challenging but manageable. We raised an initial seed round of $6.5 million and are currently closing a second round of $7 million. Having a solid network of investors who understand the strategic value and long-term potential of our business has been crucial. 

Sandeep Ganediwalla: What are the next steps for Switch Foods in terms of growth and expansion? 

Edward Hamod: Our immediate goal is to expand our product line and increase our presence in both the retail and food service sectors. We plan to introduce new chicken-based products and continue to build our brand through marketing and education. In the long term, we aim to establish local production facilities in major markets to ensure sustainability and reduce logistics costs. 

Sandeep Ganediwalla: Where can people try Switch Foods products? 

Edward Hamod: Our products are available in all major retail stores like Carrefour and Lulu, as well as online on platforms like Talabat and Careem. We also have collaborations with restaurants such as El Safadi and Millennium Hotels. We are continuously expanding our presence in more food outlets and cafes. 

Sandeep Ganediwalla: What’s your elevator pitch to potential investors? 

Edward Hamod: The MENA region imports 90% of its food, making food security a priority. Switch Foods addresses this by providing locally produced, affordable plant-based meat. The combination of government support, a young population, and high meat consumption creates the perfect environment for growth. We are positioned to not only meet local demand but also lead the market in innovation and sustainability. 

Sandeep Ganediwalla: Thank you, Edward, for sharing your insights and journey with us. Best of luck with Switch Foods. 

Edward Hamod: Thank you, Sandeep. It was a pleasure talking to you