Global Plant-based Meat Market was valued US$ 11.90 Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 15.10 % during a forecast period.
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The taste is the top driver of consumer food choice. The global population is projected to reach XX Bn billion by 2027, which will increase the demand for plant-based meat 70%. An increase in awareness about Veganuary and the fact that many retailers have rapidly expanded their shelf space and own label innovative product development for plant-based products are expected to drive the growth in the market. Many restaurants, casual dining venues, and fast-food chains are dedicating to provide meat-free sections to their menu are also contributing significant growth in the global plant-based meat market. Also, shift consumer values have created a favorable market for plant-based meat.
The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Various governments are taking steps to boost growth in the market. For instance, in 2018, the Canadian government announced an investment of US $150 Mn for the country plant protein industry. Also, the German government is financing US$ 78 Mn in research to make plant-based alternatives more meat-like in texture. Plant-based meat products are witnessed as healthy alternatives to meat counterparts, which enabling consumers to enjoy burgers and nuggets guilt-free. However, despite some of the improvements introduced in the taste and variety of plant-based meat products, it remains a barrier to regular consumption by core meat-eaters.
Global Plant-based Meat Market, Regional Analysis:
Region-wise, North America region held the US$XX Mn share in 2019 and is projected to continue its dominant position in the market during the forecast period (2020-2027). An increase in health-consciousness among consumers, concerns about the environmental impacts of meat production, and innovative product launches are expected to influence the growth of plant-based meat market size in the region. The population in developed countries like the U.S. and Canada have a concern about the overweight issues and obesity. The intake of the high-fat content food and a decrease in the physical activities because of the sedentary nature of many forms of work are some of the reason, which causes the high rate of obesity. As a result, consumers are becoming conscious about their food consumption and taking the essential steps on cutting down on the unnecessary intake of fat content in their regulatory diet.
However, the UK is one of the markets, which is projected to grow at a XX % rate of CAGR during the forecast period. It is the largest market in Europe for the consumption of plant-based meat products, which is accounting for nearly about 40 % of the European plant-based meat market. A key factor in the growth of the plant-based industry, mainly in the UK, is the rise in the ethical focus of the consumer, which is led by the millennial generation and the emergence of the flexitarian consumer.
The leading key players in the plant-based meat industry represent a range of heritage brands. The new entrants are focusing on innovation, product development, and marketing strategies to establish their robust presence in the market. They are also trying to take note of shifting consumer interests to introduce tasty foods as per the customization. A significant number of start-ups and disruptor key players in many geographies are launching new and exciting products into the market to increase the consumer base and demand for innovative products and flavors. Currently, Burger King launched the vegetarian Impossible Whopper, which is becoming one of the most successful product launches in brand history with comparable sales of positive 5%.
The objective of the report is to present a comprehensive analysis of Global Plant-based Meat Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Plant-based Meat Market dynamics, structure by analysing the market segments and project the Global Plant-based Meat Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Plant-based Meat Market make the report investor’s guide.
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Global Plant-based Meat Market, By Source
• Others (Quinoa, oats, beans, nuts, and seeds)
Global Plant-based Meat Market, By Type
• Others (Lamb and turkey)
Global Plant-based Meat Market, By Product
• Burger patties
• Strips nuggets
Global Plant-based Meat Market, By Process
• Freezing Systems
Global Plant-based Meat Market, By Region
• North America
• Asia Pacific
• Middle East Africa
• South America
Key players operating in Global Plant-based Meat Market
• Beyond Meat
• Impossible Food Inc.
• Maple Leaf Foods
• The Vegetarian Butcher
• Amy’s Kitchen
• GoldGreen Foods Ltd.
• VBites Foods Limited
• Gardein Protein International
• Morningstar Farms
• Quorn Foods
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