Plant Based Meat Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)
The plant based meat products market is projected to reach US$ 14,527.55 million by 2028 from US$ 5,354.72 million in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028.
Plant-based meat has gained significant traction among consumers due to rising environmental sustainability and animal welfare concerns. It is increasingly preferred over animal meat products as people perceive vegan or plant based products to be healthier than animal-derived products.
Plant-based meat products are free of unsaturated fat and have low calorific value, making them healthier than conventional meat products. Manufacturers of plant based meat products offer burger patties, meatballs, sausages, ground meat, etc. They are making significant investments in product innovation to attract a larger number of consumers. They have begun to offer organic, gluten-free, non-GMO, allergen-free products that address emerging market trends.
Based on distribution channel, the plant based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest share of the plant based meat products market in 2020. However, the online retail segment is expected to register the highest CAGR during the forecast period. Online retail confers convenience in terms of shopping and product delivery. Online retail stores offer a wide variety of products with heavy discounts; also, consumers can conveniently buy desirable products remotely. Home delivery services attract a large group of customers to shop through an e-commerce platform. E-commerce websites offer detailed product information, along with user reviews, which help buyers compare products and make informed decisions. In August 2020, Beyond Meat launched a new e-commerce site to make its plant based meat products more accessible to consumers. The website will give consumers easy access to its vast portfolio of plant based meat products, thereby making it more convenient for them to experience Beyond Meat. Such initiatives by key players are projected to drive the growth of plant based meat products market during the forecast period.
Based on region, the plant based meat products market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, Europe held the largest share of the plant based meat products market, and North America is estimated to register the fastest CAGR over the forecast period. The growing prevalence of lifestyle diseases in countries such as the UK, Germany, and Italy makes Europe one of the most lucrative markets for plant based meat products. Health-oriented consumers are opting for healthy and plant based products in their diet. According to “Google Trends” Veganism was one of the Top 5 searched terms on Google in 2019 in the UK and across the world. In 2021, Brighton was found to be the most vegan-friendly city in the UK. It was also the most popular British city for veganism in 2019, followed by Bristol, Bathford, and Norwich, respectively. The increasing concerns over cardiovascular diseases, climate change, and the unethical treatment given to livestock are among the key factors driving the growth of the plant based meat products market across Europe.
The key players operating in the plant based meat products market include Beyond Meat; Conagra Brands, Inc.; Impossible Foods Inc.; Quorn Foods, Inc.; Kellogg Company; Hilary’s Eat Well; Vbites Foods, Ltd.; Before the Butcher; Field Roast; and Tofurky; among others. These players are engaged in developing affordable products to meet the rising customer demands and retain their market shares.
The overall plant based meat products market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the plant based meat products market.
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The key findings and recommendations highlight crucial progressive industry trends in the global plant-based meat products market, thereby allowing players to develop effective long-term strategies.
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Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Plant-Based Meat Products Market - List of 10 Companies
1. Beyond Meat
2. Conagra Brands, Inc.
3. Kellogg’s Company
5. Field Roast
6. Before the Butcher
7. VBites Foods Inc.
8. Hilary’s – Drink Eat Well, LLC.
10. Impossible Foods Inc.
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