According to MarketDigits, the Plant-Based Meat Market is estimated to be valued at USD XX billion in 2020 and is projected to reach USD 8.3 billion by 2027, recording a CAGR of 14.0%, in terms of value.
Latest added Plant-Based Meat Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2027. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Beyond Meat, Vegetarian Butcher, Conagra Brands, Sunfed, Tofurky, Nutrisoy Pty, Sweet Earth Foods. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
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This report studies the Plant-Based Meat Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Plant-Based Meat Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Global Plant-Based Meat Market By Source (Soy, Wheat, Pea, Mycoprotein, Gluten Others), Product (Burger Patties, Sausages, Strips & Nuggets, Meatballs, Others), Type (Pork, Beef, Chicken, Fish, Tofu, Tempeh, Quorn, Mushroom, Seitan, RTC/RTE, Natto, Others), Process (Grinding, Mixing, Blending, Forming/Shaping, Freezing Systems, Storage), End-Use (Retail, Industrial), Distribution Channel (B2B, B2C), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2027″. Early buyers will get 10% customization on study.
To Avail deep insights of Plant-Based Meat Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
Unlock new opportunities in Plant-Based Meat Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high growth opportunities for the Plant-Based Meat market by headset type (standalone, smartphone enabled and PC-connected),by application (military, education, entertainment and media, retail, real estate and healthcare), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market (Plant-Based Meat market, Plant-Based Meat market share) dynamics? What are the key challenges and business risks in this Plant-Based Meat market?
Q.5. What are the business risks and competitive threats in this Plant-Based Meat (Plant-Based Meat market, Plant-Based Meat market share) market?
Q.6. What are the emerging trends in this Plant-Based Meat (Plant-Based Meat market share) market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the Plant-Based Meat (Plant-Based Meat market share) market?
Q.8. What are the new developments in the Plant-Based Meat (Plant-Based Meat market share) market? Which companies are leading these developments?
Q.9. Who are the major players in this Plant-Based Meat (Plant-Based Meat market share) market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this Plant-Based Meat (Plant-Based Meat market share) market and how big of a threat do they pose for loss of market share by material or product substitution?
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It is witnessing significant growth due to growing vegan and flexitarian population across the world, rising awareness about the health benefits offered by plant-based meat over animal meat, and growth in government initiatives along with significant investments are driving the global market. The European market is going to dominate the market, due to innovative product development in the region, backed with appropriate research and development facilities available in the region.
Drivers: Rising Awareness About The Health Benefits Offered By Plant-Based Meat Over Animal Meat
The plant-based trend continues to grow, encouraging people to eat more fruits, vegetables, legumes, nuts, and seeds. Also, there are various health benefits associated with plant-based products, about which consumers are getting more aware recently. Excessive consumption of animal-based meat may result in diet-related diseases such as obesity, type-2 diabetes, heart disease, and certain cancers. On the other hand, the consumption of plant-based meat does not give rise to such diseases. Moreover, they aid in building better immunity. The nutritional benefits of plant-based meats and their safety compared with conventional meat are also some of the important factors that have been contributing to gaining the attention of consumers.
Plant-based meat products are significantly replacing conventionally processed meat products such as burgers, sausages, and nuggets. Plant-based meat contains lower levels of saturated fat, cholesterol, and calories than animal-based meat. They often contain higher levels of micronutrients, such as zinc, iron, and calcium.
Restraints: Higher price of products in comparison to traditional meat
Price is one of the major restraining factors in the plant-based meat market. Plant-based meat is uneconomical when compared to animal-based meat, which is likely to impact its growth in price-sensitive markets such as India, China, and South Africa. Companies offering plant-based meat alternatives are trying to reduce prices, as their high price over conventional meat hinders the rapidly growing plant-based industry.
Plant-based meat is more expensive than regular meat. The prices of plant-based meat products are further expected to increase due to trade barriers, disruptions in the supply of raw materials, and inefficient distribution channels due to COVID-19. The non-availability and high cost of raw materials and high production costs are likely to restrain the growth of the global market. The market growth is further grappled due to the economic slowdown in various countries due to the coronavirus outbreak.
Opportunities: Favorable marketing and correct positioning of plant-based meat
The sales of plant-based meat can be increased by adopting marketing strategies such as diversification and segmentation. The objective is to create more demand among consumers, such as health-conscious consumers, vegetarians, flexitarians, and vegans. Along with this, it is crucial to position the product at the right place through the right sales channel.
Companies need to focus on this criterion to sustain in the market and increase their sales. They need to position themselves by expanding their customer relationships and extended their reach globally. Appropriate labeling can further accelerate market growth. The North American and European plant-based meat markets relatively emphasize the labeling criterion. It is expected that this will be followed by the Asia-Pacific region as well, leading to market growth.
Challenges: Perception regarding the taste of plant-based meat products
Plant-based meat products contain nutritional benefits similar to that of animal meat. Manufacturers try to make the meat substitutes similar to meat in terms of texture, color, flavor, and taste. However, most consumers are disappointed by the taste and variety of meat substitutes. Consumers have a perception that there is a significant compromise in taste if they opt for meat substitutes. For instance, the off-flavor of soy protein makes it undesirable for consumption. The off-flavor is caused by compounds, such as aldehydes, ketones, furans, and alcohols. Medium-chain aldehydes are among the major reasons for the beany and grassy taste of soy products. However, the high nutritional value of soy has led to its demand.
Besides, consumers believe that meat substitutes are either too gummy or too chewy. This has led meat substitute manufacturers to offer innovative products, such as an increase in the density of flesh, mainly the soy protein and wheat gluten, to improve the texture of their meat substitutes, closely mimicking the chewiness of meat.
By source, pea is projected to be the fastest growing segment in this market during the forecast period
Based on source, pea is the fastest growing segment in the plant-based meat market. Pea serves as an alternative for consumers with a soy allergy. The characteristic of pea protein, which is appealing, is its lack of allergenicity and its amino acid profile. It is perceived as a clean-label ingredient and has the added benefits of being soy-free, gluten-free, and lactose-free. Beyond Meat (US) uses pea protein for producing meat alternatives, lending a chewy, meat-like texture to their products. Beyond Meat’s (US) veggie burger consists of pea as one of the key ingredients. The company is joined by Lightlife Foods (US), which, in 2019, expanded its plant-based meat product offerings with the launch of a veggie burger with pea as one of the key ingredients.
By type, beef is projected to account for the largest share in the market during the forecast period
Based on type, beef dominated the market. Plant-based beef provides similar characteristics to that of beef. It provides similar characteristics to that of beef. Beef-related plant-based products such as meat-free beef pieces, no-beef burgers, beef watercress, and beefsteak are made from sources such as soy and wheat. Furthermore, manufacturers are focusing on new product launches to meet consumer demand from vegetarian populations.
By product, beef segment is projected to account for the largest share in the plant-based meat market during the forecast period
By product, burger patties segment dominated the market, and the same trend is projected to follow during the forecast period due to faster production, taste, convenience, and abundance in supply. Burger patties are increasingly popular in the shelf space of retail outlets.
Europe is projected to account for the largest market share during the forecast period
The European market accounted for the largest share in 2019. In Europe, the growing vegan trends, especially in the UK, is expected to increase demand for plant-based meat products. North America is the hub for the plant-based meat market, as the region is backed by start-ups such as Impossible Foods Inc. (US) and Beyond Meat (US); which initiated the development of plant-based meat products. In the Asia Pacific region, plant-based food products are gaining popularity owing to the adaptation of healthy lifestyles, urging consumers to opt for natural ingredients. This is expected to boost sales of plant-based food. Furthermore, the demand for plant-based meat products is expected to increase in the coming years, owing to the growing health concerns among consumers related to animal-based protein sources, ethical concerns, and environmental concerns.
Key Market Players:
Beyond Meat (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), The Vegetarian Butcher (Netherlands), Gardein Protein International (Canada), Morningstar Farms (US), Quorn Foods (US), Amy’s Kitchen (US), Tofurky (US), Gold&Green Foods Ltd. (Finland), Sunfed (New Zealand), VBites Food Limited (UK), Alpha Foods (US), Planterra Foods (US), Before the Butcher (US), No Evil Foods (US), Like Meat (Germany), The Meatless Farm Co. (England), Hooray Foods (US), and Yves Veggie Cuisine (Canada).
Scope of the report
- Meat substitute manufacturers
- Processed meat substitute suppliers
- Government and research organizations
- CEOs and vice presidents
- Marketing directors
- Product innovation directors and related key executives from manufacturing companies and organizations operating in the market
- Plant-based meat manufacturing and marketing companies
This research report categorizes the plant-based meat market based on source, products, type, and region.
- Other sources (quinoa, oats, beans, nuts, and seeds)
- Burger patties
- Strips & nuggets
- Other products (slices, fillets, cutlets, slides, fingers, and crumbles)
- Other types (lamb and turkey)
- North America
- Asia Pacific
- Rest of the World (RoW)
- In October 2020, Impossible Foods Inc. expanded its presence by introducing its flagship product, Impossible Burger, in the Canadian market. The company has made its product available in about 600 Sobeys family stores and on the retailer’s online grocery home delivery service. This will enable the company to expand its retail footprint in the market.
- In September 2020, Beyond Meat rolled out its new product, Beyond Meatballs, which will start being available in the grocery stores across the US. This product will fulfill the consumer demand for nutritious and easy-to-prepare products made from plant-based ingredients.
- In September 2020, Planterra Foods entered into a three-year partnership with the NFL team Denver Broncos. This partnership will give its brand OZO brand title of Plant-Based Food Choice of the Denver Broncos. This strategy will enable the company to advertize its brand and make customers aware of it.
- In September 2020, Beyond Meat Food Co. Ltd., a wholly-owned subsidiary of Beyond Meat, entered into an agreement with Jiaxing Economic & Technological Development Zone (China) to design and develop manufacturing facilities. The state-of-art facility is being designed to manufacture plant-based products under the Beyond Meat brand name in China.
- 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 the vast portfolio of plant-based meat products and will make it more convenient for them to experience Beyond Meat.
- In August 2020, The Kellog Co. invested USD 45 million to expand a manufacturing plant of Morningstar Farm in Ohio. The investment will include USD 25 million in upgraded equipment and USD 18 million in capacity expansion. This expansion will be dedicated to the company’s plant-based product range.
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