The global plant-based meat market accounted for a value of USD 9.6 billion in 2019. The global plant-based meat market is projected to grow at a CAGR of 13.0% during the forecast period.
COVID-19 has impacted all the businesses over the globe. The COVID-19 has positively impacted the plant-based meat market as people are adopting healthy lifestyle to boost their immunity to fight corona virus. Due to lockdown the supply and production was on halt and increasing fear infection from traditional meat has driven the plant-based meat market during pandemic. The plant-based meat, owing to corona virus outbreak is expected to witness growth during forecast period.
For more details, visit: Global Plant-Based Meat Market By Type (Chicken, Beef, others), By Source (Soy, Wheat, Others), By End User (Food Industry, Households, Others), By Region–Forecast & Opportunities to 2026
The consumption of plant-based meat has been increasing. This is mainly because of increase in animal borne disease worldwide. With the on-going global pandemic which is suspected to be animal originated has shifted consumer of traditional meat towards plant-based meat. Thus, drives the market to witness growth during forecast period.
On the basis of type, the plant-based meat market is segmented into chicken, beef, pork, fish and others. The chicken segment is estimated to register growth at highest CAGR during the forecast period. Chicken is used as main meat ingredients in nuggets, sausages, strips and burgers. Chicken is loaded with cholesterol, fats and proteins whereas the protein content on plant-based chicken products is same as animal meat but other nutrient vary. Thus, plant-based meat chicken products have high demand and large sale which drives growth in chicken segment of plant-based meat market during the forecast period.
On the basis of source, the plant-based meat market is segmented into soy, wheat, pea and others. The soy segment is projected to register growth at highest CAGR during the forecast period. Soy is used as a base ingredient for plant-based chicken, beef and pork products. Soy has meat like texture and high protein content. The growing concerns of using animal meat affecting health have lead to adoption of soy which fulfill protein requirement of the body. Thus, drives growth in soy segment of plant-based meat market during the forecast period.
On the basis of end-user, the plant-based meat market is segmented into food industry, household and HoReCa. The HoReCa segment is accounted for the largest market in 2018. It is estimated to witness growth at highest CAGR during the forecast period. The plant-based meat manufacturers are collaborating with many big restaurant chains such as Burger King, MacDonald’s, White Castle, Dunkin’s Donuts and Subway. All these chains offer products based on plant-based meat for health conscious customer. It is easily available at lesser cost thus, this sector is estimated to witness higher sale.
Asia-pacific region is expected to register growth at highest CAGR during the forecast period. The awareness about animal free diet is increasing via global animal welfare organizations such as People for the Ethical Treatment of Animals (PETA) in Asia-Pacific region. The demand for plant-based meat is increasing in this region due to increasing environmental impacts because of animal killing for meat. China is expected to dominate the market in Asia-Pacific region.
The key market players in plant-based meat are Impossible Foods, Garden Protein International, Beyond Meat, Morningstar Farms, Amy’s Kitchen, Quorn Foods, Maple Leaf Foods, The Vegetarian Butcher, Good & Green Foods, Tofurky, Sunfed, Beyond Meat and Vbites.
- What are the expected industry trends over the next three to five years?
- Which of the plant-based meat type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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