Publication Month: May 2022 | Report Code: TIPRE00028970 | No. of Pages: 178 | Category: Food and Beverages | Status: Published
Plant-based meat products include patties, meatballs, nuggets, sausages, and ground meat, among others. Plant-based meat products are free of unsaturated fat and have low calorific value, which makes them healthier than conventional meat products. Consumers are increasingly shifting to plant based meat products from animal meat products owing to the rising prevalence of obesity, diabetes, and other diseases.
In 2020, Europe held the largest share of the global plant based meat products market, and North America is estimated to register the fastest CAGR during the forecast period. According to the “Plant-Based Food Association,” the retail sales of plant based foods in the US increased by 11% in 2019, compared to that in 2018, hitting the market value of US$ 4.5 billion. The high nutritional value of plant based meat products, such as sausages, meatballs, and nuggets, has triggered their demand in North America in the last few years, especially among young adults. Moreover, the plant based meat market is centered in this region due to the presence of start-ups such as Impossible Foods Inc. and Beyond Meat that pioneered the production of these products.
|Market Size Value in||US$ 5,354.72 million in 2021|
|Market Size Value by||US$ 14,527.55 million by 2028|
|Growth rate||CAGR of 15.3% from 2021 to 2028.|
|Forecast Period||2021- 2028|
|No. of Pages||178|
|No. of Tables||86|
|No. of Charts & Figures||81|
|Historical data available||Yes|
|Segments covered||Type, Category, and Distribution Channel|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The food & beverages sector faced unexpected challenges amid the COVID-19 pandemic. Various restrictions imposed by governments, such as lockdowns, production shutdowns, travel bans, and border restrictions, disrupted the global supply chains in 2020. This led to a shortage of raw materials and labor, which hampered the production of various small-scale and large-scale food and beverage manufacturers. However, the health and wellness trends evolved dramatically due to the COVID-19 pandemic, as people became more concerned about their health and immunity, which created massive demand for plant based products. Health and wellness are the key motivators for adopting alternative or plant based proteins. Further, in 2021, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap. This factor is projected to offer ample opportunities for the plant based meat products market players during the forecast period.
The vegetarian population, especially the vegan population, has grown significantly in recent years. People are increasingly switching to vegetarian diets, owing to increased health concerns. Many dieticians and health practitioners recommend reducing meat consumption and switching to a vegetarian diet to reduce the risks of chronic health issues, such as obesity, heart diseases, high blood pressure, and digestive disorders. According to Google Trends, veganism was one of the Top 5 searched terms on Google in 2019 in the UK and across the world. Thus, the surging trend of veganism and vegetarianism boosts the plant based meat products market progress.
Based on type, the plant based meat products market is categorized into patties, nuggets, meatballs, sausages, and others. The patties segment held the largest share in the market, however, the others segment is expected to register the highest CAGR during the forecast period. Other plant based meat products include cold cuts, minced, and fillets. Soy is commonly used to make plant based alternatives to fillets, minced meat, and cold cuts, among other red and white meat products, providing consumers the freedom to prepare various cuisines, such as Italian, Thai, Vietnamese, American, and Indian, without compromising on their health.
Based on category, the plant based meat products market is segmented into frozen, refrigerated, and ambient. The frozen segment held the largest share of the market, whereas the refrigerated segment is projected to register the highest CAGR during the forecast period. Frozen plant based meat products have a longer shelf life. These products can be stored for months in freezer. Moreover, they are easy to prepare and store. Thus, the extended shelf life of frozen plant based meat products is a major factor driving their popularity among consumers.
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 market share in 2020. Supermarkets and hypermarkets are large retail establishments that offer a wide range of groceries, foodstuffs, beverages, and other household goods. Products from various brands are available at reasonable prices in these stores, allowing shoppers to find the right product quickly. Moreover, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience. Manufacturers of plant based meat products usually prefer to sell their products through supermarkets and hypermarkets owing to the high footfall received by these stores.
The major 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 companies mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.
The List of Companies - Plant-Based Meat Products Market