According to the recent research report titled ‘Global Plant-based Meat Market - Analysis By Source, By Product, By Region, By Country: Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global plant-based meat market was worth USD 4291.58 million in 2019 and is projected to record a considerable growth during 2020-2025.
 

Increasing number of buyers demanding the product for leading healthy lifestyle or for clinical reasons is primarily driving global plant-based meat market growth.
 

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Notably, producers are making consistent efforts to manufacture plant-based meat, an alternative source of protein. Surging obesity rate around the world, combined with consumer interest in healthy food substitutes are expected to further augment worldwide plant-based meat industry share.
 

Speaking of recent developments, plant-based meat business was hampered due to product shortage owing to temporarily shuttered plants and increasing number of ill workers. Major players like Impossible Foods Inc., Beyond Meat Inc., and Tofurky Co. ramped up production amid the pandemic while also providing discounts on their plant-based meat products to broaden their customer base, open more outlets, and add to their relationships with stakeholders. Such efforts by manufacturers will revive and multiply the market remuneration.
 

With respect to source type, global plant-based meat market is categorized into pea, wheat, soy, and others. Of these, soy holds a major market share and is expected to grow substantially through 2025, attributable to improved customer awareness about various medical benefits offered by soy, along with growing use in snacks, cookies, wafers, and baked products.
 

Meanwhile, pea segment is anticipated to gain traction due to its superior quality, and for being a protein rich option for vegans, veggie lovers, lactose-bigoted buyers, and individuals looking for nutrient rich protein alternatives.
 

Based on product segment, global plant-based meat industry is split into nuggets, sausages, burgers, and others. Among these, burger patties segment held significant industry share in the past, creditable to introduction of various veg burger types and plant-based ingredients to meet the taste expectations of the customers. Furthermore, industry leaders and startups are conducting continuous research and development to improve the design, garnish, and structure of plant-based meat burger patties, which is expected to drive the product demand.
 

Regionally, North America is a major contributor to global plant-based meat market valuation on account of increasing veggie enthusiasts, and growing acceptance of vegetarianism among the population. Changing lifestyle, rising number of patients suffering from non-communicable diseases in the United States, growing adoption of plant-based products due to health benefits, and the presence of global leaders in the region are bolstering North America market outlook.
 

Major players impacting global plant-based meat market trends are VBites Group, Tofurky Co., Gold&Green Foods Ltd., Quorn Foods, Amy's Kitchen, Garden Protein International Inc., LightLife (Maple Leaf Foods), The Vegetarian Butcher (Unilever), Beyond Meat Inc., and Impossible Foods Inc.