January 11, 2022
According to the research report titled ‘Global Plant Based Meat Market - Analysis By Source, By Product, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global plant based meat market was worth USD 4291.58 million in 2019 and is touted to deliver substantial returns over the analysis period 2020-2025.
As per the report findings, surging consumer demand for plant-based meat products, either for clinical or lifestyle reasons, and increasing manufacturer focus on creating alternative sources of protein are the primary factors driving global plant based meat market growth.
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Additionally, growing obesity rate, and consumer inclination towards healthy food alternatives will also propel market demand in the upcoming years.
Notably, the coronavirus pandemic had a heavy impact on the meat industry, as production units were shut down due to growing number of sick workers. During this time, companies such as Impossible Foods Inc., Beyond Meat Inc., and Tofurky Co. increased the production of plant-based meats and also offered discounts on their products to enhance their reach and consumer base, thereby expanding the market remuneration scope.
Based on product type, worldwide plant based meat industry is arrayed into burger patties, sausages, nuggets, and others. Burger patties segment held a substantial market share in the recent past, owing to introduction of various veg burgers, and incorporation of plant-based ingredients to satisfy the desire and taste of customers. Moreover, ongoing R&D activities for enhancing the structure, design, and garnishing of plant based meat burger patties are attracting flexitarians to try these products, which is further driving the segmental growth.
Based on source type, the industry classification comprises, soy, wheat, pea, and others. Among these, soy segment currently captures a major market share, driven by consumer consciousness about various medical advantages of soy, and its rising use in snacks, wafers, cookies, and baked goods.
On the regional front, North America is touted to be the most lucrative avenue in global plant based meat market over 2020-2025, due to factors such as exponential growth in the region’s vegetarian population, rising prevalence of non-communicable diseases in the U.S., changing lifestyle practices, and growing acceptance of plant sourced products in the region.
Prominent players in the industry include VBites Foods Ltd., Turtle Island Foods Inc. (Tofurky), Gold&Green Foods Ltd., Marlow Foods Ltd. (Quorn), Amy's Kitchen, Conagra Brands Inc. (Gardein), Maple Leaf Foods, The Vegetarian Butcher (Unilever), Beyond Meat Inc., and Impossible Foods Inc.