July 28, 2020
According to the research report titled ‘Global Plant-Based Meat Market Size study with COVID-19 Impact, by Raw Material (Soy, Wheat, Pea), Product (Burger Patties, Sausages, Strips & Nuggets, and Meatballs), Distribution Channel (Retail Outlets, Foodservice, E-commerce) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global plant-based meat market was worth USD 3.08 billion in 2019 and is projected to expand with a CAGR of 17% during 2020-2026.
Surging demand for plant-based meat products from an increasing customer base due to medical reasons or inclination towards a healthy lifestyle is the primary growth driver of global plant-based meat market. Moreover, continuous R&D activities by manufacturers of plant-based meat for developing products with improved texture, aroma, nutritional value, and longer shelf life is likely to augment the market growth in the forthcoming years. Rising cognizance among people regarding animal rights through global welfare organizations like Animal Aid and PETA, has promoted the adoption of vegetarian diets. Additionally, booming vegan population across the globe is adding significant momentum to the industry expansion.
For the uninitiated, plant-based meat products, or meat substitutes, are made to imitate the same properties found in natural meats, providing consumers environment friendly and more sustainable products. They are mostly made from extracted plant protein or whey protein, binding ingredients, and spices. Although sodium content is found to be higher in these products, the number of calories is nearly same as that of meat, but have a higher amount of fiber and less cholesterol.
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According to European Commission, in 2017, 9% of Germany’s population comprised of vegans and vegetarians, 5% in France, and 7% in UK. These people have included vegetarian food in their diet as well as replaced meat with plant proteins. Similar transition towards vegan food in other countries is expected to favor the growth of global plant-based meat market in the upcoming years.
The spread of COVID-19 virus worldwide has positively impacted global plant-based meat market due to the fear of contracting animal borne disease among the consumers, as the disease is believed to have a zoonotic origin. In addition, the pandemic has stimulated the demand for natural and clean label products which is met by plant-based meat products, thereby boosting the industry growth. On the contrary, allergies linked with plant-based protein sources like wheat and soy may impede the demand for plant-based meat substitutes.
Citing the regional landscape, global plant-based meat market is fragmented into Latin America, Europe, North America, Asia Pacific, and Rest of the World. The report states that North America holds a significant market share presently, on account of increasing vegan population, coupled with extended storage space for plant-based meat products in retail chains.
Meanwhile, Asia Pacific plant-based meat market is expected to display strong growth over the anticipated timeline owing to growing health conscious population, in tandem with rising awareness about the health benefits offered by plant-based meats.
Major players in global plant-based meat market are Gold & Green Foods Ltd. Oy, Tofurky, The Vegetarian Butcher, Maple Leaf Foods Inc., Amy’s Kitchen, Quorn Foods, Morningstar Farms (Kellogg Company), Garden Protein International Inc., Beyond Meat, and Impossible Foods Inc.