Plant-based Meat Market Size, Share, Growth 2021-2027
A comprehensive overview of the Global Plant-based Meat Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Plant-based Meat Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Plant-based Meat Market at the regional & country levels. The Global Plant-based Meat Market is expected to grow at a CAGR of ~17% between 2021-2027
Market Overview
As per our analysis, it is predicted that global plant-based meat sales are expected to grow at a CAGR of about 17%. Furthermore, as per the analysis global plant-based meat sales is expected to reach around US$ 85 billion by 2030, compared to US$ 5 billion in 2018. It is further expected that plant-based products would account for 10% of global meat consumption within the next five years. Consumption of conventional meat products is expected to decline in coming years. It is expected that supply of conventional meat products would reduce by more than 50% by 2040.
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COVID-19 Impact
During the Covid-19 pandemic, demand for meat reduction and replacement was witnessed among the consumers. However, few companies reported increase in sales. Covid-19 have created increased awareness about the impact of humanity on environment among the consumers. In the recent past climate change has become one of the forefront policies of the government. Due to country wide lockdown during the Covid-19 pandemic, it was seen that sales of both plant-based and conventional meats witnessed a spike as consumers filled their refrigerators and freezers for the long period. In March 2020, grocery stores sold 231% more fresh plant-based products, compared to the same period in 2019. Further, as per IRI data analyzed by The Good Food Institute witnessed an increase of around 454% in the sales of plant -based meat.
Global Plant-based Meat Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Source, the market is primarily bifurcated into:
· Soy
· Wheat
· Pea
· Other Sources
Based on source, soy-based meat segment is expected to dominate the market during the forecast period. Protein rich content and popularity is accelerating the demand for soy-based meat or meat alternative.
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By Product, the market is primarily studied into:
· Burger patties
· Strips & nuggets
· Sausages
· Meatballs
· Other Products
In 2020, Burger patties segment dominated the market and is expected to maintain its dominance throughout the forecast period. Plant-based meat burger patties have low-fat and gluten content. Numerous companies are investing in retail sector, owing to lockdowns imposed due to the Covid-19 outbreak. Owing to sudden rise in demand, many companies have already started changing their business strategies.
By Type, the market is primarily studied into:
· Beef
· Chicken
· Pork
· Others (Seafood)
Based on type, plant-based chicken dominated the market followed by plant-based beef. Impossible Foods offers plant-based meat, including plant-based burgers, received US$ 500 million funding prior to the Covid-19 outbreak and plans for significant expansion in restaurants and retail sector in 2020.
Global Plant-based Meat Market Region Segmentation Includes:
· North America
· Europe
· Asia Pacific
· Rest of World
Based on the estimation, North America dominated the market in 2020. However, Asia-Pacific region is expected to witness highest CAGR growth during the forecast period.
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The major players targeting the market includes:
· Beyond Meat
· Impossible Foods Inc.
· Maple Leaf Foods
· Tofurky
· Alpha Foods
· The Vegetarian Butcher
· Quorn Foods
· Morningstar Farms
· Amy’s Kitchen
· Hooray Foods
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Plant-based Meat Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and advancements in the Global Plant-based Meat Market?
· Which factors are influencing the Global Plant-based Meat Market over the forecast period?
· What are the global challenges, threats, and risks in the Global Plant-based Meat Market?
· Which factors are propelling and restraining the Global Plant-based Meat Market?
· What are the demanding global regions of the Plant-based Meat Market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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