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Plant-Based Meat Market, by Type

RA00306

Plant-Based Meat Market, by Type (Chicken, Pork, Fish, Lamb, Turkey), End-User (Household, Food Industry, Hotel Industry), Product (Burgers, Strips, Sausages, Nuggets, Meatballs, Slices, Fillets, Cutlets, Slides, Crumbles, and Fingers), Ingredients (Soy, Beans, Wheat, Pea, Oats, Quinoa, Seeds, Nuts), Region (North America, Europe, Asia Pacific, and LAMEA), Global Opportunity Analysis and Industry Forecast, 2019-2027.

RA00306

Pages: NA

Jun 2020

COVID-19

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Impact of covid-19 on Plant-Based Meat Market

Plant-based meat is a plant-derived product that is similar to animal meat in taste, color, and texture and acts as a substitute for animal meat. It is usually processed in two ways, either through thermoplastic extrusion or fiber spinning. Among these, thermoplastic extrusion is a widely used method as it is cost-effective.

Plant-Based Meat Market Analysis:

People who tend to eat meat on a regular basis can get affected by high cholesterol levels in the blood. Higher content of cholesterol in body will eventually lead to cardiac problems. On the other hand, number of people turning into vegans are increasing. There is also a potential risk of many diseases that could spread through meat when it is semi-cooked. The global livestock industry is causing the emission of greenhouse gases, which may lead to higher taxes by some national governments, and this might increase the prices of meat.  

People's aggressive transformation to vegans and health awareness are driving the meat-based market currently and are expected to drive further.

Rising awareness on the benefits of vegetarian foods among youth, vegan campaigns, as well as potential threat of microbes spread through pork, chicken, and other kinds of meat are boosting the utilization of plant based meats. Increasing environmental and health concerns are the potential drivers for the increased growth of global plant-based meat market.

Usage of additives in the plant-based meat is making it a not so healthy option, which will cause hinder in the growth of this market.

Hindrances exist in the plant-based meat market, especially due to its large number of additives when compared to the naturally available meat. Plant-based meat is a highly processed food which makes it a not so healthy alternative. Also, the color of these foods ends up in grey color, which gives an unpleasant feel to the buyers. 

Continuous R&D efforts to launch new products and tapping into new geographies are the opportunities that will drive the market in the forecasted period.

With continuous efforts of research and development teams to enhance the taste and appearance, along with providing a rich aroma accomplished by a better nutritional property, make it a healthier choice. Organizations are doing more product launches and are looking forward to enter new markets.

Plant-Based Meat Market, by Type:

The chicken segment will be the most common type used in the future.

The chicken segment is predicted to have a maximum share of revenue in the plant-based meat market in the forecast period. Chicken is the most widely used type as it is the most common type of plant meat used in different sausages, nuggets, burgers, and strips. The other reason for the demand for the chicken type is the protein content of plant chicken is the same as that of animal chicken.

Plant-Based Meat Market, by End-user:

The hotel Industry is a major end-user and can be targeted by investors.

The hotel end-user segment is predicted to have a maximum share in the forecast period as the major consumer of plant-based meat. One main reason for that is that the manufacturers are collaborating with hotel partners to push their products into the market. Some restaurants using plant-based meat are Burger King, Subway, and Dunkin's doughnuts. The lower price of these products is also an added advantage.

Plant-Based Meat Market, by Product:

Burgers are the most common products consumed in restaurants.

The burger segment is predicted to have the highest growth rate in the forecast period. Burgers segment is predicted to grow significantly in the estimated period. This demand is because it is the most common products consumed. The higher consumption is due to the taste and presence in restaurant chains such as Burger King. The presence in restaurant chains is capturing the people who are looking for tasty healthy substitutes.

Plant-Based Meat Market, by Ingredients:

Soy is a widely used ingredient as it is in high demand due to protein content.

Soy segment is predicted to be the most lucrative among the segment in the forecast period. Plant meat made with soy has significant demand as it is cholesterol-free and rich in fibre and protein content. The demand for soy-based meat will be more in the future as the healthy lifestyle is gaining more focus and consumption of soy meat in burgers, meatballs, and sausages is increasing.

Plant-Based Meat Market, by Region:

North America will be a lucrative market in the forecasted period.

The North America regional market is predicted to grow as it has the potential revenue generators due to the increasing population of vegetarians. Heart diseases and obesity rates have also been increasing in this region, which will lead to a shift in healthy lifestyles. So, the consumers have already switched to plant-based meat, which is tastier, just like regular meat. With the latest advancements, its potential is expected to increase in North America. 

Key Participants in the Plant-Based Meat Market:

Key Participants in the Plant-Based Meat Market

The major key players in the plant-based meat market are Beyond Meat Inc., MorningStar Farms, DuPont, Pinnacle Foods, Nestle S.A., The Vegetarian Butcher, Royal Wessanen, Amy's Kitchen, Quorn Foods and Taifun-Tofu GmbH. These players are adopting strategies such as diversification of product portfolio, globalisation, and strategic partnerships.

Aspect

Particulars

  Historical Market Estimations

  2019-2020

  Base Year for Market Estimation

  2019

  Forecast timeline for Market Projection

  2019-2027

  Geographical Scope

North America, Europe, Middle East, Africa, Asia Pacific.

  Segmentation by Product

  • Burgers
  • Strips
  • Sausages
  • Nuggets
  • Meatballs
  • Slices
  • Fillets
  • Cutlets
  • Slides
  • Crumbles
  • Fingers

  Segmentation by Type

  • Chicken
  • Pork
  • Fish
  • Lamb
  • Turkey

  Segmentation by Ingredients

  • Soy
  • Beans
  • Wheat
  • Pea
  • Oats
  • Quinoa
  • Seeds
  • Nuts

  Key Countries Covered

U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Africa, Russia, Japan, China, India, South Korea Latin America, Middle East and Africa

  Key Companies Profiled

  • Beyond Meat, Inc.
  • MorningStar Farms
  • DuPont
  • Pinnacle Foods
  • Nestle S.A.
  • The Vegetarian Butcher
  • Royal Wessanen
  • Amy's Kitchen
  • Quorn Foods
  • Taifun-Tofu GmbH

Source: Research Dive Analysis


FREQUENTLY ASKED QUESTIONS?
 

A. MorningStar Farms, Conagra's Gardein, and Beyond Meat are the market leaders in the global plant-based meat market.

A. The North American region possesses a greater potential for investment opportunities in the forecasted period.

A. Chicken is the most on-demand ingredient which is used in Burgers, sausages, Nuggets, and Strips and expected to be in demand in the future.

A. The major users of plant-based meat are the hotel industry, and that is the reason most of the organizations are pushing the product into fast-food chains like Burger King.

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