Table of Content

1 INTRODUCTION 10
1.1 COVID-19 HEALTH ASSESSMENT 10
1.2 COVID-19 ECONOMIC ASSESSMENT 12
1.2.1 COVID-19 ECONOMIC IMPACT?SCENARIO ASSESSMENT 13

2 RESEARCH METHODOLOGY 16
2.1 RESEARCH DATA 16
2.2 RESEARCH ASSUMPTIONS 17
2.3 MARKET SCENARIOS CONSIDERED 18
2.4 BREAKDOWN OF PRIMARY INTERVIEWS 18
2.5 EXCLUSION 19
2.6 STAKEHOLDERS 19

3 EXECUTIVE SUMMARY 20

4 COVID-19 IMPACT ON PLANT-BASED MEAT ECOSYSTEM 24
4.1 INTRODUCTION 24
4.2 SUPPLY CHAIN OF THE PLANT-BASED MEAT INDUSTRY 25
4.3 IMPACT OF COVID-19 ON THE SUPPLY CHAIN OF PLANT-BASED MEAT 26
4.3.1 RAW MATERIAL SUPPLIERS 26
4.3.2 EQUIPMENT SUPPLIERS 26
4.3.3 LABORATORIES 27
4.3.4 PLANT-BASED MEAT MANUFACTURERS 27
4.3.5 CERTIFICATION COMPANIES 27
4.3.6 DISTRIBUTORS/RETAIL CHANNELS 27
4.4 IMPACT OF COVID-19 ON THE CONVENTIONAL/TRADITIONAL MEAT MARKET 28
4.5 MACROECONOMIC INDICATORS 29
4.5.1 DRIVERS 29
4.5.1.1 Growing number of animal-borne illnesses 29
4.5.1.2 Growing demand for natural/clean-label products 30
4.5.1.3 Government support in major economies 30
4.5.1.4 New launches and investments in the plant-based meat industry 31
4.5.2 RESTRAINTS 32
4.5.2.1 Lack of cold chain infrastructure & resources in developing countries 32
4.5.2.2 Higher price of products in comparison to traditional meat 32
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5 CUSTOMER ANALYSIS 33
5.1 SHIFT TOWARD PLANT-BASED PRODUCTS 33
5.1.1 DEMAND FOR NATURAL/CLEAN-LABEL PRODUCTS 33
5.2 GROWING INCLINATION TOWARD PREMIUM/BRANDED PRODUCTS 34
5.3 GROWING DEMAND FOR CERTIFIED AND TESTED PRODUCTS 34

6 IMPACT ON RELATED MARKETS 36
6.1 INTRODUCTION 36
6.2 POSITIVELY AFFECTED MARKETS – IMPACT AND OPPORTUNITIES 36
6.2.1 PB PROTEIN 36
6.2.2 PB DAIRY 37
6.3 WORST AFFECTED MARKET – IMPACT AND OPPORTUNITIES 37
6.3.1 CULTURED MEAT 37
6.3.2 CONVENTIONAL MEAT & SEAFOOD 38

7 GROWTH OPPORTUNITIES IN THE PLANT-BASED MEAT MARKET 39
7.1 GROWTH OPPORTUNITIES IN THE PLANT-BASED MEAT MARKET 39
7.1.1 IMPACT ON PLANT-BASED MEAT MANUFACTURING COMPANIES’ PORTFOLIOS 39
7.1.2 PRODUCTION CAPACITIES 40
7.1.3 GEOGRAPHICAL 41
7.2 WINNING STRATEGIES TO GAIN MARKET SHARE 42
7.2.1 SHORT TERM STRATEGIES 42
7.2.2 MID-TERM TERM STRATEGIES 42
7.2.3 LONG-TERM STRATEGIES 42

8 IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET, BY RAW MATERIAL 43
8.1 INTRODUCTION 43
8.2 SOY 45
8.2.1 NEW PLANT-BASED PRODUCTS INCORPORATING SOY WILL CONTRIBUTE TO THE GROWING MARKET DEMAND 45
8.3 WHEAT 46
8.3.1 WHEAT TO POSE A SUSTAINABLE ALTERNATIVE FOR THE CONSUMER POPULACE ALLERGIC TO SOY 46
8.4 PEA 47
8.4.1 INCREASING USE OF PEA FOR PLANT-BASED MEAT OWING TO ITS RICH PROTEIN CONTENT 47
8.5 OTHER RAW MATERIALS 48
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9 IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET, BY PRODUCT 49
9.1 INTRODUCTION 49
9.2 BURGER PATTIES 50
9.2.1 STRONG LIKENESS TO CONVENTIONAL MEAT PRODUCTS AND WIDESPREAD CONSUMER ACCEPTANCE DRIVE DEMAND FOR PLANT-BASED BURGER PATTIES 50
9.3 SAUSAGES 51
9.3.1 CONCERNS OVER SOURCING AND DISEASE OUTBREAKS AMONG LIVESTOCK AID GROWTH PROSPECTS FOR PLANT-BASED SAUSAGES 51
9.4 STRIPS AND NUGGETS 52
9.4.1 WIDESPREAD AVAILABILITY AND HEALTHIER INGREDIENTS SUPPORT PLANT-BASED STRIPS AND NUGGET SALES 52
9.5 MEATBALLS 53
9.5.1 DEVELOPMENT OF PLANT-BASED MEAT SOURCES AND AVAILABILITY IN RETAIL AND FOODSERVICE BOLSTER DEMAND FOR PLANT-BASED MEATBALLS 53
9.6 OTHER PRODUCTS 54

10 IMPACT OF COVID-19 ON PLANT-BASED MEAT MARKET, BY DISTRIBUTION CHANNEL 55
10.1 INTRODUCTION 55
10.2 RETAIL OUTLETS 56
10.2.1 EASY AVAILABILITY AND ESTABLISHED SUPPLY CHAIN NETWORKS SUPPORT RETAIL OUTLETS GROWTH DURING COVID-19 OUTBREAK 56
10.3 FOODSERVICE 56
10.3.1 EASY DELIVERY ACCESS AND WIDESPREAD AVAILABILITY THROUGH THIRD-PARTY SERVICE PROVIDERS DRIVE FOODSERVICE GROWTH 56
10.4 E-COMMERCE 57
10.4.1 GROWING ADOPTION IN OMNICHANNEL AND INTERNET PENETRATION SUPPLEMENTS E-COMMERCE GROWTH 57

11 COVID-19 IMPACT ON PLANT-BASED MEAT, BY REGION 58
11.1 INTRODUCTION 58
11.2 NORTH AMERICA 59
11.3 EUROPE 63
11.4 ASIA PACIFIC 65
11.5 REST OF THE WORLD 68
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12 COVID-19 FOCUSED PROFILE OF KEY VENDORS 70
(Company overview, Products offered, MNM view)*
12.1 IMPOSSIBLE FOODS INC. 70
12.2 BEYOND MEAT 72
12.3 MAPLE LEAF FOODS INC. 74
12.4 THE MEATLESS FARM CO. 75
12.5 GARDEN PROTEIN INTERNATIONAL (PINNACLE FOODS) 76
*Details on Company overview, Products offered, MNM view might not be captured in case of unlisted companies.

13 APPENDIX 77
13.1 KEY INSIGHTS BY INDUSTRY EXPERTS 77
13.2 DISCUSSION GUIDE 78
13.4 AUTHOR DETAILS 82



List of Figures



FIGURE 1 COVID-19: THE GLOBAL PROPAGATION 10
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES 11
FIGURE 3 COUNTRIES BEGIN WITH SIMILAR TRAJECTORIES BUT CURVES DEVIATE BASED
ON MEASURES TAKEN 12
FIGURE 4 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020 12
FIGURE 5 CRITERIA IMPACTING THE GLOBAL ECONOMY 13
FIGURE 6 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY 14
FIGURE 7 IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET: RESEARCH DESIGN 16
FIGURE 8 BREAKDOWN OF PRIMARY INTERVIEWS: BY VALUE CHAIN, DESIGNATION AND REGION 18
FIGURE 9 PLANT-BASED MEAT MARKET, BY RAW MATERIAL, 2020 VS. 2021 (USD MILLION)- REALISTIC SCENARIO 21
FIGURE 10 PLANT-BASED MEAT MARKET SIZE, BY PRODUCT, 2020 VS. 2021 (USD MILLION)- REALISTIC SCENARIO 22
FIGURE 11 PLANT-BASED MEAT MARKET SIZE, BY DISTRIBUTION CHANNEL, 2020 VS. 2021 (USD MILLION)- REALISTIC SCENARIO 22
FIGURE 12 PLANT-BASED MEAT MARKET SHARE, BY REGION 23
FIGURE 13 PLANT-BASED MEAT ECOSYSTEM 24
FIGURE 14 SUPPLY CHAIN – PLANT-BASED MEAT INDUSTRY 25
FIGURE 15 IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET SIZE, BY RAW MATERIAL, 2020 VS. 2021 (USD MILLION) (OPTIMISTIC SCENARIO) 44
FIGURE 16 IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET SIZE, BY PRODUCT, 2020 VS. 2021 (USD MILLION) 49
FIGURE 17 IMPACT OF COVID-19 ON PLANT-BASED MEAT MARKET SIZE, BY DISTRIBUTION CHANNEL, 2020 VS. 2021 (USD MILLION) 55
FIGURE 18 SALES OF FRESH MEAT ALTERNATIVES IN THE UNITED STATES, (GROWTH %) (03/20-04/20) 60
FIGURE 19 SALES OF FULLY COOKED MEAT ALTERNATIVES IN THE UNITED STATES (GROWTH %) (03/20-04/20) 60
FIGURE 20 NORTH AMERICA MARKET SNAPSHOT FOR COVID-19 IMPACT ON
PLANT-BASED MEAT 61
FIGURE 21 EUROPE MARKET SNAPSHOT FOR COVID-19 IMPACT ON PLANT-BASED MEAT 63
FIGURE 22 ASIA PACIFIC MARKET SNAPSHOT FOR COVID-19 IMPACT ON PLANT-BASED MEAT 66

 

List of Tables



TABLE 1 IMPACT ANALYSIS OF COVID-19 ON VARIOUS STAKEHOLDERS IN THE
PLANT-BASED MEAT SUPPLY CHAIN 28
TABLE 2 TABLE: LIST OF PLANT-BASED MEAT MANUFACTURERS 39
TABLE 3 IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET, BY RAW MATERIAL, 2018–2021 (USD MILLION) (OPTIMISTIC SCENARIO) 44
TABLE 4 IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET, BY RAW MATERIAL, 2018–2021 (USD MILLION) (REALISTIC SCENARIO) 45
TABLE 5 IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET, BY RAW MATERIAL, 2018–2021 (USD MILLION) (PESSIMISTIC SCENARIO) 45
TABLE 6 SOY: IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET SIZE, BY REGION, 2018–2021 (USD MILLION) 46
TABLE 7 WHEAT: IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET SIZE BY REGION, 2018–2021 (USD MILLION) 47
TABLE 8 PEA: IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET SIZE, BY REGION, 2018–2021 (USD MILLION) 47
TABLE 9 OTHER RAW MATERIALS: IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET SIZE, BY REGION, 2018–2021 (USD MILLION) 48
TABLE 10 IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET, BY PRODUCT 2018–2021 (USD MILLION) (REALISTIC SCENARIO) 50
TABLE 11 BURGER PATTIES: IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET BY REGION, 2018–2021 (USD MILLION) (REALISTIC SCENARIO) 51
TABLE 12 SAUSAGES: IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET BY REGION, 2018–2021 (USD MILLION) (REALISTIC SCENARIO) 52
TABLE 13 STRIPS & NUGGETS: IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET, BY REGION, 2018–2021 (USD MILLION) (REALISTIC SCENARIO) 52
TABLE 14 MEATBALLS: IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET BY REGION, 2018–2021 (USD MILLION) (REALISTIC SCENARIO) 53
TABLE 15 OTHER PRODUCTS: IMPACT OF COVID-19 ON THE PLANT-BASED MEAT MARKET BY REGION, 2018–2021 (USD MILLION) (REALISTIC SCENARIO) 54
TABLE 16 IMPACT OF COVID-19 ON PLANT-BASED MEAT MARKET, BY DISTRIBUTION CHANNEL, 2018–2021 (USD MILLION) (REALISTIC SCENARIO) 56
TABLE 17 COVID-19 IMPACT ON THE PLANT-BASED MEAT MARKET SIZE, BY REGION 2018–2021, (OPTIMISTIC) (USD MILLION) 58
TABLE 18 COVID-19 IMPACT ON THE PLANT-BASED MEAT MARKET SIZE, BY REGION 2018–2021, (REALISTIC) (USD MILLION) 58
TABLE 19 COVID-19 IMPACT ON THE PLANT-BASED MEAT MARKET SIZE, BY REGION 2018–2021, (PESSIMISTIC) (USD MILLION) 59
TABLE 20 NORTH AMERICA: COVID-19 IMPACT ON THE PLANT-BASED MEAT MARKET SIZE BY SCENARIO, 2018–2021, (USD MILLION) 62
TABLE 21 NORTH AMERICA: COVID-19 IMPACT ON THE PLANT-BASED MEAT MARKET SIZE BY RAW MATERIAL, 2018–2021, (REALISTIC) (USD MILLION) 62
TABLE 22 NORTH AMERICA: COVID-19 IMPACT ON THE PLANT-BASED MEAT MARKET SIZE BY PRODUCT, 2018–2021, (REALISTIC) (USD MILLION) 62
TABLE 23 EUROPE: COVID-19 IMPACT ON THE PLANT-BASED MEAT MARKET SIZE BY SCENARIO, 2018–2021, (USD MILLION) 64
TABLE 24 EUROPE: COVID-19 IMPACT ON PLANT-BASED MEAT MARKET SIZE BY RAW MATERIAL, 2018–2021, (REALISTIC) (USD MILLION) 64
TABLE 25 EUROPE: COVID-19 IMPACT ON PLANT-BASED MEAT MARKET SIZE, BY PRODUCT, 2018–2021, (REALISTIC) (USD MILLION) 64
TABLE 26 ASIA PACIFIC: COVID-19 IMPACT ON THE PLANT-BASED MEAT MARKET SIZE BY SCENARIO, 2018–2021, (USD MILLION) 66
TABLE 27 ASIA PACIFIC: COVID-19 IMPACT ON PLANT-BASED MEAT MARKET SIZE BY RAW MATERIAL, 2020–2021, (REALISTIC) (USD MILLION) 67
TABLE 28 ASIA PACIFIC: COVID-19 IMPACT ON PLANT-BASED MEAT MARKET SIZE BY PRODUCT, 2020–2021, (REALISTIC) (USD MILLION) 67
TABLE 29 REST OF THE WORLD: COVID-19 IMPACT ON THE PLANT-BASED MEAT MARKET SIZE, BY SCENARIO, 2018–2021, (USD MILLION) 68
TABLE 30 REST OF THE WORLD: COVID-19 IMPACT ON PLANT-BASED MEAT MARKET SIZE BY RAW MATERIAL, 2018–2021, (REALISTIC) (USD MILLION) 69
TABLE 31 REST OF THE WORLD: COVID-19 IMPACT ON PLANT-BASED MEAT MARKET SIZE BY PRODUCT, 2018–2021, (REALISTIC) (USD MILLION) 69