Global Plant Based Meat Market, valued at USD 4291.58 million in the year 2019 is growing on the back of rising number of buyers demanding plant-based meat product either for clinical reasons or for practicing healthy lifestyle. Also, producers making efforts on a continuous basis for manufacturing plant-based meat (alternative source of protein) are the major factors impelling the market growth. Furthermore, rising obesity rates across the globe, coupled with consumer interest in healthier food alternatives, are also expected to drive the demand for meatless proteins during the forecast period of 2020-2025.
During the beginning of the coronavirus pandemic, the meat business was hammered by warnings of meat deficiencies because of temporarily shuttered plants and growing number of sick workers. The market leaders such as Beyond Meat Inc., Impossible Foods Inc., and Tofurky Co. are increasing the level of production amid pandemic and also offering discounts on their plant-based meat products to enhance consumer base, expanding stores, and completing partnership with the stakeholders.
Under the Source Segment, Soy dominates the overall Plant Based Meat market and continuous increasing demand owing to developing consumer consciousness of soy’s various medical advantages and rising usage in wafers, snacks, cookies and baked items. Over the forecast period, the Pea Segment is also expected to increase as it is a high-quality and protein-rich option for veggie lovers, vegans, lactose-bigoted buyers, and people searching for nutrient rich protein substitutes
On the basis of Product Segment, the Burger Patties segment held the largest market share and value during the historical period because of the introduction of numerous veg burger types along with various plant-based ingredients to satisfy the desire and taste of the consumer. Also, the continual research and development by the market leaders and startups for enhancing the designing, garnishing and structure of Plant Based Meats burger patties are attracting large group of flexitarians are expected to propel market demand of Plant Based Meat burger patties.
Among the regions, North America region is the most attractive region for the growth of Plant Based Meat market owing to rise in the veggie lovers and rising trend of vegetarianism among masses. Also, change in lifestyle, rising number of patients suffering from Non communicable Diseases in the US, growing acceptance of plant sourced products due to its advantages associated with health and existence of global leaders in the region are expected to pull the market growth.
Scope of the Report
- The report analyses Plant Based Meat Market By Value.
- The report analyses Plant Based Meat Market By Source (Soy, Wheat, Peas, Others)
- The report assesses the Plant Based Meat Market By Product – (Burgers, Sausages, Nuggets, Others).
- The Global Plant Based Meat Market has been analysed By Region (North America, Europe, Asia Pacific) and By Country (US, Canada, UK, France, Italy, Germany, China, India, South Korea, Japan).
- The key insights of the report have been presented through the attractiveness of the market has been presented By Source, By Product and By Region. Additionally, the major opportunities, trends, drivers, challenges of the industry has been analysed in the report.
- The companies analysed in the report include Impossible Foods, Beyond Meat Inc., The Vegetarian Butcher (Unilever), LightLife (MapleLeaf Foods), Garden Protein International, Amy’s Kitchen, Quorn Foods, Gold & Green Foods Ltd., Tofurky and VBites.
- The report presents the analysis of Plant Based Meat market for the historical period of 2015-2019 and the forecast period of 2020-2025.
Key Target Audience
- Plant-based Food and Beverage Companies
- Consulting and Advisory Firms
- Government and Policy Makers
- Investment Banks and Equity Firms
- Regulatory Authorities