New York, USA, Aug. 17, 2021 (GLOBE NEWSWIRE) -- According to the recently published report by Research Dive, the global plant based meat market is predicted to experience a rise in revenue from $17,076.9 million in 2019 to over $68,448.9 million by 2027 rising at a steady CAGR of 19.1% from 2020-2027.
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Market Dynamics
Growth: The world today has been witnessing a steep incline in the occurrence of chronic illnesses such as cardiovascular diseases (CVDs) and obesity. This has resulted in people shifting from meat based meals to plant meals that resemble or taste like meat. A variety of these food products are available today in the market which do not contain any antibiotics, have lower levels of saturated fats and almost no cholesterol. These factors have contributed to the growth of the market in the forecast period.
Restraints: The concept of veganism is relatively new for many countries while some developing nations do not have a regulated supply of the plant based products. Additionally, some parts of the population maybe allergic to some plant based products such as wheat or soy. These factors are predicted to limit the growth of the market in the analysis period.
Opportunities: But, government have been working on initiatives to build awareness about plant-based products among people. One such effort was made by the Indian Ministry of Health and Family Welfare which started a campaign known as the Eat Right India in 2018. The campaign placed focus on a sustainable diet which includes plant-based food products which also provides its contribution in the fight against climate change. These initiatives have initiated further growth of the market in the future.
Segmental Analysis
The report has categorized the market into multiple segments based on product type, source, and distribution channel.
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Tempeh Sub-Segment Is Predicted to Dominate the Growth of The Market
By product type, the tempeh sub-segment is predicted to witness a significant surge in revenue from $6,283.2 million in 2019 to over $25,310.8 million by 2017. Tempeh is a product that contains probiotics which help in bettering the digestion process while also bringing down as inflammation from the body. Additionally, the preferences of consumers are predicted to add to the growth of the segment.
Soy Source Sub-Segment to Hold the Highest Market Share
By source, the soy source sub-segment is set to garner revenue of $18,697.6 million at a steady CAGR of 19.7% from 2020-2027. Most consumers gravitate towards experimenting with food products due to the variety of options available in the market. Additionally, several meat alternatives available for consumption such as meat tikkas and vegan burgers made using soya that people can opt for. These factors have ensured the growth of the segment in the analysis period.
Direct Distribution Sub-Segment to Gain the Highest Revenue
By distribution channel, the direct distribution channel is set to gain the highest revenue rising from $3,003.0 million in 2019 to over $15,587.4 million by 2027 at a CAGR of 22.9%. This channel ensures that the products are directly handed over to the customer which eliminates the need for middlemen. This also helps in bringing down the cost of the products leading to the growth of the segment in the forecast period.
Regional Analysis
The North American region is set to witness a significant rise in revenue of $10,445.3 million at a steady CAGR of 24.3% in the analysis period. The awareness among consumers about the hazards of consuming excessive meat and its adverse effects on the body has led to many Americans switching to being vegans. This transition of a majority of the population towards veganism has led to the growth of the market in the region.
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Key Market Players
The report contains a list of notable market players of the global sulfamic acid market who have been ensuring the constant growth of the market. They are as listed below:
- Pinnacle Foods, Inc (Conagra Brands, Inc)
- Atlantic Natural Foods, Inc
- Schouten Europe B.V
- Impossible Foods, Inc
- Hain Celestial
- Pacific Foods of Oregon, LLC
- Kellogg’s Company
- Nutrisoy Pty Ltd
- Nasoya Foods
- Turtle Island Foods, Inc
These players are currently focusing on R&D activities, mergers &acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market. For instance, in May 2020, Lightlife, an expert in the production of plant based meat products, redesigned their enter product line as well as logo. The company has come up with newly developed version of their popular products such as the Italian Sausage, Breakfast Patties, Plant-Based Burgers and more.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Impact of COVID-19 on the Global Plant Based Meat Market
When the coronavirus started spreading all over the world, it disrupted the normal functioning of several industries. But, with people becoming increasingly aware about the benefits if vegan food, the global plant based meat market grew significantly. Also, contributions of major industry experts such as Impossible Foods collaborated with Cheetah, a renowned name in the culinary world to further initiate the production of quality vegan products. These initiatives ensured the growth of the market even in the midst of a pandemic.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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