New York, USA, May 03, 2022 (GLOBE NEWSWIRE) -- A new report on the global plant based meat market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $68,448.9 million by 2027, rising at a CAGR of 19.1% from 2020 to 2027. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Source: Soy Sub-Segment to Experience Fast-Paced Growth
Based on source, the global plant based meat market is divided into tofu, seitan, tempeh, natto, and RTC/RTE.
The soy sub-segment of the source segment was valued at $4,501.1 million in 2019 and is anticipated to grow rapidly and garner $18,697.6 million, with a CAGR of 19.6% during the forecast period. This growth is chiefly owing to the rising adoption of plant based meat among consumers and growing number of non-vegetarian people who are in the search for meat alternatives. This is encouraging established as well as startup businesses to offer several types of food products such as artificial meat tikkas and plant-derived burgers for vegan customers. Moreover, the preference for soy-based meat alternatives in the making of plant-based meat products is growing, as soy-based meat alternatives possess complete proteins. All these factors are greatly fueling the soy sub-segment’s growth.
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Region: Asia-Pacific Market to Observe Rapid Growth
The report analyzes the global plant based meat market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe remarkable growth and hit $30,938.9 million in the forecast period. The growth of the region market is mainly because of the growing implementation of supportive policies by government, rising disposable income of people in the Asian nations, and increasing technological inventions in the food & beverages industry mainly in countries like India, China, and Japan in this region.
The North America plant based meat market was valued at $1,834.1 million in 2019 and it is anticipated to hit $10,445.3 million during the estimated period. This is mainly owing to the growing shift of consumers from traditional meat foods to vegan diet products as well as their growing interest and awareness about hazards of consuming tainted meat foods. Also, increasing occurrence of chronic ailments like CVDs is greatly encouraging Americans to shift towards veganism, which is boosting the regional market growth.
Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the global plant based meat market. The growing awareness about consuming healthy food during the pandemic has surged the vegan population across the world. Moreover, there has been a significant rise in the awareness about health benefits offered by vegan food among consumers in the recent months. Moreover, several market players, such as Conagra, Impossible foods, and others, are focusing on new product developments and strategic collaborations to sustain their position in the market. All these factors are greatly boosting the growth of the plant based meat market amidst the pandemic period.
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Seitan Sub-Segment to Observe Tremendous Growth
The seitan sub-segment of the product type segment is anticipated to grow significantly and garner $2850.9 million during the forecast period. This growth is chiefly owing to the rising demand for seitan products as they can be stored for several months without losing their texture or flavors as compared to other meat substitutes like tofu.
Direct Sub-Segment to Grow Remarkably
The direct sub-segment of the distribution channel segment is anticipated to observe significant growth and garner $15,587.4 million during the forecast period. This is chiefly owing to the rising use of direct distribution channel as it aids in eliminating intermediary expenditures and surges direct customer contact.
Factors Impacting the Market Growth:
The key factors boosting the growth of the global plant based meat market are the rising awareness about several health benefits offered by the plant based meat products such as no antibiotics, no cholesterol, and fewer saturated fats, as well as growing acceptance for veganism among people. Moreover, growing initiatives by government of various nations to build awareness about the significance of plant-based meat products is projected to open doors to beneficial opportunities for the growth of the plant based meat market in the forecast period. However, lower production of plant based meat products in under-developed nations is expected to obstruct the market growth.
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Key Market Players
The report lists some of the foremost players operating in the global plant based meat market including
- Amy’s Kitchen, Inc.
- Kellogg’s Company
- Atlantic Natural Foods, Inc.
- Taifun-Tofu GmbH.
- Schouten Europe B.V.
- Sweet Earth, Inc.
- Impossible Foods Inc.
- The Kraft Heinz Company
- Hain Celestial
- Beyond Meat.
- Lightlife Foods, Inc.
- Pacific Foods of Oregon, LLC
- Monde Nissin
- Fry Family Food
- Nutrisoy Pty Ltd
- Hügli Holding AG
- Pinnacle Foods Inc. (Conagra Brands, Inc.)
- Nasoya Foods
- VBites Foods Ltd.
- Turtle Island Foods, Inc., and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in January 2022, ITC, one of India's largest corporations, announced about its plan to enter the plant-based meat industry.
Frequently Asked Questions
Q1. What is the size of the global plant based meat market?
Q2. Which are the major companies in the plant based meat market?
Q3. Which region possesses greater investment opportunities in the coming future?
Q4. What is the growth rate of the North America Plant based meat Market?
Q5. What are the strategies opted by the leading players in this market?
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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