New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Plant-Based Ham Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Product Type (Slices and Strips, Rolls, and Roasts) and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)”; the global plant-based ham market growth is driven by the environmental impact of livestock industry and acceptance of sustainable food habits.
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Global Plant-Based Ham Market – Report Scope:
| Market Size Value in | USD 0.494 Billion in 2022 |
| Market Size Value by | USD 1.01 Billion by 2028 |
| Growth rate | CAGR of 12.7% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 138 |
| No. of Tables | 52 |
| No. of Charts & Figures | 68 |
| Historical data available | Yes |
| Segments covered | Product Type, and Distribution Channel |
Plant-Based Ham Market: Competitive Landscape and Key Developments
Hain Celestial Canada ULC; Tofurky Co., Inc.; Lightlife Foods, Inc.; Vbites Foods, Ltd.; Nestle SA; Quorn Foods Ltd.; Meliora Foods Pty Ltd.; Mantra Food Thailand Co., Ltd.; Gourmet Evoution, LLC; and Worthington Food Inc. are some of the key players operating in the plant-based ham market. These companies have a widespread presence across the world, which allows them to serve a large number of customers.
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Impact of COVID-19 Pandemic on Global Plant-Based Ham Market Growth:
The COVID-19 pandemic and subsequent lockdowns, travel restrictions, and business shutdowns adversely affected the industrial operations and economic growth of various countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA). The temporary shutdown of manufacturing units disrupted global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales, thereby hampering the growth of several industries, including food & beverages. Various companies announced possible delays in product deliveries and a slump in product sales in 2020. Further, international travel bans in European, Asian, and North American countries compelled companies to temporarily discontinue their collaboration and partnership plans. All these conditions restrained the food & beverages industry in 2020 and early 2021, thereby impeding the growth of the global plant-based ham market.
Europe held the largest share of the plant-based ham market in 2021. The market growth in the region is attributed to consumer inclination toward plant-based products owing to the rising awareness regarding animal welfare. The shift in preference from animal-based diet to plant-based diet propelled the demand for proteins sourced from plants among consumers in the UK. The popularity of these products is evident through trends in retail chains and hotels and resorts across the UK. Further, with plant-based food gaining significant traction, manufacturers are switching to plant-based food/meat category. Such initiatives by key players would bolster the plant-based ham market growth in Europe over the coming years
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Switch to Vegetarianism and Veganism Drives Global Plant-Based Ham Market Growth:
Many dieticians and health practitioners recommend reducing meat consumption and switching to a vegetarian diet to reduce the risks of chronic health issues, such as obesity, heart diseases, hypertension, and digestive disorders. According to a 2018 Gallup poll, 5% of adults in the US identified themselves as vegetarians. In addition, the large shift toward vegetarianism and veganism is attributed to the increasing care for animals among the population. Some populations have become highly aware of the impact of animal-based meat on the environment. Thus, vegan food is preferred to reduce carbon emissions and combat climate change. Further, many people are adopting a vegan diet due to the rising health consciousness. In addition, the number of flexitarians, who consume less meat and are occasionally vegetarian, is also on the rise. Recently, the rising health concerns among people due to the increasing prevalence of obesity, diabetes, and other diseases are compelling people to change their dietary habits. Plant-based ham is generally perceived to be healthier than their animal-based counterparts.
These factors are boosting the consumption of plant-based ham. Thus, a switch to veganism and vegetarianism is bolstering the plant-based ham market growth.
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Plant-Based Ham Market: Segmental Overview
Based on product type, the plant-based ham market is segmented into slices and strips, rolls, and roasts. The slices and strips segment held the largest market share in 2021, whereas the roasts segment is expected to register the highest CAGR during the forecast period. Plant-based ham slices are used as a filling in a sandwich and similar food items such as ham croissants, wraps, deli platters, and salads. The sliced form of plant-based ham provides a tender mouthfeel. These slices warm faster due to the large exposed surface area and release flavors distinctly when used in food preparations.
Based on distribution channel, the plant-based ham market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The online retail segment is anticipated to register the highest CAGR during the forecast period. The market growth in this segment can be attributed to several benefits, such as convenience in shopping, ease of buying remotely, and easy delivery of the product. Online retail provides discounts on various products to attract a major customer base. The rise in urbanization and busy lifestyles have boosted the sales of food products over e-commerce platforms.
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