NEWARK, Del, June 07, 2023 (GLOBE NEWSWIRE) -- The plant-based nuggets market is anticipated to reach a valuation of US$ 448.5 million in 2023 and is expected to be worth US$ 708.6 million by 2033. The demand for plant-based nuggets is estimated to record a steady CAGR of 5.8% CAGR.
The rise of veganism is a significant opportunity for the plant-based nuggets market, as more consumers are adopting a vegan lifestyle and seeking out plant-based options. Veganism is a growing trend, particularly among younger consumers who are increasingly concerned about the ethical and environmental implications of animal agriculture.
Plant-based nuggets are a popular choice among vegans as they provide a convenient and tasty source of protein without the use of animal products. Companies in the plant-based nuggets market can tap into this trend by developing products that cater to the specific needs and preferences of vegan consumers.
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Consumers are increasingly seeking out clean-label products that contain natural, minimally processed ingredients. This presents an opportunity for companies in the plant-based nuggets market to develop products with simple ingredient lists that appeal to health-conscious consumers. By using high-quality, recognizable ingredients and avoiding additives, preservatives, and artificial flavors, companies can position themselves as offering healthier and more wholesome alternatives to traditional meat-based nuggets.
Plant-based nuggets are becoming more widely available in grocery stores, supermarkets, and online retailers as more consumers seek out plant-based options. This trend is expected to continue as companies in the plant-based nuggets market expand their distribution channels and partner with retailers and food service providers to increase their reach.
The demand for plant-based nuggets is likely to be driven by plant-based products that closely mimic the taste and texture of traditional meat-based nuggets. This involves the use of novel plant-based proteins such as pea, soy, and wheat protein, as well as the incorporation of natural flavors and colors to improve the taste and appearance of plant nuggets. Moreover, companies are also experimenting with new processing methods, such as extrusion and texture, to create plant-based nuggets with a meat-like texture.
Key Takeaways:
- The plant-based nuggets market is projected to expand at a significant rate in the coming years, driven by increasing consumer demand for healthier and more sustainable food options.
- The market is being fueled by the development of innovative and convenient plant-based products that cater to a wide range of dietary needs and preferences.
- Opportunities in the market include the rise of veganism, demand for clean-label products, expansion into new geographies, cross-category innovation, and partnerships and collaborations.
- However, the market faces challenges such as competition from traditional meat-based products, concerns around the taste and texture of plant-based products, and the high cost of plant-based ingredients.
- Companies can overcome these challenges by investing in product innovation, developing strategic partnerships and collaborations, and investing in marketing and advertising to increase consumer awareness and acceptance of plant-based products.
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Competitive Landscape:
The competitive landscape in the plant-based nuggets market is rapidly evolving as new players enter the market and existing companies expand their product offerings. A few key players in the market include:
- Beyond Meat
- Impossible Foods
- Tyson Foods
- Kellogg's
- Nestle
- Conagra Brands
- Tofurky
- Gardein
These companies are investing heavily in product innovation and marketing to gain a competitive edge in the market. They are also focusing on expanding their distribution networks to reach more consumers and increase their market share. Besides, there are growing small market participants in the market, who are introducing niche plant-based nugget products targeting specific consumer segments.
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Key Segmentation:
By Distribution Channel:
- Retail
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Food Services
- Online Retail
- HoReCa (Food Service Sector)
By Source:
- Soy-based Protein
- Wheat-based Protein
- Pea-based Protein
- Canola-based Protein
- Fava Bean-based Protein
- Potato-based Protein
- Rice-based Protein
- Lentil-based Protein
- Flax-based Protein
- Chia-based Protein
- Corn-based Protein
By Product Type:
- Plant-based Chicken
- Plant-based Pork
- Plant-based Beef
By Regional Outlook:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
Table of Content (ToC):
1. Executive Summary | Plant-based Nugget Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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Explore FMI’s related ongoing Coverage on Food and Beverage Domain:
Plant-based Milk Market Size: The global plant based milk market size is expected to reach a valuation of US$ 19.8 billion by 2023. It is likely to accelerate with a CAGR of 9.9% from 2023 to 2033.
Plant-based Hot Dogs Market Share: The global plant-based hot dogs market is expected to reach a market valuation of US$ 828.90 million by the year 2033, accelerating with a CAGR of 16.7% between 2023 and 2033.
Plant-based Beverages Market Trends: The global plant-based beverages market is expected to grow at a CAGR of 6.6% during the period 2023 to 2033. The market is valued at US$ 351.7 billion as of 2023, and by 2033, the market is expected to reach a valuation of US$ 668.9 billion.
Plant-based Snacks Market Growth: The global plant-based snacks market is figured out to be around US$ 31.8 Billion in 2022 and is projected to reach nearly US$ 73.6 Billion by 2032. Through these ten years, the sales of the plant-based snacks market are growing at an impressive rate of 8.7% from the years 2022 to 2032.
Plant-Based Protein Market Forecast: The global plant-based protein market enjoyed a year-on-year (YOY) growth of 6.7% in 2021 to total sales of US$ 11.3 Billion and is projected to surpass US$ 22.5 Billion in 2032 at a CAGR of 7.2%, according to a market analysis performed by Future Market Insights.
Plant-based Yogurt Market Types: Future Market Insights (FMI) forecasts a positive outlook for global plant-based yogurt market and projects a CAGR of 10% between 2020 and 2030.
Plant-Based Burger Market Analysis: The plant-based burger market is registering a valuation of US$ 5.1 billion in 2023. The market is expected to rise to US$ 23.2 billion by 2033 and is securing a CAGR of 16.3% during the forecast period.
Plant-based Cheese Market Outlook: The sales of Plant Based Cheese Market is estimated to be valued at US$ 1,530.2 Million in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 3,416.6 Million by 2032, rising at a CAGR of 8.4% for 2022 to 32.
Plant-Based Food Market Overview: The global plant-based food market size is predicted to expand by 3x, witnessing an increase from US$ 11.3 billion in 2023 to US$ 35.9 billion by 2033. Overall plant-based food sales are poised to surge at a stupendous CAGR of 12.2% between 2023 and 2033.
Plant-Based Ingredients Market Demand: The global plant-based ingredients market is expected to reach a market valuation of US$ 8.5 Billion by the year 2022, accelerating with a CAGR of 12.2% by 2022 to 2032.
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