New York, USA, Dec. 22, 2020 (GLOBE NEWSWIRE) -- Research Dive’s new report on plant based meat market reveals that the growth rate is anticipated to be 19.1% during forecast period. The market is predicted to surpass $68,448.9 million, from significant market size of $17,076.9 million in 2019. This report elaborates about the present situation of the market and encompasses features like growth facets, hurdles and challenges, market dynamics, restraints, and plausible opportunities in the forecast timeframe. The report also highlights market predictions & developments; thus making it simple for the novel market participants to comprehend the market scenario.
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Impact of Covid-19 on Plant Based Meat Market
Plant based meat market has been positively affected during the Covid-19 outbreak. The growth is attributed to an increase in vegan population and rise in health awareness. These aspects are enhancing the market during the forecast timeframe. Moreover, effective partnerships amongst businesses are also responsible in fueling the market growth during the Covid-19 crises.
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Market Dynamics
The market is enhancing due to prevalence of cardiovascular diseases and obesity amongst people. Also, the ongoing vegan trend along with the entry of innovative players in the industry is also augmenting the market. Health benefits associated with plant based meat products such as less saturated fats, no cholesterol, and zero antibiotics is also pushing the market forward. All these factors are driving the market in the forecast period.
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However, less product consumption in the under-developed countries and people prone to allergies of plant based meat sources is likely to hinder the market growth in estimated timeframe. Nevertheless, government initiatives taken up to create cognizance about the advantages of plant derived meat products is projected to generate opportunities in upcoming years.
Seitan Sub-Segment to Gain Maximum Revenue
Seitan sub-segment is anticipated to boost during the forecast period due to the rise in demand for fresh and natural food items without bargaining on meat-like food. Furthermore, seitan food items do not lose their taste or texture for months, thus these food items can be stocked for a long time. The seitan market was accounted for $442.7 million in 2019 and estimated to reach $2850.9 million by 2027.
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Soy Source Segment to Garner Huge Profits
Soy source segment is anticipated to enhance exponentially in the forecast period and is expected to harbor $18,697.6 million, from a market figure of $4,501.1 million in 2019, with a CAGR of 19.6%. change in consumer preferences and initiatives taken up by companies such as the launch of ‘Happy Little Plants’- a plant derived food range by Hormel Foods Corporation is predicted to escalate the market in forecast period.
Direct Distribution Channel Segment to be the Most Lucrative
Increase in direct-to-customer trend and nullifying intermediary expenses are some aspects that are enhancing the market growth. Moreover, direct distribution channel augments direct customer contact and decreases distribution channel choices, therefore boosting the market further. Apart from this, this segment is projected to reach $15,587.4 million by 2027, from healthy revenue of $3,003.0 million in 2019, with CAGR of 22.9% in the forecast period.
Regional Analysis
The North America market is anticipated to garner $10,445.3 million, from market share of $1,834.1 million in 2019. The market is expected to boom due to preference of vegan products over traditional food items. Furthermore, Americans are favoring vegan food due to rise in cardiovascular diseases and threat related to the intake of tainted meat food products. These all factors are driving the market in forecast period.
Key Players and Business Strategies
• Pinnacle Foods Inc. (Conagra Brands, Inc.)
• Amy’s Kitchen, Inc.
• Atlantic Natural Foods, Inc.
• Impossible Foods Inc.
• Hain Celestial
• Beyond Meat.
• Pacific Foods of Oregon, LLC
• Monde Nissin
• Kellogg’s Company
• Fry Family Food
• Nutrisoy Pty Ltd
• Nasoya Foods
• Hügli Holding AG
• Sweet Earth, Inc.
• VBites Foods Ltd.
• The Kraft Heinz Company (KHC)
• Schouten Europe B.V.
• Turtle Island Foods, Inc.
• Lightlife Foods, Inc.
• Taifun-Tofu GmbH.
Plant based meat market players are emphasizing on capacity expansion, advanced technical developments, product promotion, and strategic tie-ups in order to strengthen their position in the global market. For instance, in August 2020, Beyond Meat, a plant based meat substitutes company revealed its e-commerce website for selling plant based meat foods.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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