New York, USA, Sept. 27, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global plant-based meat market is anticipated to generate a significant revenue of $68,448.9 million at a CAGR of 19.1% during the forecast period, 2020-2027.
The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: In recent years, the chronic health situations such as obesity, cardiovascular diseases, and many others, are growing at an alarming pace. This is mainly because of the unhealthy eating habits. Keeping this in view, most of the urban population has shifted their likeness toward veganism. Plant-based meat products are getting more and more popularity due to their amazing health benefits. These products include no cholesterol, no antibiotics, and low level of saturated fat. These are the factors boosting the growth of the plant-based meat market during the forecast period.
Restraint: Lack of awareness about plant-based meat products in the undeveloped regions across the world is expected to restraint the growth of the market during the forecast period.
Opportunity: Emergence of innovative food makers around the world is expected to create many opportunities for the market growth in upcoming years.
Key Segments of the Market
The report has divided the market into different segments based on product type, source, distribution channel, and regional analysis.
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Product Type: Tempeh Sub-Segment Predicted to be the Most Lucrative
The tempeh sub-segment is expected to generate a revenue of $25,310.8 million by the end of 2027, rising from $6,283.2 million in 2019. Apart from being rich in probiotics, tempeh helps in the improvement of digestion and reduction of inflammation in the body. This is the main factor behind the growth of the segment.
Source: Soy Source Sub-Segment Expected to be the Most Profitable
The soy source sub-segment is expected to reach a revenue of $18,697.6 million at a CAGR of 19.6% by the end of 2027. The main reasons behind this growth are the adoption of more flexible eating habits and inclination towards soy-rich diet among the urban population.
Distribution Channel: Direct Channel Sub-Segment Predicted to be the Most Lucrative
The direct distribution channel is forecasted to surpass a revenue of $15,587.4 million at a CAGR of 22.9% by the end of 2027, increasing from $3,003.0 million in 2019. Some of the benefits of direct distribution channel include the increasing direct customer contact, elimination of intermediary expenses, and reduction of distribution channel options. Rise of direct-to-customer trend is also expected to raise the growth graph of the market segment.
Regional Analysis: North America Expected to Dominate the Market
The North America regional market recorded a revenue of $1,834.1 million in 2019 and is further expected to generate the highest regional revenue of $10,445.3 million by the end 2027. Increasing popularity of vegan diet products and plant-based meats in the region is expected to enhance the growth of the market during the forecast period.
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Key Players of the Market & Strategies
The most significant players of the global plant-based meat market include
- Lightlife Foods, Inc.
- The Kraft Heinz Company
- Pinnacle Foods Inc. (Conagra Brands, Inc.)
- Beyond Meat.
- Amy’s Kitchen, Inc.
- Sweet Earth, Inc.
- Kellogg’s Company
- Turtle Island Foods, Inc.
- Taifun-Tofu GmbH
- Schouten Europe B.V. among many others.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Recent Development
In January 2021, Atlantic Natural Foods, LLC (ANF), the leading shelf-stable manufacturer of the award-winning, plant-based Loma Linda® brand foods, expanded its global footprint with distribution of its protein-rich, omega-3 rich canned seafood substitute, TUNO™, at Sainsbury's, one of the leading retail chains of the UK.
Impact Analysis of COVID-19 on the Market
The coronavirus pandemic has impacted the global plant-based meat market in a significant way. During the lockdown, people switched to vegan food in order to keep their immunity strong. Moreover, the health benefits of plant-based meat products have accelerated the growth of the market during the pandemic. Many innovative industry leaders are taking massive steps to help the industry sustain during the critical time.
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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