Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Plant Based Meat Products Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Category, Distribution Channel, and Geography,” the plant based meat products market is expected to grow from $ 5.35 billion in 2021 to $ 14.52 billion by 2028; it is estimated to grow at a CAGR of 15.3% from 2021 to 2028.
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Plant Based Meat Products Market: Competitive Landscape
Beyond Meat; Conagra Brands, Inc.; Impossible Foods Inc.; Quorn Foods, Inc.; Kellogg Company; Hilary’s Eat Well; Vbites Foods, Ltd.; Before the Butcher; Field Roast; and Tofurky are among the major players operating in the global plant based meat products market. Companies are extensively investing in product development, innovation, merger & acquisition, and partnership strategies to expand their customer reach and boost their revenues. For instance, in 2022, Beyond Meat launched the beyond burger and beyond meatballs at approximately 2,000 rite aid stores in the US. The company also expanded the availability of beyond chicken tenders at over 8,000 new outlets nationwide, including grocery, pharmacy, and club stores in the same year. Such strategies are expected to provide new growth opportunities to the market players in the coming years.
North America is projected to grow at the fastest CAGR in the plant based meat products market from 2021 to 2028. Europe held the largest market share in 2021. Due to the high prevalence of diabetes and obesity in the country, consumers are becoming more aware of the importance of a plant based healthy diet, promoting the consumers to prefer plant based food such as plant based meat products. Plant-based meat has low-fat content and is rich in fiber which reduces cholesterol levels & blood pressure and is likely to drive the market growth. According to Vegan News, the proportion of the American vegan population has increased by nearly 10 million since 2005. Thus, the rising veganism trend in North America is driving the region’s plant based meat products market growth.
According to the “Plant-Based Food Association”, from March to June 2020, Kroger- an American retail company increased its plant based meat customer count by more than 50% compared to the previous year. In addition, customers purchased more often and in greater quantities than before, which led to sales growth of more than 75% during this time. These factors are expected to drive the growth of plant based meat products market in North America.
Plant Based Meat Products Market: Segmental Overview
Based on type, the plant based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. The nuggets segment held the significant share of the plant based meat products market in 2021. The plant based meat nuggets have a taste and texture that is similar to meat-based nuggets. Water, wheat flour, soy protein concentrate, vegetable oil (corn, canola, and/or sunflower), and soy protein isolate are among the ingredients used to make plant based nuggets. The demand for plant based food products is surging with the changing eating habits of consumers. The American fast-food chain “Burger King” has introduced plant based chicken nuggets that are soft and meat-like from the inside and provide a vegetable-based option for those meat lovers who want to reduce their meat consumption. Such developments by manufacturers are driving the demand for plant based nuggets.
Based on category, the plant based meat products market is segmented into frozen, refrigerated, and ambient. The frozen segment led the global plant based meat products market in 2021. To extend shelf-life, plant based meat products are stored at further lower temperatures. Many perishable products are stored at freezing temperatures to prevent the entry and growth of microorganisms. Moreover, at ambient temperature, the product may get spoiled due to oxidation, while in frozen conditions, the quality of the product remains the same for a longer time. Due to the fast-paced lifestyle, people are seeking for products that have extended shelf life. This factor is significantly driving the segment’s growth.
Impact of COVID-19 Pandemic on Plant Based Meat Products Market
The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverages industry. During the initial phase of the COVID-19 pandemic, severe supply chain disruptions created a shortage of raw materials, leading to an increase in raw material prices. According to the United States Department of Agriculture (USDA), the prices of pea protein which is one of the common ingredients used in plant based meat increased due to disruptions in the supply chain. This resulted in price hikes, negatively impacting the demand for plant based meat products. However, due to a significant shift in consumer dietary preferences, the demand for plant based meat products increased dramatically after the COVID-19 outbreak. The World Health Organization (WHO) published a guideline on food products that should be consumed during the COVID-19 pandemic. The guideline suggested limiting red meat consumption due to its high percentage of saturated fat. Moreover, people focused on reducing their overall meat consumption shifted to vegetarian and vegan diets to improve immunity. These factors had a positive impact on the plant based meat products market growth.
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