The plant-based foods industry is becoming a booming business. Plant-based meat, eggs, and dairy products have become a significant component of the food & beverage industry. It is a substitute for meat that is made from plants & other non-animal products and mimics natural meat in its texture, flavor, and other characteristics. A western country has shifted its focus to selling these products in retail stores due to the growing demand for vegan and vegetarian food.
The continuously growing population of vegan consumers is the major key driving factor for the growth of the global plant-based meat market. The vegan population in the U.S. will continue to rise exponentially due to increasing healthcare concerns along with the ethical and environmental concerns amongst people. The demand for plant-based food is expected to grow at a rapid pace owing to reduced meat consumption. Further, various factors such as the diversity of protein alternatives and increasing concern for biodiversity loss & climate change in regions are creating a shift towards plant-based food consumption. However, the high cost of plant-based meat in comparison to regular meat may hamper the demand of the market. Furthermore, an increase in merger & acquisition by key players and a growing number of plant-based meat products appearing in retail shops are projected to bring wide growth opportunities for the market players.
The global plant-based meat market is divided based on source, product type, type, end-user, and region. Based on the source, the global market is split into soy, wheat, pea, and others. The product type segment consists of meatballs, strips & nuggets, sausages, burger patties, and others. Plant-based meat has typed in beef, chicken, pork, fish, and others. HoReCa and household/retail are the types of end-user segments. Further, plant-based meat is offered through distribution channels such as grocery stores, convenience stores, specialty stores, online retail, and restaurants.
Geographically, the European region is anticipated to dominate the global plant-based meat market during the forecast period. Factors such as rising consumer inclination towards plant-based food consumption, along with changing eating habits are driving the growth of this market in this region. The UK is the key revenue generator country in the North American region. Further, Asia Pacific holds the second-largest position in the market and is anticipated to account for a major share over the forecast period. This is attributed to the growing healthcare awareness along with the increasing vegan trend. However, increasing ethical and environmental concerns among people is expected to enhance the demand for a plant-based meat market.
The market is highly concentrated owing to the availability of domestic as well as international key players. Nestle S.A., Marfrig Global Foods S.A., Maple Leaf Foods Inc., Tyson Foods Inc., Pinnacle Foods Inc, Amy’s Kitchen, Quorn Foods, MorningStar Farms, Impossible Foods Inc., Beyond Meat Inc. are some of the major players that are operating in the global plant-based meat market.
In 2021, the Nestle SA announced partnership with Israeli startup to make plant-based meat and enter into the cultured-meat market.
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