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According to a study of Research Dive, the global plant based meat market forecast shall surpass $68,448.9 million by 2027, growing at a CAGR of 19.1%.
The Coronavirus (COVID-19) pandemic has brough magnificent opportunities for the global plant based meat industry. The emergence of new start-ups combined with launching of new, innovative plant-derived meat products, during the COVID-19 pandemic is projected boost the global market growth in the upcoming years. For instance, in October 2020, Beyond Meat, a leading company in plant-based meat, introduced new Breakfast Sausages Links to its delicious and innovative plant-based meat product offerings. These sausages do not contain any GMOs, synthetic colors, bioengineered ingredients, hormones, cholesterol/antibiotics and contain 40% less sodium than traditional pork sausages. Also, the company has planned to launch two new versions of Beyond Burger and made through cutting edge technology to meet the rising demand for plant-based protein products. In addition to this, McDonald's, an American fast food company, announced to debut ‘McPlant’, a plant-derived meat alternative, in 2021. Owing to these key factors the global plant based meat market shall have lucrative market opportunities in the COVID-19 crisis.
The global plant based meat market has witnessed an unprecedented market growth in the analysis period mainly owing to the increasing number of people with chronic disorders such as obesity, hypertension, and blood pressure, significant investments by the market players, and growing consumer interest in plant-based diets. Moreover, Plant-derived meat products are massively replacing conventional meat products including sausages, nuggets, and burgers. In addition to this, plant-derived meat encompasses lower levels of cholesterol, calories, and saturated fat, compared with animal meat. They often contain high levels of micronutrients, like calcium, zinc, and iron. Such factors are further expected to flourish the global market growth.
High price of plant-derived meat products in comparison to traditional meat is expected to decline the demand for products, throughout the analysis period.
Extensively growing government initiatives to generate awareness regarding the significance of plant-derived meat products is expected to create market opportunities for the global plant based meat market. For instance, in 2018, Government of India announced to conduct a campaign called “Eat Right India” to promote plant-derived foods products in order to combat the global warming & climate change. Moving ahead, in November 2020, government of Canada announced to launch consultation services for plant based protein products and simulated meat & poultry products to encourage veganism among Canadian people. Such government aspects are expected to fuel the global plant-based meat industry in the future
The seitan product type will be the fastest growing sub-segment in 2020 and is expected to register a revenue of $2,850.9 million by 2027, increasing from $442.7 million in 2019. Increasing popularity of mock meat in developing countries, rising awareness about health benefits offered by plant-derived meat, and emerging startups with their innovative concepts in the market are some of the factors propelling the sub-segment growth. For instance, in November 2020, LoveSeitan, UK's leading manufacturer of seitan products, made an announcement to launch ‘seitan-based vegan roast’. Seitan is a ‘hand-crafted’ soy and palm oil-free food product containing healthy nutrients such as Vitamin B12. Moreover, the tempeh sub-segment for plant based meat market will have a substantial market share and is further expected to register a revenue of $25,310.8 million by 2027 owing to health benefits provided by it such as capability to reduce cholesterol levels and oxidative stress.
Soy based meat alternative for the global plant based meat industry will have significant growth and is further projected to surpass $18,697.6 million by 2027, at a healthy CAGR of 19.6%. This growth is accredited to wide utilization of soy-based meat alternatives in the manufacturing of plant-based meat products because it is the best known meat alternative and also contains complete proteins. Moreover, some of the market players are implementing effective strategies such as product launches and technology introductions to fortify their position in the global marketplace. For example, Vezlay, an Indian based food tech and manufacturer, has introduced veg shawarma made with vegetable and soya to provide exact texture and taste of non-vegetarian shawarma. Also, the company introduced a wide range of RTC foods made of soya and is offering various products including soya seekh kabab, nuggets, shami kabab, soya leg pieces, soya chop and many other soya-based products. This aspect is predicted to drive demand for soy-based meat alternatives and is estimated to fuel the market growth in the forecast time.
The direct distribution channel for the global plant based meat market will have lucrative growth and is predicted to cross $15,587.4 million by 2027, with an increase from $3,003.0 million in 2019 at a healthy growth rate of 22.9%. Direct distribution channel helps in rising direct customer contact, decreasing distribution channel options, and minimizing intermediary expenses. Furthermore, a company operating in the food industry can have complete control over its outlets. This direct control helps the company in maintaining consistency in service provision. Such key factors are expected to flourish the direct distribution channel, in the projected period.
The North America plant based meat market generated revenue of $1,834.1 million in 2019 and it is predicted to surpass $10,445.3 million by 2027, at a significant CAGR of 24.3%. Extensively growing number of people suffering from chronic disorders like CVDs, hypertension, type-2 diabetes, and colorectal cancer is one of the major reasons people are shifting towards vegetarianism. In addition to this, strong presence of leading plant meat manufacturers such as Beyond Meat Inc. and Impossible Foods is also positively affecting the North American plant based meat market, during the forecast period.
Plant based meat market for Asia Pacific region is expected to generate a revenue of $30,938.9 million by 2027, at a noteworthy CAGR 18.9% due to massively increasing disposable income in the region, technological innovation in food & beverages industry, and supportive government policies especially in India, Japan, China.
Plant based meat market players are emphasizing on advanced technical developments and merger & acquisition in order to strengthen their position in the global market.
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