Dublin, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The "Global Plant-based Meat Market By Source, By Type, By Product, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Plant-based Meat Market size is expected to reach $12.32 billion by 2027, rising at a market growth of 18.3% CAGR during the forecast period.
Plant-based meat is a type of meat made from non-animal products like dairy items and acts as an alternative to meat. This kind of meat offers a similar kind of nutrient composition to the original meat option for the people who do not want to consume meat or meat-based products. A significant portion of plant-based meat products is made from soy or gluten-based products.
These plant-based meat products are processed via two simple methodologies viz. thermoplastic extrusion and fiber spinning. Thermoplastic extrusion is the most common methodology adopted by the manufacturers to process plant-based meat products, which is a cost-effective method of fulfilling large-scale productions. The fiber spinning method adds to the cost of production that contradicts the idea of making a low-cost plant-based meat product.
The availability of a broad range of plant-based meat products like chicken, beef, pork, and seafood is contributing to the high popularity of these products among consumers across the globe. Further, the increasing number of product innovation and merchandising strategies within the plant-based meat market is anticipated to spur the growth of the market.
The increasing cases of numerous diseases like diabetes, obesity, and others is expected to surge the demand for low calorie and high-protein content food products and thus, accelerate the growth of the plant-based meat market over the forecast period.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has significantly impacted the demand and growth of the plant-based meat market. It is due to the disruption in supplies of key raw materials, restricted access to production spaces, and interrupted distribution channels. Foodservice channel distribution was severely impacted, and pantry stocking & panic buying were at the highest point across different retail sales during the initial phase of the pandemic
Moreover, the imposition of complete or partial lockdown across various nations of the region has encouraged consumers to buy products through online mediums, which has further motivated distributors to shift to the online distribution channel. The pandemic has created more awareness among consumers regarding the importance of maintaining healthy food patterns and lifestyles, which has also surged the demand for healthy food substitutes including plant-based meat products.
Market Growth Factors:
Growing awareness about the health benefits of plant-based meat products
The rising trend of plant-based products is motivating customers to consume more fruits, legumes, vegetables, nuts, and seeds. In addition, there are several health advantages offered by these plant-based products, which is attracting more consumers towards it. Several studies suggested that high consumption of animal-based meat can lead to diet-related diseases like heart disease, type-2 diabetes, obesity, and cancers. However, the consumption of plant-based products does not cause any such disease, which makes it a popular and healthier option for people.
Positive marketing strategies by several market players
Several market players are increasingly investing in marketing their products along with creating awareness among customers about plant-based meat products. The target customers for these companies are vegetarians, health-conscious consumers, flexitarians, and vegans. It is important for companies to adopt the right strategy to reach out to maximum customers, which can turn up more sales and revenue for the company.
Market Restraining Factor:
The huge price associated with the plant-based meat products
One of the key factors hampering the demand for plant-based meat products is their high price. These products are not economical for consumers of all income groups, which can restrict its demand across the world and thus, is expected to hinder the growth of the plant-based meat market during the forecast period. Additionally, companies are trying hard to introduce low-priced plant-based meat products, which can strengthen their market position.
Source Outlook
On the basis of source, the plant-based meat market is segmented into soy, pea, wheat, and others. The pea-based meat segment is anticipated to witness a substantial growth rate during the forecast period. The pea-based patties could be used in burgers in place of beef, chicken, or pork-based patties. In addition, characteristics of pea-based meat like similarity in texture & consistency to meat, high protein content, easy accessibility, and quick preparation are estimated to contribute to the significant growth of the segment.
Type Outlook
On the basis of type, the plant-based meat market is fragmented into chicken, pork, beef, fish, and others. In 2020, the plant-based chicken segment procured the highest revenue share in the market. Chicken is one of the majorly used ingredients in the conventional meat industry for making a wide range of products like patties, nuggets, and cutlets since it offers protein, animal fats, and cholesterol. As compared to it, plant-based chicken products contain approximately the same quantity of protein but other nutrients can differ from product to product.
Product Outlook
Based on product, the plant-based meat market is divided into burgers, sausages, patties, nuggets, tenders & cutlets, grounds, and others. In 2020, the burgers segment acquired the maximum revenue share in the market. These burgers contain ingredients that offer similar flavor, aroma, and texture to meat. Several companies like Impossible Foods, Kraft Foods, and others are introducing numerous varieties of burgers containing plant-based meat.
Regional Outlook
Based on region, the plant-based meat market is evaluated across North America, Europe, Asia Pacific, and LAMEA. North America emerged as the leading region of the plant-based meat market with the highest revenue share in 2020. Several global market players like MorningStar Farms are strengthening their market presence across the North America by offering a broad range of products to the vegan, flexitarian and vegetarian people.
Cardinal Matrix - Plant-based Meat Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Conagra Brands, Inc. and Kellogg Company are the forerunners in the Plant-based meat market. Companies such as Beyond Meat, Inc., Impossible Foods, Inc., Maple Leaf Foods, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Beyond Meat, Inc., Impossible Foods, Inc., Maple leaf foods, Inc., Quorn Foods (Monde Nissin Corporation), Omni Foods (Green Monday Holdings), Amy's Kitchen, Inc., Kellogg Company (Kellogg NA Co.), Conagra Brands, Inc., The Hain Celestial Group, Inc. (Yves Veggie Cuisine), and VBites Foods Ltd.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2017, Dec - 2021, Oct) Leading Players
Chapter 4. Global Plant-based Meat Market by Source
4.1 Global Soy Market by Region
4.2 Global Wheat Market by Region
4.3 Global Pea Market by Region
4.4 Global Others Market by Region
Chapter 5. Global Plant-based Meat Market by Type
5.1 Global Chicken Market by Region
5.2 Global Fish Market by Region
5.3 Global Beef Market by Region
5.4 Global Pork Market by Region
5.5 Global Other Type Market by Region
Chapter 6. Global Plant-based Meat Market by Product
6.1 Global Burgers Market by Region
6.2 Global Sausages Market by Region
6.3 Global Patties Market by Region
6.4 Global Grounds Market by Region
6.5 Global Nuggets, Tenders & Cutlets Market by Region
6.6 Global Others Market by Region
Chapter 7. Global Plant-based Meat Market by Region
Chapter 8. Company Profiles
8.1 Beyond Meat, Inc.
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Research & Development Expenses
8.1.4 Recent strategies and developments:
8.1.4.1 Partnerships, Collaborations & Agreements:
8.1.4.2 Acquisitions and Mergers:
8.1.4.3 Product Launches and Product Expansions:
8.1.4.4 Geographical Expansions:
8.2 Impossible Foods, Inc.
8.2.1 Company Overview
8.2.2 Recent strategies and developments:
8.2.2.1 Product Launches and Product Expansions:
8.2.2.2 Geographical Expansions:
8.3 Maple Leaf Foods, Inc.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Recent strategies and developments:
8.3.4.1 Product Launches and Product Expansions:
8.3.4.2 Acquisitions and Mergers:
8.4 Quorn Foods (Monde Nissin Corporation)
8.4.1 Company Overview
8.4.2 Recent strategies and developments:
8.4.2.1 Product Launches and Product Expansions:
8.5 Omni Foods (Green Monday Holdings)
8.5.1 Company Overview
8.5.2 Recent strategies and developments:
8.5.2.1 Product Launches and Product Expansions:
8.6 Amy's Kitchen, Inc.
8.6.1 Company Overview
8.6.2 Recent strategies and developments:
8.6.2.1 Product Launches and Product Expansions:
8.7 Kellogg Company (Kellogg NA Co.)
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expense
8.7.5 Recent strategies and developments:
8.7.5.1 Partnerships, Collaborations & Agreements:
8.7.5.2 Product Launches and Product Expansions:
8.8 Conagra Brands, Inc.
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental Analysis
8.8.4 Research& Development Expense
8.8.5 Recent strategies and developments:
8.8.5.1 Partnerships, Collaborations & Agreements:
8.8.5.2 Product Launches and Product Expansions:
8.9 The Hain Celestial Group, Inc. (Yves Veggie Cuisine)
8.9.1 Company overview
8.9.2 Financial Analysis
8.9.3 Regional Analysis
8.9.4 Research & Development Expense
8.10. VBites Foods Ltd.
8.10.1 Company Overview
8.10.2 Recent strategies and developments:
8.10.2.1 Partnerships, Collaborations, and Agreements:
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