Major players in the plant-based-meat market are Amy’s Kitchen, The Vegetarian Butcher, Maple Leaf Foods, Beyond Meat, Impossible Foods, Greenleaf Foods, Hungry Planet, Next Level and Abbots Butcher.
The global plant-based-meat market is expected grow from $11.86 billion in 2020 to $13.28 billion in 2021 at a compound annual growth rate (CAGR) of 12%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $20.78 billion in 2025 at a CAGR of 12%.
The plant-based meat market consists of sales of plant-based meat and related services.Plant-based meat is prepared from plants and is similar to the conventional meat in appearance and taste.
It is available in the form of a burger patty, crumbles, nuggets, and sausages. The plant-based meat is produced using ingredients such as wheat gluten, lentils, yuba, tofu, soybeans, and a variety of nuts.
The high prices of plant-based meat products in comparison with regular meat products is a major restraint for the growth of the plant-based meat market.The major players dealing in plant-based meat products are beyond burger and impossible burger.
At Whole Foods, an America-based multinational supermarket chain, the retail price of beyond burger is USD 12 a pound, whereas regular ground beef burger costs for less than half i.e. USD 5 a pound. Thus, the differences in the prices of plant-based meat products and regular meat products are predicted to hinder the growth of the market over the upcoming years.
Increasing consumer awareness associated with the benefits of vegetarian diets is projected to contribute to the growth of the plant-based meat market.The vegetarian diets offer various benefits such as low insulin levels, decreased rate of heart diseases, and improved kidney functions.
According to Vegconomist, the vegan business magazine article published in July 2019, plant-based meat contains lower levels of cholesterol, saturated fat, and calories in comparison with animal-based meat. Moreover, rising consumer awareness on animal rights through global welfare organizations such as animal aid unlimited (AAU) and people for the ethical treatment of animals (PETA) is to boost the demand for plant-based meat products, which in turn, is predicted to uptake the revenues of plant-based meat market over the forecast period.
The plant-based meat market covered in this report is segmented by product type into burger patties; sausages; strips; nuggets; meatballs; others. It is also segmented by source into soy; wheat; pea; others.
The increasing launch of new innovative products that are made from plant-based meat is a major trend in the plant-based meat market.For instance, in June 2019, the world’s largest meat producer announced the sales of preprotein made nuggets at grocery stores as a part of a new brand, Raised & Rooted that is engaged in selling blended and plant-based meat products.
Moreover, in June 2019, a leader in plant-based meat announced the launch of its new product, Beyond Beef. Beyond Beef is new plant-based ground meat prepared without GMOs, gluten or soy designed to deliver meaty texture, juiciness, and the same versatility of traditional beef.
In March 2018, Kerry Group, an Ireland-based public food company, announced a major move into the meat substitutes market with the acquisition of Ojah, an innovative producer of textured meat alternatives based in the Netherlands for an approximate amount of USD 24 billion.Ojah is engaged in making a wide range of meat alternative products under Plenti and Beeter Brands.
The Ojah products comprise seasoned & natural chunks and strips and vegan nuggets. The products are gluten-free and are made from pea or soy protein.
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