Absolute Markets Insights (AMI) reports a robust forecast for the plant-based meat market during the 2021-2029 period. In its newly released report, AMI anticipates the market will grow at a CAGR of 17.89%.
COVID-19 Pandemic is expected to Have a Positive Impact
The COVID-19 pandemic has disrupted supply chains, and negatively affected the lives of billions of people across the globe. The growth of coronavirus in China, and its subsequent spread to countries like India, the U.S., the UK, Brazil, etc., has also affected the global meat industry, as regulations pertaining to meat import and export were further strengthened to curb the spread of the pandemic. Work from home adoption in several industries has also resulted in the spread of a sedentary lifestyle amongst individuals. Hence, individuals are increasing opting for plant-based meat products, as they are more easy to digest, and is usually associated with reduced health complexities after consumption. Furthermore, there is an increase in concern about the consumption of animal based products, as severe infections such as COVID-19, Bird Flu, Swine Flu, etc., have originated from animal based meat products, which in turn is pushing the growth of plant-based meat products, especially in the North America and Europe. Hence, the pandemic is expected to have a positive impact on the global plant-based meat market in the coming years.
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Online Sales Channels to Grow the Fastest During the Forecast Years (2021 - 2029)
AMI reported that online sales channels, which include company websites and other e-commerce websites, is expected to show the highest growth during the forecast years. The proliferation of smart devices, coupled with the advancement in internet technology, is bringing more users online, and the sale of plant-based meat products through this channel is seeing a significant growth. The adoption of online sales channel has been accelerated by the COVID-19 pandemic. GoodDot, for instance, is using Amazon's online distribution platform for reaching more customers in India. The company offers vegetarian and vegan friendly meat, which contains zero cholesterol, has high protein content but 80% lesser fat content, as compared to conventional meat products. The flexibility provided by online sales channels for both buyers and sellers alike is expected to fuel the growth of these channels in the plant-based meat market in the coming years.
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Asia Pacific Region to Show the Highest Growth During the Forecast Years ( 2021-2029)
Absolute Markets Insights reported that the Asia Pacific region is expected to show the highest growth during the forecast years in the global plant-based meat market. The rising demand for vegan products in countries like India, China, Australia, New Zealand, etc., as a result of the growth in vegan culture to promote healthy lifestyle, is expected to help the Asia Pacific region emerge as a prominent source of revenue for the market participants in the coming years. Vegan Dukan, for instance, is an Indian platform that promotes vegan meat. Discounts for these products is also being provided on this platform. These factors will promote the growth of this region in the global plant-based meat market.
Competitive Analysis
Some of the players operating in the plant-based meat market are Alpha Foods, Amy's Kitchen, Inc., Before The Butcher, Beyond Meat, Conagra, Inc., Gold&Green Foods Ltd., Hooray Foods, Impossible Foods Inc., Kellogg NA Co., Like Meat, Maple Leaf Foods, Marlow Foods Ltd., Nestlé , No Evil Foods, Planterra Foods , Sunfed, The Meatless Farm Co., Tofurky , Unilever, Vbites Foods Limited, amongst others.
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Plant-based Meat Market
By Source
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- Soy and Tofu
- Peas
- Beans and Lentils
- Mushrooms
- Mung Beans
- Wheat Gluten
- Coconut Oil
- Quinoa
- Others
By Products
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- Patties
- Nuggets
- Sausages
- Meatballs
- Others
By Meat Type
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- Plant-based Pork
- Plant-based Beef
- Plant-based Seafood
- Plant-based Chicken
- Others
By Type
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- Fresh
- Semi-Processed
- Canned
- Frozen
- Ready to Eat
By Sales Channel
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- Online
- Offline
By End-User
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- Individuals
- Businesses (Cafes, Restaurants, etc.)
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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