GMI Research forecasts that the accelerating demand for vegan products is boosting the plant-based meat market. The market is projected to grow at a compound annual growth rate (CAGR) of 14.5% between 2019 and 2026, with a significant growth from USD 4,229 million in 2018 to USD 14,252 million in 2026.
Dublin, Ireland – May 21, 2020 /MarketersMedia/ —
The plant-based meat market is becoming more mainstream over the coming years. Interest in plant-based meat products is likely to grow further, as the consumers report that they have lowered their meat consumption over the past few years. The accelerated adoption of plant-based meat products by flexitarians has been one of the primary drivers that are increasing the demand. The recent research on U.S. consumer indicates that approximately one-third of U.S. consumers are very likely to purchase plant-based meat products. In parallel, the emerging pandemic of COVID-19 has encouraged the customers to double their purchase of plant-based meat products. This boom in demand for plant-based meat products has been aided by the storage of beef and pork in various countries.
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The strong demand for plant-based meat products represents an opportunity for start-ups and established brands to develop innovative products to fill current white spaces in the market. Numerous plant-based food companies, including Beyond Meat and Tyson Foods, are continuously investing in creating products that are increasingly analogous to their animal-based meat products, both in terms of taste and functionality. Simultaneously, the soy-based meat products have the strongest demand in the market driven by its gaining acceptability among the consumers.
The HoReCa end-users are largely contributing to the expanding demand of the market. Over the past few years, several restaurant chains have launched plant-based meat burgers on their menu. Major fast-food brands, such as MacDonald’s, Burger King, White Castle, Subway, and Dunkin’ Donuts, are increasingly opting for plant-based meat burger patties to diversify their product variety and draw in customers who are looking for plant-based meat fast food options.
The North American region represents abundant growth opportunities derived from the significant rise in the flexitarian population and a strong growth rate of obesity and cardiovascular diseases among consumers. With the largest impact of Coronavirus on the U.S., the people are actively looking for alternative protein options to improve their immunity. Furthermore, the growing awareness of the animal agriculture system problems is likely to have a positive influence on the increasing sales of plant-based meat products during the pandemic. The US and Europe continue to remain the major market for Plant-based meat products.
Key and emerging market players in plant-based meat market include Beyond Meat Inc., Tyson Foods Inc., Impossible Foods Inc., Royal Wessanen, Marfrig Global Foods S.A., Nestle S.A., Pinnacle Foods Inc. , MorningStar Farms , Orkla Foods, Maple Leaf Foods Inc., Sunfed Ltd., Quorn Foods, Amy’s Kitchen, VBites, among others.
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