Plant-Based Meat Market Size, Price, Demand, Growth, Revenue Statistics and Forecast 2020-2025

According to the latest report by IMARC Group, titled “Plant-Based Meat Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global plant-based meat market grew at a CAGR of around 22% during 2014-2019. Plant-based meat refers to a vegan alternative that resembles natural meat in texture, appearance, and flavor. Various raw materials, such as plant protein isolates, starch, edible oils, vegetable extracts, etc., are processed with additives and coloring agents to produce plant-based meat. These products contain high-protein and low-calorie content that mitigate the risks of cardiovascular diseases, maintain calorie intake, and control blood cholesterol levels. Moreover, plant-based meat is also ecologically sustainable as it helps in reducing the meat consumption.

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The prevalent trend of veganism has catalyzed the demand for meat alternatives, such as plant-based meat products. Moreover, several lifestyle diseases, such as obesity, diabetes, etc., are significantly increasing due to sedentary consumer lifestyles. Based to this, consumer preferences are shifting from non-vegetarian food products towards protein-rich diet, thus propelling the product demand. Furthermore, the growing consumer health concerns along with rising awareness towards animal welfare and protection, also augment the market growth. Apart from this, rising consumer living standards have increased their per capita expenditures on high-quality and safer food products, such as plant-based meat. Additionally, various key manufacturers are making alliances with several vegan meat-producing start-ups to widen their product portfolios, thereby leading to product premiumization.

Market Breakup by Product Type:
• Burger Patties
• Sausages
• Nuggets and Strips
• Ground Meat
• Meatballs
• Others

Market Breakup by Source:
• Soy
• Wheat
• Peas
• Other

Market Breakup by Meat Type:
• Chicken
• Beef
• Pork
• Other

Market Breakup by Distribution Channel:
• Restaurants and Catering Industry
• Supermarkets and Hypermarkets
• Convenience and Specialty Stores
• Online Retail

Competitive Landscape Key Player:
• Amy's Kitchen Inc.
• Beyond Meat
• Boca Foods Company (Kraft Foods, Inc.)
• Garden Protein International (Conagra Brands Inc.)
• Impossible Foods Inc.
• Maple Leaf Foods
• MorningStar Farms (Kellogg Na Co.)
• Quorn Foods
• The Vegetarian Butcher
• Vbites Food Limited

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Source: steemit

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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