The Innovation-Oriented Streak Of Plantbased Meat Market To Continue
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In recent years, the plant-based food market has witnessed significant growth, which is attributable to a rise in the awareness about the critical health benefits associated with the consumption of these kinds of food products. The annual global sales of plant-based meat products has grown at an average of 8% since 2010. In the global market, Asian countries like China have shown a rise in the consumption of plant-based meat products year-on-year. Chinese consumers have been considering plant-based meat products in the daily diet, making the country one of the dominant plant-based meat market on the global stage. On the other hand, the European and North American regions have been tagged as an emerging regions for the global plant-based meat market. In Germany, one out of ten consumers have been buying plant-based meat products at regular intervals. Most of these consumers are in the millennial age group, showing preference for plant-based meat products. Similarly, in Italy, consumers have lowered the intake of red meat products, and are gradually triggering the demand for plant-based meat products. In North America, the U.S. retail value sales for plant-based meat products have been surging over the past couple of years, surpassing the U.S. animal-based food market. This indicates a rise in the demand for plant-based meat products by consumers in the country.
The confluence of several critical factors such as higher penetration rate of social media channels, easy availability of critical information regarding the consumption of plant-based food products, consumers' desire for a healthy lifestyle, and rise in per capita income in several developing nations has been triggering the demand for plant-based meat products on the global stage. The tenacity of consumers' adoption of a healthy lifestyle, fat-free diet in the daily routine has been driving some of the major food manufacturers to come up with plant-based meat products. For instance, in 2016, Rosquette launched NUTRALYS®? T70S, a plant-based meat product, in order to cater to the rising demand for plant-based food products.
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In terms of revenue, the global plant-based meat market is expected to represent an incremental opportunity of US$ 20,261.5 Mn by 2026 end over 2017. By product type, the RTC/RTE segment is expected to register relatively higher CAGR growth in the global plant-based meat market. The North American region is expected to register a CAGR growth of 8.3% over the forecast period due to a rise in the vegan population in the region.
Drivers & Restraints for Plant-based Meat Market
Owing to a rise in the awareness about the critical health benefits gained by the consumption of plant-based food products, over the past couple of years there has been a rise in the overall vegan population, globally. In 2012, the vegan population accounted for around 25.6% of the global population. Among the vegan population, tofu is perceived to be the most similar alternative for meat, and consequently, other soy food products like tempeh are also gaining popularity due to its texture, chewiness, and sensory attributes.
Moreover, there has been concerns of rising obesity in most o developed countries like the U.S. and major parts of the European region due to the intake of unhealthy and high cholesterol content food. As a result, there is a shift in the preference for plant-based food products, such as plant-based meat products, which promotes good health among these consumers.
The price of the product is one of the factors that is considered by consumers while buying a meat alternative. Many consumers have expressed concerns over the prices of meat alternatives, which are relatively higher in some countries than meat itself. In such circumstances, these expensive prices of plant-based meat products are likely to affect market growth in a bigger way than it appears, as positive consumer approach towards meat alternatives is not very mature, and high prices may drive away even those consumers who are ready to opt for meat alternatives.
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