The Global Plant-Based Meat Market is experiencing remarkable growth. The report examines the market shares, revenues, and restraints. It gives specifics on the growths and downfalls of the industry. The report gives us a detailed volumetric and regional analysis of various countries as North America, South America, Australia, India, China, and South Korea. It imparts information on the trending strategies and brand assessments of the top grooming companies of the world. The report evaluates the serious scenes of the sector during Covid 19 pandemic. This report aims to study the current and future growth opportunities of the sector.
According to the research report, Plant-Based Meat Market: Current Analysis and Forecast (2021-2027), say that plant-based meat is an essential component of the vegan diet, in which people adopt a plant-based eating lifestyle that is devoid of animal-based foods. Plant-based food products contain protein, vitamins C, iron, and fiber intakes and are processed in lower saturated fats and calories. Due to its meaty texture, juiciness, and more fibrous consistency like meat, plant-based meat is giving a grip to the market. Excessive consumption of animal-based meat may result in diet-related diseases such as obesity, type-2 diabetes, heart disease, and certain cancers. Indeed, the exact opposite is the case in plant-based products. There are various health benefits associated with plant-based products, for instance, it does not give rise to critical diseases and provide better aid in building immunity. These products contain lower levels of saturated fat, cholesterol, and calories than animal-based meat. They often contain higher levels of micronutrients, such as zinc, iron, and calcium.
In 2021, the market was valued at USD billion and is projected to reach a significant USD billion by the end of 2027. It is expected to grow by a double-digit CAGR till 2027 in the worldwide market. The growth rate is increasing widely due to the rise in consumer health awareness. This has encouraged many startups even. Major key players of the industry are Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Tofurky, Alpha Foods, The Vegetarian Butcher, Quorn Foods, Morningstar Farms, Amy’s Kitchen, and Hooray Food.
For instance, In 2021, Beyond Meat rolled out its new product, Beyond Meatballs, which will start being available in grocery stores across the US. This product will fulfill the consumer demand for nutritious and easy-to-prepare products made from plant-based ingredients. These developments have led to rising growth in the industry. Countries such as North America (the United States, Canada), Europe (Germany, UK, France), and Asia-Pacific (China, India, Australia, Singapore). Asia Pacific regions including India, Indonesia dominate the market accounting for the highest market share in the worldwide market.
The Covid 19 crisis has created an unrivaled impact on power supplies industries globally. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations, travel bans and quarantines, restaurants closed all indoor or outdoor events restricted. This leads to making uncertainty in the market with the immense slowing in supply chains. The prices of plant-based meat products are further expected to increase due to trade barriers, disruptions in the supply of raw materials, and inefficient distribution channels. The non-availability and high cost of raw materials and high production costs are likely to restrain the growth of the global market.
However, consumer awareness in the market is increasing at a rapid pace. The plant-based trend continues to grow, encouraging people to eat more fruits, vegetables, legumes, nuts, and seeds. Companies are constantly focusing on this criterion to sustain themselves in the market and increase their sales. They need to position themselves by expanding their customer relationships and extending their reach globally. . The rapid growth of the industry coupled with the increasing number of small-scale plant-based meat manufacturers is expected to drive the market over the forecast period.
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Global Plant Based Meat Industry
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