Upswing: Economic condition with Future prospective of Plant Based Meat Market

Pune, Maharashtra,India, November 9 2020 (Wiredrelease) Origius Systems Private Limited –:According to a latest report published by Research Dive, the global plant-based market is estimated to grow at a CAGR of 15.0% and generate $35,900.0 million in the forecast period from 2019 to 2027.

The North America market for plant-based meat is predicted to lead the global industry owing to the growing population of vegetarians in the region. In addition, due to the increase in obesity and heart diseases rates, people are shifting towards healthy lifestyle in the region, which is other factor expected to propel the regional market growth.

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Market Dynamics

The growing health awareness and the rising transformation of people to turn into vegans are the significant factors expected to boost the growth of the global plant-based meat market. Moreover, the continuous R&D efforts to enhance taste & appearance along with novel product launches in the market are expected to provide lucrative growth opportunities in the global industry by 2027. However, the increasing usage of additives in plant-based meats which makes it not so healthy option is predicted to hamper the market growth in the near future.

Key Segment Findings of the Market:

The report segments the global plant-based meat market by Type, Product, Ingredients, End User, and Region.

By type, the global market is classified into pork, chicken, fish, turkey, and lamb. Of these, the chicken segment is anticipated to hold the largest share in the market over the forecast period because chicken is the most broadly used and most common type of plant-based meat used in different strips, burgers, nuggets, and sausages. 

By product, the overall market is classified into burgers, sausages, strips, nuggets, slices, meatballs, fillets, slides, cutlets, fingers, and crumbles. Among these, the burger segment is expected to dominate the industry by 2027 as burger is the most common products consumed across the globe.

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By ingredients, the overall industry is classified into beans, soy, wheat, oats, pea, quinoa, nuts, and seeds. Among these, the soy segment is projected to grow at healthy rate in the forecast period owing to the growing demand for soy due to its high protein content. 

By end-user, the global market is categorized into hotel industry, food industry, and household. Of these, the hotel industry segment is expected to have a majority of share in by 2027 mainly because the increase in collaboration of manufacturers with hotel partners for introduction of new products in the market. 

Geographically, the global market is divided into North America, LAMEA, Asia Pacific, and Europe. The Asia Pacific region is estimated to grow at a significant rate during the forecast period.

Key Market Players

The major players functioning in the global plant-based meat market are

The Vegetarian Butcher,

Beyond Meat Inc.,

DuPont,

Nestle S.A.,

Pinnacle Foods,

MorningStar Farms,

Amy’s Kitchen,

Royal Wessanen,

Taifun-Tofu GmbH,

Quorn Foods.

Further, the report outlines several aspects of all these industry players such as SWOT analysis, recent strategic moves & developments, financial performance, and product portfolio.

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