Plant-based Burger Patties Market Potential to Grow by USD 1.48 Bn|17,000+ Technavio Reports

"One of the primary growth drivers for this market is the awareness about adverse effects of consumption of meat." says a senior analyst for the consumer staples industry at Technavio. The demand for meat has risen across the globe mainly due to dual-income households, surging population, and socioeconomic factors. This rising demand for meat has led to a surge in the overall production of meat across the globe. However, this surge in the production of meat is not only polluting freshwater due to the mixing of chemical substances but also has an adverse impact on biodiversity. This has created an awareness among consumers regarding the adverse effects of meat consumption, which is why they have now started to adopt alternatives such as plant-based burger patties. The harmful effects of meat production and consumption have further led to an increasing number of vegans, which, in turn, will further drive the demand for plant-based burger patties during the next few years.

"Factors such as the expansion of plant-based burger patties production facilities and celebrity endorsements are further likely to influence the market growth positively. In addition, innovative product launches by the vendors in the market will also lead to overall market growth during the forecast period.", according to Technavio

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Plant-based Burger Patties Market Segment Highlights

• The plant-based burger patties market is segmented by distribution channel into offline and online channels.
• The offline distribution channel held the largest plant-based burger patties market share in 2020.
• The growth of this segment can be attributed to the surging revenues generated from the sales of these burger patties through specialty stores, hypermarkets, supermarkets, convenience stores, and clubhouse stores and department stores. 
• Vendors are expanding their stores in global and regional markets, which is fueling sales through the offline channel.  In addition, plant-based burger patties market players are also introducing new business and retail strategies including widening product assortment and expanding retail landscape to stay up the competitive ladder.    

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Plant-based Burger Patties Market Regional Highlights

• North America was the largest revenue-generating region in 2020. The growth can be attributed due to the surging introduction of brands offering plant-based burger patties and the growing use of the online platform for purchasing groceries. 
• 53% of the overall market growth will originate from the North America region owing to several factors including tie-ups of vendors with foodservice chains, and increasing demand for plant-based foods.
• The US and Canada are key markets for Plant-based Burger Patties Market in North America. Social factors such as evolving lifestyle changes, increasing use of sustainable food ingredients, rising environmental concerns, and growing awareness toward animal welfare are also fueling the demand for plant-based foods such as plant-based burger patties in these economies.
• Market growth in this region will be slower than the growth of the market in North America, Europe, APAC, South America, and MEA.

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Notes:

• The plant-based burger patties market size is expected to accelerate at a CAGR of  41.00% during the forecast period.
• The plant-based burger patties market is segmented by Distribution Channel (Offline and Online) and Geography (North America, Europe, APAC, South America, and MEA).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including Amazon.com Inc., Beyond Meat Inc., Conagra Brands Inc., Impossible Foods Inc., Kellogg Co., Maple Leaf Foods Inc., Nestle SA, Tesco Plc, The Kroger Co., and WH Group Ltd.

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