Plant-Based Meat Market Size Is Projected to Reach $35.4 Billion By 2027 | CAGR: 15.8%: Polaris Market Research

NEW YORK, Nov. 4, 2020 /PRNewswire/ -- The global plant-based meat market size is expected to reach USD 35.4 billion by 2027 according to a new study conducted by Polaris Market Research. the market is  anticipated to register a CAGR of 15.8% from 2020 to 2027 Increasing awareness among consumers for healthy food products, a continuously growing global population, and a major shift towards food production and consumption are some of the major factors anticipated to drive the growth of the global market. Increasing demand for rich protein-based food for having nutritional benefits coupled with consumer's preference for cost-effective products, further fueling the demand for plant-based meat products. In addition to this, the growing trend of vegetarianism and veganism is offering enormous growth potential to the global plant-based meat market.

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Key Points from the Report:

• Increasing upsurge of food borne diseases because of animal meat attracting consumers towards healthy plant-based meat products.
• The burger emerges as the major growing segment of the market on account of a well-established consumer base across the world.
• With over 30% of the share, soy is progressing as the major source of meat attributing to a wide range of applications in the preparation of meatball and burgers.
• E-commerce platforms are anticipated to witness a high competition for plant-based meat products owing to the suddenly rising situations like lock-downs.
• Environmental issues arising with the killing of animals are expected to boost the plant-based meat market in the Asia Pacific region.

Increasing demand for plant-based meat can benefit financially stable global players such as Conagra and Nestle. Attractive moves such as faster delivery and effective cost-cutting can enable them to strengthen their foothold in the market.

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The global plant-based meat market is driven by growing concern towards animal based meat owing to global narrative that COVID-19 originated from wild animals. The growing vegan population in Europe, consumer awareness towards nutritional benefits, and innovations in food technology coupled with funding support from investment firms. Recently, in June 2020, Veganuary, the UK based non-profit organization introduced Veg Capital, funding solutions plant-based food companies. It will provide fund of around EUR 50,000 to 2,50,000 to the plant-based food startups.

Leading players present in the global plant-based meat market are :  Amy's Kitchen, Greenwise, Beyond Meat, Impossible Foods Gold & Green Foods, Garden Protein International, Maple Leaf Foods, The Vegetarian Butcher, Quorn Foods, VBites, Morningstar Farms, Omnipork, Novameat, Tofurky, Zikooin, Sunfed, Zhenmeat, and V2food. The lucrative opportunities present in the market have attracted major companies as well as new ventures to invest in the market. The global market is turning out to be highly competitive as leading global players started expanding their business operations in different regions of the world.

Companies are involved in new product launches and increasing geographic reach to increase their consumer base. The global plant-based meat market is becoming even more competitive as Asian companies such as Whole Perfect Foods Co., Ltd, and GoodDot investing in the market. 

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Polaris Market research has segmented the plant-based meat market report on the basis of source, product, distribution channel, and region

Plant-based Meat Source Outlook (Revenue – USD Million, 2016 – 2027)

• Soy
• Wheat
• Peas
• Others

Plant-based Meat Product Outlook (Revenue – USD Million, 2016 – 2027)

• Burger Patties
• Sausages
• Strips & Nuggets
• Meatballs
• Others

Plant-based Meat Distribution Channel Outlook (Revenue – USD Million, 2016 – 2027)

• Retail Outlets
• Foodservice
• E-commerce

Plant-based Meat Regional Outlook (Revenue – USD Million, 2016 – 2027)

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Spain, Belgium, Netherlands)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• MEA (Saudi Arabia, UAE, Israel, South Africa)

Target Audience:

• Supply Side: CPG companies, E-commerce Service Providers
• Demand Side: Household, Hotel, Restaurant, Café, Retail
• Regulatory Side: Food and Drug Administration (FDA), Codex Alimentarius Commission (CAC)
• Associations and Industry Bodies: The Food Industry Association, Food Industry Association

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SOURCE Polaris Market Research