Westford, USA, April 06, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Meat Based FPP market will attain a value of USD 24.77 billion by 2030, with a CAGR of 19.3% over the forecast (2022-2030). According to the Department of Economic and Social Affairs (UN), 8.6 billion people are anticipated to live on the planet by 2030, followed by 9.8 billion people in 2050, and 11.2 billion people in 2100. The demand for more food varieties due to the growing world population sets pressure on the world's resources. In addition to the rise in demand carried by population growth, the need for food is also boosted by socioeconomic changes including rising earnings and quick urbanization. These reasons have prompted the cattle sector to flourish and meet the rising need for protein sources. A significant source of dietary protein and calories is food derived from animals.
According to the SkyQuest's, Furthermore, the Organization for Economic Co-operation and Development and the Food and Agriculture Organization (OECD-FAO) also predict that by 2030, there will be a 371.68 million tonnes increase in world beef consumption. Additionally, the worldwide per capita meat intake is projected to rise to 35.4 kg of retail weight equivalent (rwe) by 2030, up 1.1 kg rwe from the baseline year of 2021.
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The worldwide market for Meat-Based FPP includes both ready-to-cook and ready-to-eat meat items. The increasing tendency of fast food consumption is one of the reasons causing the increased demand. Usually, it is accessible for sale as whole corpses, chopped pieces from the animal or smaller portions like steaks and chunks. A portion of the flesh created is also used to make dishes like meatballs, meatball patties, meatballs, nuggets, bacon pieces, hot dogs and sausages. These are all FPP goods made with beef.
Prominent Players in Meat Based FPP Market
- Beyond Meat
- Impossible Foods Inc.
- Maple Leaf Foods (Field Roast & Maple Leaf)
- Vegetarian Butcher
- Conagra, Inc. (Gardein Protein International)
- Kellogg NA Co. (MorningStar Farms)
- Quorn
- Amy's Kitchen, Inc.
- Tofurky
- Gold&Green Foods Ltd.
- Sunfed
- VBites Foods Limited
- Kraft Foods, Inc.
- Lightlife Foods, Inc
- Trader Joe's
- Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
- Marlow Foods Ltd. (Cauldron)
- Ojah B.V.
- Moving Mountains
- Eat JUST Inc.
- LikeMeat GmbH
- GoodDot
- OmniFoods
- No Evil Foods
- Dr. Praeger's Sensible Foods
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The Hot Dogs and Sausages Segment Is Anticipated To Grow Due To Rise of E-Commerce and Online Shopping
The hot dogs and sausages segment is anticipated to experience the highest CAGR during the forecast period. The hectic lifestyles of working class, the rising number of sausage producers' product launches, the popularity of hot dogs and sausage as ready-to-eat foods and the increasing frequency of major sports events are all mentioned as important causes of the rapid increase. Additionally, this market segment is anticipated to have development prospects from the quickly expanding fast-food and ready-to-eat food sectors as well as the growing popularity of food products for consumption.
SkyQuest's research analysis forecasts that North America dominates the market. The market expansion in this area is attributed to both rising consumer awareness of the risks associated with consuming contaminated meat products and an increase in the use of meatless meat products. Consumer perceptions of food sustainability and safety are predicted to shift even more as demand for plant-based meals, especially plant-based foods rises.
Business-To-Consumer (B2C) Segment Is Expected To Register the Highest Growth Due To the Increasing Demand for Convenience, E-Commerce and Online Shopping
The business-to-consumer (B2C) segment is anticipated to register the highest CAGR. This segment has experienced rapid growth due to a number of factors, including the expansion of supermarkets and hypermarkets and the consequent rise in overall product sales from these establishments, the preference of consumers for traditional brick-and-mortar grocery stores due to convenience and accessibility and the growing use of e-commerce platforms by consumers to buy necessities.
Asia-Pacific held the largest market share for Meat-Based FPP market. Furthermore, it is anticipated that during the forecast period, this regional market will see the highest CAGR. The significant market development in the Asia-Pacific region is mainly attributed to rising consumer awareness of the value of diets high in protein and to the high demand for meat and meat products in developing countries like China and India. The rapid urbanization, rising affluence and shifting consumer lifestyles that have led to the adoption of easy ready-to-cook meat products are further factors driving market expansion in this region.
A comprehensive analysis of the major players in the Meat Based FPP market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Meat Based FPP Market
- In April 2022, The Vegetarian Butcher, a prominent manufacturer of plant-based meat, introduced frozen versions of some of its best-selling chilled vegan goods. The collection is currently accessible in UK retailer Sainsbury's and will soon be made available in more retail locations.
- In June 2022, The CEO of Beyond Meat, Ethan Brown, announced at The Wall Street Journal's Global Food Forum that the company will most likely release a plant-based cut sirloin product later this year. According to Brown at the gathering, it will debut first in stores before moving on to a few eateries.
Key Questions Answered in Meat Based FPP Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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