Dublin, Aug. 13, 2020 (GLOBE NEWSWIRE) -- The "Plant-Based Meat Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
Where is the largest and fastest growing market for the plant-based meat market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The global plant-based meat market is expected to grow from $12.22 billion in 2019 and to $12.41 billion in 2020 at a growth rate of 1.58%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $17.73 billion in 2023 at CAGR of 12.62%.
North America was the largest region in the plant-based meat market in 2019. Asia-Pacific was the second largest region in the plant-based meat market in 2019.
Increasing consumer awareness associated with the benefits of vegetarian diets is projected to contribute to the growth of the plant-based meat market. The vegetarian diets offer various benefits such as low insulin levels, decreased rate of heart diseases, and improved kidney functions. According to Vegconomist, the vegan business magazine article published in July 2019, plant-based meat contains lower levels of cholesterol, saturated fat, and calories in comparison with animal-based meat. Moreover, rising consumer awareness on animal rights through global welfare organizations such as Animal Aid Unlimited (AAU) and People for the Ethical Treatment of Animals (PETA) is to boost the demand for plant-based meat products, which in turn, is predicted to uptake the revenues of plant-based meat market over the forecast period.
The increasing launch of new innovative products that are made from plant-based meat is a major trend in the plant-based meat market. For instance, in June 2019, the world's largest meat producer announced the sales of preprotein made nuggets at grocery stores as a part of a new brand, Raised & Rooted, that is engaged in selling blended and plant-based meat products. Moreover, in June 2019, a leader in plant-based meat announced the launch of its new product, Beyond Beef. Beyond Beef is new plant-based ground meat prepared without GMOs, gluten or soy designed to deliver meaty texture, juiciness, and the same versatility of traditional beef.
The high prices of plant-based meat products in comparison with regular meat products is a major restraint for the growth of the plant-based meat market. The major players dealing in plant-based meat products are Beyond Burger and Impossible Burger. At Whole Foods, an America-based multinational supermarket chain, the retail price of Beyond Burger is USD 12 a pound, whereas regular ground beef burger costs for less than half i.e. USD 5 a pound. Thus, the differences in the prices of plant-based meat products and regular meat products are predicted to hinder the growth of the market over the upcoming years.
Major players in the plant-based meat market are Amy's Kitchen, The Vegetarian Butcher, Maple Leaf Foods, Beyond Meat, Impossible Foods, Greenleaf Foods, Hungry Planet, Next Level, and Abbots Butcher.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider plant-based meat Market, and compares it with other markets.
For more information about this report visit https://www.researchandmarkets.com/r/y1egqx
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