Global Plant-Based Meat Market to Register 18.9% CAGR by 2026 as Consumers Seek Veganism

LONDON, Dec. 09, 2021 (GLOBE NEWSWIRE) -- The global plant-based meat market has been in the spotlight in recent years as consumers demand makes a shift towards vegetarian products. Growing awareness about the benefits of being vegetarian or vegan has given the plant-based meat market a new lease. According to Fairfield Market Research, the global plant-based meat market will be worth US$ 13,035.6 Mn by 2026, surging at a CAGR of 18.9%. This rise will be a result of the growing diagnosis of gluten allergies, pushing consumers to look for animal milk substitutes.

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Constant Research, Development, and Launch of Products Strengthens Market’s Case
The global plant-based meat market is witnessing constant research and development. In recent years, this has led to a continuous influx of food items, catering to the consumer trend and tilting demand in favour of plant-based products. The Plant-Based Foods Association states that the retail sales of plant-based food were up 27% in 2020. The report indicates that manufacturers are continuously pushing for expanding their retail presence through physical stores. For instance, in 2019 Subway joined hands with Beyond Meat to add more pea protein options to their menu. Beyond Meatball Marinara sub has been introduced to cater to this new trend.

Pea Protein Emerges as Winning Category in Global Plant-Based Meat Market
The pea protein segment is expected to register an incremental dollar opportunity worth US$3,780.5 Mn by 2026. Research attributes to myriad factors such as it being naturally vegan and hypoallergenic. It easily fulfils the consumer demand for protein. Furthermore, it is simple to digest, aids muscle growth, and improves heart health. Pea protein is best known to be a rich source of iron as well. Thus, for many suffering from milk allergies or gluten intolerance, pea protein serves as the best possible solution. All of these reasons are expected to work in favour of pea protein demand, driving up its consumption during the forecast period. 

Europe and North America Stand Out as Key Consumers of Plant-Based Meat Products
According to Fairfield Market Research, UK is anticipated to lead the Europe plant-based meat market. The rise of veganism in UK is expected to fuel this growth in the coming years. The trend is further being encouraged by the influx of food items by manufacturers. Retail giants such as TESCO in UK have dedicated aisles stacked with plant-based meat, which is giving consumers the option to try new products and supplement their existing diet plan. Similarly, Walmart in the U.S. is offering a wide range of products to consumers in the North America plant-based meat market. A wave of the millennial population opting for vegan and vegetarian options due to awareness about ill-effects of meat consumption on the environment and body. These trends and drivers will collectively add up to a flourishing plant-based meat market in the developed economies in the foreseeable future. 

Some of the key players operating in the global plant-based meat market are Impossible Foods Inc, Conagra, Inc., OmniFoods, Beyond Meat, Inc, Maple Leaf Foods Inc, Kellogg's Company, Sunfed, JBS SA, VBites Food Limited, and Hormel Foods Corporation.

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Source Coverage
  • Soy
  • Wheat
  • Pea
  • Others
Meat Type Coverage
  • Beef
  • Chicken
  • Pork
  • Fish
Sales Channel Coverage
  • Supermarket/ Hypermarket
  • Convenience Stores
  • Online
  • Specialty Stores
Geographic Coverage
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Leading Companies
  • Beyond Meat, Inc
  • Impossible Foods Inc
  • Conagra, Inc.
  • OmniFoods
  • Kellogg's Company
  • Maple Leaf Foods Inc
  • VBites Food Limited
  • Sunfed
  • JBS SA
  • Hormel Foods Corporation
Report Highlights
Key Developments, Market Estimates and Forecast, Market Dynamics, Porter’s Five Forces Analysis, Key Developments, Industry Trends, Macroeconomic Factors, Competition Landscape, COVID-19 Impact Analysis

Detailed Table of Content

1. Executive Summary

1.1. Global Plant-Based Meat Market Snapshot

1.2. Future Projections

1.3. Market Trends

2. Market Overview

2.1. Market Definitions

2.2. Market Taxonomy

2.3. Market Dynamics

2.4. Porter’s Five Forces Analysis

2.5. Covid-19 Impact Analysis

2.6. Macroeconomic Factors

2.7. Key Developments

3. Global Plant-Based Meat Market Outlook, 2018 - 2026

3.1. Global Plant-Based Meat Market Outlook, by Source, Value (US$ Mn), 2018 - 2026

3.2. Global Plant-Based Meat Market Outlook, by Meat Type, Value (US$ Mn), 2018 - 2026

3.3. Global Plant-Based Meat Market Outlook, by Sales Channel, Value (US$ Mn), 2018 - 2026

3.4. Global Plant-Based Meat Market Outlook, by Region, Value (US$ Mn), 2018 - 2026

4. North America Plant-Based Meat Market Outlook, 2018 - 2026

4.1. North America Plant-Based Meat Market Outlook, by Source, Value (US$ Mn), 2018 - 2026

4.2. North America Plant-Based Meat Market Outlook, by Meat Type, Value (US$ Mn), 2018 - 2026

4.3. North America Plant-Based Meat Market Outlook, by Sales Channel, Value (US$ Mn), 2018 - 2026

4.4. North America Plant-Based Meat Market Outlook, by Country, Value (US$ Mn), 2018 - 2026
Complete TOC..!!!

About Us
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