The scope of “The Insight Partners” recent study on the “The global Plant Based Meat Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)” includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.
The plant based meat products market is projected to reach US$ 14,527.55 million by 2028 from US$ 5,354.72 million in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028. Plant-based meat products are made using plant proteins such as soy protein, pea protein, and wheat protein. Soy protein is more affordable than other plant proteins, and it provides ideal texture to the products, which is similar to conventional animal meat products. Patties, nuggets, sausages, and meatballs are among the common plant-based meat products available in the market. Consumers are highly inclined toward plant-based or vegan-friendly products owing to increased health concerns and rising awareness regarding animal welfare. Plant-based products are generally perceived as healthier than conventional ones.
The top players operating in the global plant-based meat products market are Beyond Meat; Conagra Brands, Inc.; Kellogg’s Company; Tofurky; Field Roast; Before the Butcher; VBites Foods Inc.; Hilary’s – Drink Eat Well, LLC.; Quorn; and Impossible Foods Inc. among few others.
As the rising importance of environmental sustainability has increased among the population. Over the past few years, awareness regarding environmental sustainability among people has increased significantly. Climate change has affected the earth's natural ecosystems and possesses a significant threat to the present and future generations' well-being. Global population growth and urbanization are the primary causes of natural resource depletion, including water, fossil fuels, and land, among others, contributing to global warming. Due to the rising global population, the demand for food is also increasing. People are heavily reliant on animal sources to meet their nutritional requirements. This factor exerts high pressure on the livestock industry. The livestock industry is one of the major contributors to anthropogenic greenhouse gas emissions.
Further, animal agriculture consumes enormous amounts of water. According to the Water Footprint Network, 1 kilogram of vegetables requires only 322 liters of water, whereas 1 kilogram of beef requires 15,415 liters of water. All these factors have significantly raised the sustainability concerns among consumers leading to which they are shifting toward plant-based alternatives. The consumption of plant-based meat products helps to minimize carbon footprints, save water and other natural resources, and reduce the overall environmental impacts. Thus, the growing importance of environmental sustainability is expected to significantly drive the development of the plant-based meat products market over the forecast period.
Based on type, the plant based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. The patties segment held the largest share in the plant based meat products market in 2020, whereas the others segment is projected to register the fastest CAGR during the forecast period. Owing to the huge popularity of burgers among millennials, there is a high demand for burger patties across the world. However, with rising concerns related to the inhumane treatment given to the livestock animals at slaughterhouses, consumers are reducing animal meat consumption and switching toward plant-based meat burger patties.
The food & beverages industry is one of the key industries that faced unprecedented challenges due to the COVID-19 pandemic. Lockdown and border restrictions enacted by various countries disrupted supply chains, which affected the production and distribution of various products. However, during the pandemic, many consumers shifted to plant-based diets as they perceive vegan products to be healthier than animal meat products.
Many major plant-based meat product manufacturers launched their direct-to-consumer (DTC) websites as the supermarkets and convenience stores were kept closed and people were mandated to stay in their homes during the initial months of the COVID-19 pandemic. Such initiatives by companies allowed them to cater to the rising demand for plant-based meat products, along with enhancing their profitability. However, small-scale manufacturers faced challenges due to raw material shortages and low product inventories. Thus, the pandemic had a mixed impact on the plant based meat products market.