The global Plant-Based Meat Market likely to grow at a noteworthy rate during the forecast period 2020-2027. Due to the consumers trending toward healthier foods and rising concerns about the environment and animal welfare. The plant-based meat products are tasty, texture, and overall experience that meat can provide, and plant-based foods can provide a variety of meat alternatives. According to WHO, in 2016, more than 2 billion adults age more than 18 were overweight. The intake of high-fat content food products and a decrease in physical activity are primary reasons for the rise in the rate of obesity around the globe.
Additionally, the rise in the number of vegan populations across the globe estimated to propelling the vegan plant-based meat market over the forecast period. Moreover, the swelling consumer awareness regarding the benefits of vegetarian diets such as improved kidney function, lower insulin levels, and decreased rate of heart disease attributed to accelerating the global plant-based meat market. Additionally, augmented awareness among consumers about the adverse health effects of consuming animals along with health benefits offered by plant-based meat products.
Furthermore, various government initiatives to promoting the consumption of plant-based meat substitutes, owing to the health benefits associated with these products and environmental concerns related to animal-based meat animals, are changing consumer perception towards plant-based meat sources. Additionally, the constant upsurge in the production of meat products, as well as the increasing global population is expanding the global plant-based market in the upcoming periods.
Source Overview in the Global Plant-Based Meat Market
Based on Source, the global Plant-Based Meat Market categorized into Soy-based, Wheat, Quinoa, Oats, and Others (Beans, Nuts, and Pea). The soy-based segment expected to dominate the market during the forecast period, 2020-2027. Owing to its application in making burger patties, nuggets, strips, meatballs, sausages, and ground meat, which is attracting customers.\
Products Overview in the Global Plant-Based Meat Market
Based on product, the Global Plant-Based Meat Market classified into Burger Patties, Sausages, Strips & Nuggets, Meatballs, Fillets, Wings, Crumbles, and Others (Chipotle, Bites, Cutlet, etc.). The Burger Patties segment estimated to exhibit maximum revenue by 2027 based on growing health concerns associated with the availability of high protein content and meat-like texture.
End-User Overview in the Global Plant-Based Meat Market
Based on End-Users, the Global Plant-Based Meat Market segregated into Commercial, Residential, and Institutional. The Commercial segment predicted to dominate due to the growing restaurants and hotels industry, coupled with the increasing demand for vegetarian and vegan products, includes the rise in awareness about the health benefits of vegetarian or plant-based meat over animal meat.
Regional Overview in the Global Plant-Based Meat Market
By geography, the Global Plant-Based Meat Market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe anticipated dominating the market owing to the presence of major Plant-Based Meat companies and stringent regulations on animal welfare coupled with consumer inclination towards vegan & vegetarian products.
Global Plant-Based Meat Market: Competitive Landscape
Companies such as Impossible Foods Inc., Beyond Meat, Parabel USA Inc, Archer Daniels Midland Company, E. I. du Pont de Nemours and Company, Maple Leaf Foods, the Vegetarian Butcher, Tofurky, Gold&Green Foods, Sunfed, VBites, Garden Protein International, Inc., Amy’s Kitchen Inc., Morningstar Farms LLC and Quorn Foods, Inc. are the key players in the Global Plant-Based Meat Market.
For more details visit: Shingetsu Research 3309 Robbins Rd 524Springfield, IL 62704-6587.