COVID-19 Impact on the Plant-Based Meat Market

The global plant-based meat market size is projected to grow from USD 3.6 billion in 2020 to USD 4.2 billion by 2021, recording a compound annual growth rate (CAGR) of 17.0%

Northbrook, USA, 2021-Jan-18 — /EPR Network/ —The report COVID-19 Impact on the Plant-Based Meat Market by Raw Material (Soy, Wheat, Pea), Product (Burger Patties, Sausages, Strips & Nuggets, and Meatballs), Distribution Channel (Retail Outlets, Foodservice, E-commerce), and Region – Global Forecast to 2021″ The global plant-based meat market size is projected to grow from USD 3.6 billion in 2020 to USD 4.2 billion by 2021, recording a compound annual growth rate (CAGR) of 17.0% in the realistic scenario during the forecast period. The major factors driving the growth of the plant-based meat industry include the rising vegan population driven by the functional benefits of plant-based products, growing animal borne-illnesses such as COVID, and increasing demand for clean label products.

COVID-19 Impact on the Plant-Based Meat Market

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The soy segment is estimated to account for the largest share in 2020 in the plant-based meat market.

The soy segment is estimated to dominate the plant-based meat industry in 2020. The soy segment is witnessing a surge in demand owing to its widespread popularity and protein-rich content. The growing concerns associated with the consumption of animal protein sourced food as COVID is considered to be of animal origin, and the adoption of vegan diets are expected to drive the use of soy as a raw material in the plant-based meat market. Newer plant-based products that are incorporating soy will contribute to the growing market demand for plant-based meat products.

The burger patties sub-segment in the product segment is projected to be the largest and the fastest-growing segment during the forecast period.

The adoption of plant-based meat is expected to witness further growth in the wake of COVID-19 pandemic, which will add to consumer concerns regarding conventional meat products. The plant-based meat burger patties are known to be of low-fat content and low gluten content. Shifting consumer preferences and increasing demand for burger patties from retail channels owing to its convenience, taste, and texture are likely to contribute to the growth of this segment.

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North America is projected to account for the largest share in the plant-based meat industry during the forecast period.

North America is expected to account for the largest share in the plant-based meat market, followed by Europe during the forecast period. The North American region is witnessing adverse outcomes of COVID, especially the US. Retail chains in the US have also extended shelf and storage space for plant-based meat products to cater to the growing demand.

The increasing trend of veganism in Europe has pushed the growth of the plant-based industry. The UK hosts the largest vegan populations in the world, which will further propel the demand for plant-based meat products in Europe. The current outbreak of COVID and negative associations with animal-based food will also boost the market in North America and Europe in the upcoming years since numerous countries in both regions have witnessed the worst outcomes of COVID.

Key vendors in the global plant-based meat market include Impossible Foods (US), Beyond Meat (US), Maple Leaf Foods Inc. (Canada), The Meatless Farm Co. (UK), Garden Protein International (Canada). These players have broad industry coverage and high operational and financial strength.

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