(I-BusinessNews.Com, April 27, 2021 ) According to MarketsandMarkets, the plant-based meat market is estimated to be valued at USD 4.3 billion in 2020 and is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0%, in terms of value. It is witnessing significant growth due to growing vegan and flexitarian population across the world, rising awareness about the health benefits offered by plant-based meat over animal meat, and growth in government initiatives along with significant investments are driving the global market. The European market is going to dominate the market, due to innovative product development in the region, backed with appropriate research and development facilities available in the region.
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Opportunities: Favorable marketing and correct positioning of plant-based meat
The sales of plant-based meat can be increased by adopting marketing strategies such as diversification and segmentation. The objective is to create more demand among consumers, such as health-conscious consumers, vegetarians, flexitarians, and vegans. Along with this, it is crucial to position the product at the right place through the right sales channel.
Companies need to focus on this criterion to sustain in the market and increase their sales. They need to position themselves by expanding their customer relationships and extended their reach globally. Appropriate labeling can further accelerate market growth. The North American and European plant-based meat markets relatively emphasize the labeling criterion. It is expected that this will be followed by the Asia-Pacific region as well, leading to market growth.
By type, beef is projected to account for the largest share in the market during the forecast period
Based on type, beef dominated the market. Plant-based beef provides similar characteristics to that of beef. It provides similar characteristics to that of beef. Beef-related plant-based products such as meat-free beef pieces, no-beef burgers, beef watercress, and beefsteak are made from sources such as soy and wheat. Furthermore, manufacturers are focusing on new product launches to meet consumer demand from vegetarian populations.
By product, beef segment is projected to account for the largest share in the plant-based meat market during the forecast period
By product, burger patties segment dominated the market, and the same trend is projected to follow during the forecast period due to faster production, taste, convenience, and abundance in supply. Burger patties are increasingly popular in the shelf space of retail outlets.
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Europe is projected to account for the largest market share during the forecast period
The European market accounted for the largest share in 2019. In Europe, the growing vegan trends, especially in the UK, is expected to increase demand for plant-based meat products. North America is the hub for the plant-based meat market, as the region is backed by start-ups such as Impossible Foods Inc. (US) and Beyond Meat (US); which initiated the development of plant-based meat products. In the Asia Pacific region, plant-based food products are gaining popularity owing to the adaptation of healthy lifestyles, urging consumers to opt for natural ingredients. This is expected to boost sales of plant-based food. Furthermore, the demand for plant-based meat products is expected to increase in the coming years, owing to the growing health concerns among consumers related to animal-based protein sources, ethical concerns, and environmental concerns.
Key Market Players:
Beyond Meat (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), The Vegetarian Butcher (Netherlands), Gardein Protein International (Canada), Morningstar Farms (US), Quorn Foods (US), Amy’s Kitchen (US), Tofurky (US), Gold&Green Foods Ltd. (Finland), Sunfed (New Zealand), VBites Food Limited (UK), Alpha Foods (US), Planterra Foods (US), Before the Butcher (US), No Evil Foods (US), Like Meat (Germany), The Meatless Farm Co. (England), Hooray Foods (US), and Yves Veggie Cuisine (Canada).
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