Yahoo Finance Global Plant Based Meat Market is set to Garner Revenue of over $68,448.9 Million at a CAGR of 19.1% till 2027 - Informative Report [552 Pages] by Research Dive
The global plant based meat market is set to lead the market due to rising awareness about vegan products. North American region to dominate the market due to the number of people opting for veganism.
New York, USA, May 17, 2021 (GLOBE NEWSWIRE) -- A recent report by Research Dive states that the global plant based meat market is set to experience a rise in revenue from $17,076.9 million in 2019 to over $68,448.9 million in 2027 at a stable CAGR of 19.1%.
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Market Dynamics
Food habits of people are ever evolving and as of today many people have been gravitating towards food products that are primarily plant based. Many of them are hesitant to consume actual meat due to the risk of cardiovascular diseases and obesity. In the recent years various brands have come up with a meat alternative that is derived from plants which do not contain any cholesterol and have very minimal traces of saturated fats. This has helped in speeding up the growth of the market.
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But, many countries are still new to the entire concept of veganism. That along with a majority of the population being allergic to certain plant based products, may hamper the growth of the market during the forecast period.
On the other hand, many governments have spread awareness of the various benefits plant derived meats contain. These initiatives could help the market move ahead and witness further growth in the future.
Impact of COVID-19 on the Global Plant Based Meat Market
The spread of the deadly coronavirus has affected the world immensely and caused disruption in various industries. The global plant base meat market also experienced a drop in the market initially, as any raw materials required weren’t available and the lockdowns also led to closure of many restaurants.
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Segmental Analysis of the Global Plant Based Meat Market
The report divides the group into different categories such as – product type, source, and distribution channel.
Seitan Sub-segment to Experience Significant Growth
The seitan Sub-segment is predicted to witness a growth in revenue from $442.7 million in 2019 to over $2,850.9 million. People today are extremely particular about the kind of food they eat and want it to be natural and fresh. Seitan contains properties such as the texture and taste are similar to meat and this can also be stored without for longer periods of time which adds to its benefits.
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Soy Source Sub-segment to Dominate the Market
The soy source segment is predicted to gain revenue of over $18,697.6 million at a balanced CAGR of 19.6% from 2020-2027. The growth of this segment is credited to the consumers will to experiment with a vast array of food options. Many innovative food products such as meat tikkas and vegan burgers are many times made using soy as a substitute to meat. These have become common among a larger crowd which has further led to the growth of the market.
Direct Distribution Sub-segment to Gain Highest Share
The direct distribution channel is set to garnet revenue of $15,587.4 million in 2027 at a steady CAGR of 22.9%. This segment allows the products to reach the customers directly while also decreasing the price due to absence of the middle men.
Regional Analysis
The North American region is set to propel towards a rise in revenue of $10,445.3 million at a stable CAGR of 24.3% in the forecast period This is growth is credited to the fact that many of the consumers are becoming more aware about the risks of consuming meats that maybe harmful to their health. Additionally, they know about how diseases such as CVDs can affect their body which has pushed a lot of Americans to veer towards being vegans.
Key Players of the Market
According to the report, some of the noteworthy brands working on helping the market grow further are-
• Pinnacle Foods Inc. (Conagra Brands, Inc.)
• Atlantic Natural Foods
• Schouten Europe B.V.,
• Impossible Foods Inc
• Hain Celestial
• Pacific Foods of Oregon, LLC
• Kellogg’s Company
• Nutrisoy Pty Ltd
• Nasoya Foods
• Turtle Island Foods, Inc
For instance, January 2021, Atlantic Natural Foods, LLC a pioneer in a plant-based brand known as Loma Linda. This is the primary distributor of canned seafood which is being sold in various retail chains like Sainsbury.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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