Published by Uma Rajagopal
Posted on February 15, 2022
An alarming rate of lifestyle disorders, including hypertension, obesity, heart-related conditions, and diabetes has been influencing consumer behaviour over the past few couple of decades. With consumers increasingly favouring healthy dietary lifestyle that involves vegetarian, vegan, and flexitarian F&B alternatives, there has been an ascending demand for plant-based products. Fairfield Market Research in its latest ongoing study would offer an insightful view of the global plant based beef market over the course of next few years.
The market flourishes with a wide variety of plant-based beef products, from nuggets, sausages, to meat balls. Even those who are naturally allergic to conventional meat and beef can relish these plant-based varieties that have been making their market across retail, as well as on restaurant and café menus. This is likely to augur well for plant based beef market.
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The COVID-19 Impact
While the growth of market is driven mainly by the solid nutrition profile of plant-based beef, its texture and taste quotient will also play a vital role in uplifting sales in the near future. Gathering notable momentum across online grocery stores, plant-based beef has witnessed a heavy boom since the onset of COVID-19 pandemic. As both ecommerce, and healthy food options took off during the pandemic-driven lockdowns, it worked to the advantage of plant-based F&B categories, including plant-based beef.
North Americans Lead their Way in Plant-based Beef Consumption
North America has always been a high-potential market for plant-based food products, as well as plant-based meat substitutes and meat products. The same consumer preferences continue to drive sales of plant-based beef across the region, especially in the US. More than 35% of the US population is flexitarian. Moreover, increasing prevalence of obesity, heart-related conditions, and diabetes across a majority of states of the US over the recent past has been responsible for encouraging the population to turn to healthier dietary alternatives. This preferential shift is expected to accelerate demand for plant-based beef in the region. Europe also stands as a highly significant market for brands involved in plant-based beef landscape.
Pricing Continues to Restrict Penetration in Developing Regions
Despite the taste, and texture that are much closer to conventional beef, the plant-based counterpart still fails to appeal to a certain consumer clustre due to its expensive price point. The premium pricing of plant-based beef is expected to remain as a longstanding impediment to the growth of market in long run. It is particularly limiting the product penetration in cost-sensitive developing economies, which is a significant challenge facing market participants seeking long-term growth in plant-beef space.
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Key Players in Global Plant-based Beef Space
The report would cover a section on the market competition analysis to uncover the most significant strategic, and financial insights about some of the key companies that continue to stir competition in the global plant based beef market landscape. Gardein by Congra Brands, Kellogg’s, Symrise, Impossible Foods Inc., Archer Daniels Midland Company, Beneo GmbH, and Tyson Foods constitute some of the leading market players that would be discussed in it.
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