Published by Uma Rajagopal
Posted on February 21, 2022
Expanding at an impressive rate of around 18.9% between 2021 and 2026, worldwide demand for plant-based meat products is likely to account for the revenue of over US$13 Mn. A new Fairfield Market Research study indicates that the growth of plant-based meat market will remain influenced by the exploding popularity of vegan, plant-based, gluten-free, and cruelty-from trends among consumers worldwide.
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Pea Protein Remains the Leading Segment
An increasing number of products that closely match the conventional meat texture, and mouthfeel are being launched on the market over the recent past. This according to the report is one of the strongest indications of the market potentially attracting a large pool of conventional meat consumers. The highly versatile clean label protein product, i.e., pea protein will continue to be the most sought-after segment in plant-based meat market, projects the report.
Sales Proliferate as Plant-based Penetrates Foodservice, and Retail
Several speciality brands have been strengthening their foothold in retail world by extending their outreach with an intent to enhance product availability. Retail behemoths like OmniPork, and Nature’s Basket include some of the pioneering retailers making a larger room for plant-based meats and meat products. The foodservice industry is also showcasing growing interest around plant-based meat products. Considering the shifting consumer behaviour in favour of plant-based meat varieties, more foodservice facilities are making it a point to include the same on their menus. Dominos, and Subway have been a few trailblazers, research identifies.
European Consumer Retains the Top Spot in Fake Meat Consumption
Led by the UK, Europe will continue to reign supreme in terms of consumption of plant-based meat products. The market here is expected to benefit majorly from the expanding vegan population, and strong profiles of plant-based meat manufacturing brands. Given the boom around plant-based meats growing at a rapid pace, even the largest retail chains have been dedicating entire sections to these meat products, which will remain a significant boost for market growth.
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Key Companies in Global Plant-based Meat Market
The report has a section dedicated to competition analysis that sheds light on the financial, and strategic profiling of some of the prominent players competing in plant-based meat landscape. Some of the top companies include Beyond Meat, Inc, Conagra, Inc., OmniFoods, Impossible Foods Inc, Kellogg’s Company, VBites Food Limited, Maple Leaf Foods Inc, Hormel Foods Corporation, Sunfed, and JBS SA.
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