CHICAGO, April 22, 2020 /PRNewswire/ -- 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.
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The pea segment is projected to be the fastest-growing segment in the plant-based meat market during the forecast period.
The use of pea in plant-based meat has gained significant prominence over the past two years, driven by companies such as Beyond Meat (US), R&S Blumos (Brazil), and other regional players who are adopting the use of pea into their products. Pea is an allergen-friendly source of protein and provides considerable health benefits while also hosting substantial environmental benefits in terms of cultivation and production as compared to conventional meat. Peas also host substantially stronger functional characteristics and can be adopted across a wide array of product applications that has helped drive their popularity as a raw material in plant-based meat.
The E-commerce distribution channel segment is projected to be the fastest-growing segment in the plant-based meat market during the forecast period.
E-commerce is a widely emerging distribution channel in light of the current pandemic. Post COVID-19 outbreak, distribution through E-commerce channels is expected to witness significant growth prospects. This is attributed to lockdowns resulting in consumers avoiding to visit retail stores and closing of foodservice outlets. Distributors will shift their sales channels from retail stores earlier to an enhanced demand on the E-commerce channels. As the outcomes of COVID are becoming worse, distributors will move to E-commerce and online retailing channels for the distribution of plant-based meat products. Long term adoption of plant-based meat products will drive the demand for such products from E-commerce channels post-COVID outbreak.
The burger patties product segment is projected to account for the largest share in the plant-based meat market during the forecast period.
Burger patties will account for the largest share in the plant-based meat industry owing to the strong likeness to conventional meat products and widespread consumer acceptance. Fast Food chains such as Burger King are introducing new meat alternative burger patties. There is an increased demand for plant-based burger patties from retail channels owing to its convenience for takeaway, taste, and texture. Also, burger patties are known to contain low-fat residues and gluten content.
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The North American region is projected to be the fastest-growing market for plant-based meat during the forecast period.
The North American region is projected to be the fastest-growing market for plant-based meat during the forecast period. The region is witnessing adverse outcomes of COVID, especially the US. The region is also backed by the presence of key players such as Impossible Foods (US) and Beyond Meat (US) in the plant-based meat market. The growing trend of veganism has pushed the growth of the North American plant-based industry. Consumers are gradually shifting their diet preferences and are going vegan due to the health and wellness benefits associated with it. This paradigm shift in food culture is also due to the current pandemic highlighting the importance of health, nutrition, and clean-eating. Retail chains in the US have also extended shelf and storage space for plant-based meat products to cater to the growing demand. Key manufacturers in the US include Impossible Foods (US) and Beyond Meat (US).
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