The global Plant Based Meat Market was valued at US$ 5.06 bn in 2021, according to the Global Plant Based Meat Market Report, by Source (Soy, Wheat, Pea, and Blends), by Storage (Frozen, Refrigerated, and Shelf-Stabled), by Product Types (Burger patties, Sausages, Meatballs, and Strips & Nuggets), by Types (Beef, Chicken, and Pork), by Distribution Channels (Offline [Supermarket and Hypermarket] and Online), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) – published by Coherent Market Insights.
The global plant based meat market is expected to surpass US$ 20.76 bn by 2030 and exhibit a CAGR of 19.3% during the forecast period (2022-2030). Due to the health benefits, increasing the demand of plant based meat product across the globe can boost the plant based meat market in forecast period. Increasing health benefits such as the avoidance of noninfectious illnesses, digestion issues, and overweight can help to drive the market growth. However, the prevalence of allergies from the consumption of animal based protein source is likely to provide energy to the consumption of plant based meat. Consumers are switching to plant-based food patterns due to extensive health benefits and environment friendly properties. Increasing cardiovascular diseases, including cancer and diabetes, has impelled to consumers to choose the plant based meat products as it helps to prevent this diseases which is help to boost the plant based meat market growth.
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Browse 25 market data tables* and 20 figures* on "Global Plant Based Meat Market” – Forecast to (2022-2030).
Key Trends and Analysis of the Global Plant Based Meat Market:
Key Takeaways of the Market:
Among Distribution channels, the offline segment is divided into hypermarket and supermarket can held a dominant position in the global plant based meat market in 2021. The availability of different varieties and wide range of products in hypermarket and supermarket is anticipated to boost the market growth in upcoming years. For instance, In December 2021, the Indian plant based meat company, ‘Imperial Tobacco’ announced to launched a plant based meat product in Indian market namely ‘burger patties’ and ‘Nuggets’ for providing the taste of Chicken to consumers and easily available in retail stores.
Global Plant Based Meat Market - Impact of Coronavirus (COVID-19) Pandemic
Since March 2020, almost every industry in the world has suffered due to the COVID-19 pandemic. The demand for consumer goods in 2020 reduced significantly, which in turn, hampered growth of the plant-based meat market. Furthermore, supply chain disruptions also reduced the growth of the plant based meat market. Moreover, import and export activities reduced drastically due to stringent regulation policies.
The North America is facing positive effect of COVID-19, due to shut down of stores, they can dealing through e-commerce platform which can help to increase the plant based meat products sales. Furthermore, rapid shift towards organic and safe food consumption and increasing demand for plant based meat products in the U.S. and Canada can help to boost the market growth in upcoming years.
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