Plant Based Meat Products Market Scope And Analysis

Report Code : TIPRE00028970
Category : Food and Beverages

Status : Published
No. of Pages : 178

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Plant Based Meat Products Market Scope and Analysis by 2028

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Plant Based Meat Products Market Report Scope

Report Attribute	Details
Market size in 2021	US$ 5.35 Billion
Market Size by 2028	US$ 14.53 Billion
Global CAGR (2021 - 2028)	15.3%
Historical Data	2019-2020
Forecast period	2022-2028
Segments Covered	By Type Patties Nuggets Meatballs Sausages By Category Frozen Refrigerated Ambient By Distribution Channel Supermarkets & Hypermarkets Convenience Stores Online Retail
Regions and Countries Covered	North America US Canada Mexico Europe UK Germany France Russia Italy Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific South and Central America Brazil Argentina Rest of South and Central America Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	Beyond Meat Conagra Brands Inc Kellogg

Covid-19 Impact:

The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverages industry. During the initial phase of the COVID-19 pandemic, severe supply chain disruptions created a shortage of raw materials, leading to an increase in raw material prices. According to the United States Department of Agriculture (USDA), the prices of pea protein which is one of the common ingredients used in plant based meat increased due to disruptions in the supply chain. This resulted in price hikes, negatively impacting the demand for plant based meat products. However, due to a significant shift in consumer dietary preferences, the demand for plant based meat products increased dramatically after the COVID-19 outbreak. The World Health Organization (WHO) published a guideline on food products that should be consumed during the COVID-19 pandemic. The guideline suggested limiting red meat consumption due to its high percentage of saturated fat. Moreover, people focused on reducing their overall meat consumption shifted to vegetarian and vegan diets to improve immunity. These factors had a positive impact on the plant based meat products market growth.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global plant based meat products market include Beyond Meat; Conagra Brands, Inc.; Impossible Foods Inc.; Quorn Foods, Inc.; Kellogg Company; Hilary’s Eat Well; Vbites Foods, Ltd.; Before the Butcher; Field Roast; and Tofurky; among others. These companies are highly involved in product innovation and new product development to enhance their expertise and expand their product portfolio. Moreover, these companies are also partnering with other players in the industry to cater to a wider customer base. Such initiatives are expected to provide strong growth potential to the key industry players operating in the plant based meat products market.