Plant based meat products are derived from plants and are a replica of meat in terms of texture, taste, appearance, and smell. These products are available as burgers, ground meat, sausages and crumbles, seafood like fish or shrimp, and nuggets. Plant based meat products are trending foods in today’s life, especially for the vegan population. Basically, there are two types of plant-based meats – restructured meat and whole muscle meat. Food items that resemble ground beef, sausages, meatball, and nuggets fall under restructured meat, whereas products that mimic chicken breast, steak or any other animal muscle are whole muscle meat.
Some of the common ingredients that are used for making plant based meat are legumes and grains as these contain fibers, proteins, and starch.
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Forecast Analysis of Plant Based Meat Market
The growth of the plant based meat market is due to occurrence of chronic health conditions such as cardiovascular diseases and obesity to name a few. Also, the ongoing vegan trend amongst the people and entry of innovative industrial leaders is predicted to play a vital role in the market growth. Companies that are into food businesses noted a rise in the sales of plant based meat items because of several health benefits attributed by these food items. Less saturated fats, no cholesterol, and zero antibiotics are some of the health related advantages associated with the plant based meat products. Apart from this, people who are allergic to plant based meat products such as soy and wheat are likely to restrain the market growth. Moreover, less penetration of products in under developed countries is expected to hinder the market.
On the other hand, various government initiatives to create awareness about plant based meat products is estimated to open up opportunities for the market in recent years. Research Dive’s new report on plant based meat market reveals that the growth rate is expected to be 19.1% during forecast period. The market is expected to boom in North America due to preference of vegan products over traditional food items. Furthermore, Americans are favoring vegan food due to rise in cardiovascular diseases and threat related to the intake of tainted meat food products. The North American plant based meat market is anticipated to garner $10,445.3 million by 2027. Some of the well-known and prominent players of the global plant based meat market are Turtle Island Foods, Inc., Amy’s Kitchen, Inc., Pinnacle Foods Inc. (Conagra Brands, Inc.), Atlantic Natural Foods, Inc., Schouten Europe B.V., Lightlife Foods, Inc., and Sweet Earth, Inc.
Recent Developments of the Plant Based Meat Market
The leading market players of the global plant based meat market are focusing on developing their strategies in recent years for gaining competitive upper hand in the market. Launching new products, collaborating for business expansion, investing in research and development, and improving existing products are some of the plans adopted by the companies.
In December 2020, Nestle, which is one of the largest food manufacturing companies, announced the launch of Harvest Gourmet brand in China for the first time. The product will include plant based sausages, burgers, mince, and nuggets. According to Nestle, the products are available in both out-of-home sector and retail space.
In August 2020, Beyond Meat, a plant based meat substitutes company announced the launch of its e-commerce website for selling plant based meat foods directly to the consumers.
In November 2020, McDonald’s Corp. and American Fast Food Company announced that it is all set to develop its very own faux meat, initiating with a substitute burger. This new plant based meat product is called as McPlant and will consist of faux meat and chicken for breakfast sandwiches.
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Covid-19 Impact on Plant Based Meat Market
Plant based meat market is positively affected during the coronavirus outbreak due to an increase in vegan population and rise in awareness about health. These two factors are boosting the market in upcoming years. Moreover, beneficial and effective collaborations amongst companies is also contributing in fueling the market growth during the Covid-19 crises. For instance, in April 2020, Impossible Foods, that develops plant based substitutes has partnered with organizations like Cheetah, small food businesses, and grocery supplier to tackle Covid-19 situation.
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