The global plant based meat market estimated to be USD 14.7 billion in 2020 and is predicted to reach USD 28.0 billion by 2027, growing at a CAGR of 13.8% during the forecast period. The factors responsible for the growth of plant based meat across the globe is due growing vegan population and plant based meat products, rising consumer awareness regarding its nutritional benefits, and increasing health concerns due to COVID-19 concerns.

The expanding reach of social media across the world, rising concerns about food industry transparency regarding the efficacy, ill effects, sustainability of the animal based protein foods is greatly impacting the consumer buying decisions. With the ongoing pandemic of COVID-19, which is suspected to be originated from animal, the shift of consumer from meat products to plant based meat is inevitable. Plant based meat is situated on the lucrative crossroad of these social dynamics and is likely to be benefitted from this phenomenon.

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Geographically, North America is the largest revenue contributor in the plant based meat market. The North American region, in particular the US, is experiencing adverse COVID outcomes. Retail chains in the US have also extended shelf and storage space to meet growing demand for plant-based meat products. The number of COVID-19 cases in North America is also enhancing rapidly with registered cases of almost 5,04,780 and 18,763 deaths as registered in the first week of June.

The 2018 reform of the Novel Food Regulation aimed to improve the first two of these requirements by creating a consistent mechanism for product authorization and streamlining the process in order to provide for quicker consumer acceptance of goods. The third condition, financial incentives for innovation, lies outside the scope of the Novel Food Regulation itself, although the provision of five-year data protection for proprietary, newly developed scientific evidence or data supporting the application provides manufacturers with a degree of financial assurance by safeguarding their competitive advantage over a period of time.

Key players operating in the global plant-based meat market include Impossible Foods, Beyond Meat, Maple Leaf Foods Inc., The Meatless Farm Co., Garden Protein International, The Vegetarian Butcher, Morningstar Farms, Quorn Foods, Amy’s Kitchen, and Tofurky. These players have broad industry coverage and high operational and financial strength.

Source: VynZ Research