In accordance with our most recent market research, "Plant Based Meat Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)," the market is projected to reach US$ 14,527.55 million by 2028 from US$ 5,354.72 million in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028.
Burger patties, nuggets, sausages, and other vegan meat products are available. Plant proteins including soy, wheat, and pea proteins are used to make these goods. Animal meat products and plant proteins both have a similar texture and flavour. The market for plant-based meat products is being driven by the expanding veganism trend, which is being driven by rising animal rights awareness and rising sustainability concerns. Moreover, the demand for plant-based meat products is being driven by consumers' shifting dietary preferences as a result of growing health concerns.
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One of the major sources of anthropogenic greenhouse gas emissions is the cattle sector. The global livestock business emits 7.1 gigatons of carbon dioxide annually, or 14.5% of all greenhouse gas emissions caused by humans, according to the Food and Agriculture Organization (FAO) of the United Nations (UN). According to industry experts, the production of livestock emits more carbon dioxide than the entire transportation sector put together. Customers are quickly converting to plant-based meat and dairy products as awareness of the harmful effects of the meat and livestock industries on the environment grows. The consumption of plant-based meat products reduces environmental impacts overall, conserves water and other natural resources, and helps reduce carbon footprints.
The key 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 making significant investments in R&D to develop innovative products such as gluten-free, soy-free, allergen-free, organic, and Kosher and Halal-certified products to address the emerging consumer trends in the plant based meat products market.
Impact of COVID-19 Pandemic on Plant Based Meat Products Market
The COVID-19 epidemic presented unheard-of difficulties for a number of industries, notably the food and beverage sector. Manufacturing companies' activities were disrupted by lockdowns, border restrictions, travel bans, factory closures, and other government-led safety protocols. Due to labour and raw material shortages brought on by the COVID-19 pandemic, market shares of both small- and large-scale food and beverage producers in various regions were negatively impacted. However, after the COVID-19 outbreak, demand for plant-based meat products skyrocketed as a result of a significant change in consumer dietary preferences.
In order to stay healthy during the COVID-19 pandemic, food products are advised to be ingested, according to the World Health Organization (WHO). Given the high amount of saturated fat in red meat, the recommendations urged reducing consumption. Additionally, in order to boost immunity, persons who were focused on consuming less meat generally switched to vegetarian and vegan diets. Thus, the COVID-19 pandemic had a mixed effect on the market participants for plant-based meat products.
Based on type, the plant based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. Based on category, the market is segmented into frozen, refrigerated, and ambient. Based on distribution channel, the plant based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. Based on geography, the plant based meat products market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
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