Bundelkhand Online Journal

COVID-19 Impact on the Plant-Based Meat Market

 Breaking News
  • No posts were found

COVID-19 Impact on the Plant-Based Meat Market

February 12
21:57 2021
COVID-19 Impact on the Plant-Based Meat Market

MarketsandMarkets™
The COVID-19 impact on plant-based meat market size is projected to grow from USD 3.6 billion in 2020 to USD 4.2 billion by 2021, recording a compound annual growth rate (CAGR) of 17.0%

According to MarketsandMarkets, the COVID-19 impact on plant-based meat market size is projected to grow from USD 3.6 billion in 2020 to USD 4.2 billion by 2021, recording a compound annual growth rate (CAGR) of 17.0% in the realistic scenario during the forecast period. The growing health concerns, rising number of animal-borne diseases, and growing demand for clean label and natural products are factors that are projected to drive the growth of the plant-based meat industry during the forecast period.

COVID-19 Impact on the Plant-Based Meat Market

The soy segment is estimated to account for the largest share in 2020 in the plant-based meat market.

The soy segment is estimated to dominate the plant-based meat industry in 2020. The soy segment is witnessing a surge in demand owing to its widespread popularity and protein-rich content. The growing concerns associated with the consumption of animal protein sourced food as COVID is considered to be of animal origin, and the adoption of vegan diets are expected to drive the use of soy as a raw material in the plant-based meat market. Newer plant-based products that are incorporating soy will contribute to the growing market demand for plant-based meat products.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=255440423

The burger patties sub-segment in the product segment is projected to be the largest and the fastest-growing segment during the forecast period.

The adoption of plant-based meat is expected to witness further growth in the wake of COVID-19 pandemic, which will add to consumer concerns regarding conventional meat products. The plant-based meat burger patties are known to be of low-fat content and low gluten content. Shifting consumer preferences and increasing demand for burger patties from retail channels owing to its convenience, taste, and texture are likely to contribute to the growth of this segment.

The e-commerce channel is projected to grow at a faster rate in the plant-based meat market in 2020.

Growing adoption in omnichannel and internet penetration will supplement the e-commerce growth in the plant-based meat industry. The e-commerce channels are likely to face increasing demand for plant-based meat products as consumers will avoid going to retail stores due to the imposition of lockdowns in light of the current pandemic. Distributors will move to e-commerce and online retailing channels for distribution of plant-based meat products, thereby resulting in an increase in demand from such channels. Although cold-chain management is still a potential challenge for such channels.

Request for Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=255440423

The North American region is projected to be the fastest-growing market for plant-based meat during the forecast period.

The North American region is projected to be the fastest-growing market for plant-based meat during the forecast period. The region is witnessing adverse outcomes of COVID, especially the US. The region is also backed by the presence of key players such as Impossible Foods (US) and Beyond Meat (US) in the plant-based meat market. The growing trend of veganism has pushed the growth of the North American plant-based industry. Consumers are gradually shifting their diet preferences and are going vegan due to the health and wellness benefits associated with it. This paradigm shift in food culture is also due to the current pandemic highlighting the importance of health, nutrition, and clean-eating. Retail chains in the US have also extended shelf and storage space for plant-based meat products to cater to the growing demand. Key manufacturers in the US include Impossible Foods (US) and Beyond Meat (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/covid-19-impact-on-plant-based-meat-market-255440423.html


Warning: count(): Parameter must be an array or an object that implements Countable in /home/capitalnews/bundelkhandonlinejournal.in/wp-content/themes/legatus-theme/includes/single/post-tags.php on line 5
Share