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.
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.
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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.
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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).
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