iCrowdNewswire   Dec 14, 2020  2:00 PM ET

Plant-based meat goods are made from plant-based items. This has similar characteristics to those of natural foods and is labeled substitutes for meat. Plant-based meat has the same characteristics as traditional meat, such as texture, taste, and look. Foods made from plants are designed to taste just like meat. Despite expanding worldwide meat intake over the preceding decades, there is a booming demand for vegetarian and vegan alternatives. These days, plant-based meat is growing as a healthier option, not only because of vegetarians and vegans but also due to improved nutritional value and attitudes about plant-based meat. The International Cancer Research Agency (IARC) claims that packaged meat and red meat have a cancer-causing impact. They have suggested a diet of less processed meat and red meat and higher in vegetables, fruits, and whole grains due to these health impacts. Additionally, they have issued diet and physical activity recommendations referencing choosing beans rather than red meat and processed meat.

The size of the Plant-based Meat Market is expected to rise from USD 6.7 billion in 2020 to USD 19 billion by 2030, registering an 18% CAGR over the forecast period of 2020-2030.

The increasing health issues, increasing numbers of animal-borne diseases, and increasing demand for safety label and organic products are factors that are expected to stimulate demand in the plant-based meat industry over the forecast period in 2020-2030. Impossible Foods (US) provides meat based on plants and contains burgers based completely on plants. Before the outbreak, the company had secured USD 520 million in funding and intended to prepare for a huge extension in the restaurants and retail sector in 2020. Given the lockdowns placed, the company is now expected to see losses from its food processing partners.

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Top Market Players:

  • Beyond Meat (US)
  • Impossible Foods (US)
  • Maple Leaf Foods Inc. (Canada)
  • The Meatless Farm Co. (Netherlands)
  • Garden Protein International (Canada)
  • Other Prominent Players

Plant-Based Meat Products report also contains analysis on:

  • Plant-Based Meat Products Segments:
  • By raw material
  • Soy
  • Wheat
  • Pea
  • Other raw materials
  • By product
  • Burger patties
  • Strips & Nuggets
  • Sausages
  • Meatballs
  • Other products

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The reason for its extensive prominence and protein-rich material, the soy segment experiences a rise in demand. The increasing issues associated with the consumption of foods derived from animal proteins as COVID is perceived to be of animal origin, and the acceptance of vegan diets is supposed to augment the use of soy as a raw material on the market dependent on plants. New plant-based products that incorporate soy is anticipated to contribute to the rising market demand for meat products based on plants.

In the aftermath of the COVID-19 disease outbreak, the acceptance of plant-based meat is projected to lead to further development, which will contribute to consumer concerns about traditional meat products. The burger patties based on plants-meat are known to be low in calories and low in gluten. The rise in this segment is anticipated likely to be driven by evolving customer tastes and increased demand for burger patties from the sales outlets because of its affordability, flavor, and texture.

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Reason for shutdowns enforced due to the COVID pandemic. firms are investing in the retail sector. Many businesses have already begun adjusting their marketing approach because of the rapid rise in demand. Companies such as Beyond Meat Inc., Impossible Foods Inc., and Tofurky Co. are increasing their manufacturing and provide discount coupons on their plant-based meat goods to raise consumer base, broaden shops, and complete stakeholder partnerships.

When China enters the rehabilitation process of COVID-19, various categories of brands have begun to adjust to the ‘new standard,’ and these emerging patterns are expected to grow further, with an increased impact of the pandemic. There are also adjustments occurring at a micro level, one of which is food usage.   There is also a strong place for the businesses and new start-ups that manufacture meat substitutes. China’s government is planning to halve the consumption of meat by 2030 to reduce rates of obesity and cholesterol problems.

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Most substitute plant-based meat derives its protein and flavor from vegetables and pulses like lentils and soybeans. However, owing to the high degree of processing required,” several of these healthier options in the first place drop their nutritional quality and, in specific, the compounds which make them desired by plant-based eaters.

The pandemic is a major disruptive force in 2020, forcing the spotlight to turn globally towards meat supply and food safety. Since this outbreak is believed to have emerged from the wet meat sector and was only supported by cramped processing facilities, the conventional supply of meat is being disrupted. COVID-19 has created problems or prospects for both conventional and plant-based meat suppliers. The consequence of this is the release of different plant-meat products. It is expected to certainly spike even post-COVID pandemic for a few months. It is also driven by plenty of recent acquisitions and it does not seem to display any signs of fading. COVID-19 provides the plant-meat industry worldwide with a boost. This industry has been facing immediate requirement from both manufacturers and consumers for manufacturing and distribution, especially about some products such as organic meat.

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Keywords:    Plant-based Meat Market, Plant-based Meat Industry, Plant-based Meat Market Size, Plant-based Meat Market Share, Plant-based Meat Market Trends, Plant-based Meat Market 2020