The global plant-based meat market size is projected to grow from USD 3.6 billion in 2020 to USD 4.2 billion by 2021 by value, recording a compound annual growth rate (CAGR) of 17.0% in the realistic scenario during the forecast period. The fear of an increasing number of animal-borne illnesses such as COVID-19 among consumers, rising vegan population, and consumers awareness regarding nutritional benefits offered by plant-based sources of meat are the factors that are projected to drive the growth of the plant-based meat industry. Furthermore, consumers are shifting toward plant-based proteins and healthier lifestyles, which is also expected to drive the market growth.

The key players in this market include Impossible Foods (US) and Beyond Meat (US). Leading players, such as Nestle (Switzerland) and Tyson Foods (US), in the food industry, are also including plant-based meat products to expand their product lines and enter the plant-based industry. Plant-based burgers are gaining increased consumer attention globally. Due to the current outbreak, companies are developing efficient distribution channels to offer these products across various restaurants and retail channels. The demand for alternative meat products is likely to grow, as consumers are becoming more aware of the health concerns associated with animal-originated food due to the outbreak of COVID-19.

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Impossible Foods has a strong reputation for plant-based meat products. Impossible Foods is involved in the manufacturing of meat and cheese sourced from plants. The company offers plant-based meat and dairy products, with enhanced taste and nutritional benefits. It product offerings for plant-based meat market include plant-based burgers launched by the company in 2016. It uses soy as a source to make plant-based burgers. Impossible Foods is closely monitoring the COVID-19 situation and is taking immediate safety measures to manage potential health and business risks. The company is likely to see setbacks from its foodservice partners considering the lockdowns imposed due to COVID-19. Meanwhile, a surge in demand is expected for their products at grocery and other retail outlets across the country. It is also making investments to launch new products, such as plant-based Impossible Sausage and Impossible Pork, to expand its retail presence across international markets. It is also setting up a new production plant in China to scale up the production to cater to the growing consumer demand for meat alternatives due to COVID. The company has undertaken aggressive expansion strategies to expand in high growth regions such as Asia Pacific, where consumers are increasingly interested in alternatives to animal-based food due to negative media hype associating COVID with animal meat.

Beyond Meat is one of the leading players in the global plant-based meat market. The company operates through three business segments: Beyond Chicken, Beyond Beef, and Beast Burgers. It offers a variety of plant-based meat products that replicate the texture, taste, and nutritional benefits of meat. Its plant-based meat product portfolio includes strips, poppers, beef crumbles, burger patties, and sausages. Pea, rice flour, and potato are some of the raw materials used by the company for the production of plant-based meat products. Beyond Meat is one of the leading players in the plant-based meat market. Beyond Meat is taking additional safety measures due to COVID-19 to safeguard its workers and to ensure the well-being of the consumers. As the meat industry is likely to be disrupted by the current and previous outbreaks of animal-related diseases, Beyond Meat is looking to innovate alternative meat products.

Maple Leaf Foods is one of the leading Canadian food companies. The company offers food products under the brands, Maple Leaf, Schneiders, Mina, Greenfield Natural Meat Co., Field Roast Grain Meat Co., and Swift. Its product portfolio includes prepared meats, value-added fresh pork, and poultry products, ready-to-cook and ready-to-serve meals, and plant-based protein products. It offers a wide variety of plant-based meat through its brand, Lightlife and Field Roast. It uses soy, wheat, and pea as raw materials for the production of plant-based meat products. It operates in Canada, the US, and Asia Pacific. Maple Foods, primarily involved in food production, diversified its product portfolio with plant-based meats sourced from plant-based proteins. The company’s concern toward the outbreak of COVID-19 impact will help them to enhance the food safety measures for the safe consumption of plant-based meat products. It is involved in the overall production through staggered breaks. It is focused on expanding its services in new as well as existing markets.

Related Reports:

COVID-19 Impact on the Plant-Based Meat Market by Raw Material (Soy, Wheat, Pea), Product (Burger Patties, Sausages, Strips & Nuggets, and Meatballs), Distribution Channel (Retail Outlets, Foodservice, E-commerce), and Region - Global Forecast to 2021

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