COVID-19 Impact on Plant-Based Meat Market

Impossible Foods (US) and Beyond Meat (US) are the Key Players in the COVID-19 Impact on the Plant-Based Meat Market

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.

Key plant-based meat market players include Beyond Meat (US), Impossible Foods (US), Maple Leaf Foods Inc. (Canada), The Meatless Farm Co. (Netherlands), and Garden Protein International (US). Companies are trying to push their investments towards the retail sector due to lockdowns imposed due to the COVID outbreak. These key vendors in the plant-based meat market are coming up with different strategies to thrive during the pandemic. These companies are gearing up for significant expansion into the retail business.

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Impossible Foods (US) 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. Its product offerings for plant-based meat include plant-based burgers launched in 2016. It uses soy as a source to make plant-based burgers. The company closed a USD 500 million funding just before the Coronavirus outbreak and is gearing up for a significant expansion in its restaurant and retail business, planned for 2020. The company is likely to see setbacks from its foodservice partners considering the lockdowns imposed due to COVID-19. Meanwhile, a surge in demand for their products at grocery and other retail outlets is expected across the country. The company 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. It is also communicating with their fans/consumers on emails asking if they would be interested in buying the burgers directly from the websites. This company’s step toward the ‘direct to consumer’ model is again expected to drive the sales of its products and can reduce the short-term disruptions in the supply chain due to COVID-19. Its geographical presence includes Redwood City, California, Rutgers, and New Jersey. It has wide distribution channels throughout the US in North America.

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 has a widespread presence in the US. The company operates through its production facility in Columbia, Missouri, US. 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. The company recently launched Beyond plant-based breakfast sausages. New product developments will aid the company to cater to the growing demand for plant-based meat products amid the coronavirus outbreak. The company has massive distribution channels, which would help in the free-flow of products under the lockdown situation where supply chains across borders are disrupted. The company also launched Feed A Million+ in the light of the COVID-19 outbreak to provide more than a million plant-based meat burgers to help the needy during the pandemic. Beyond Meat is likely to benefit from the massive shift of consumers to alternative meats in the long term post the COVID-19 pandemic decreases.

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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Report Code
FB 7604
RI Published ON
4/22/2020
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