Plant-based Meat Market

Market Leaders - Plant-based Meat Market

The plant-based meat market size is estimated to be valued at USD 4.3 billion in 2020 and is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0% during the forecast period in terms of value. Over the past few years, the awareness towards healthy lifestyle coupled with global carbon footprint associated with the non-vegetarian diet among consumers has significantly fueled the demand for plant-based meat across the globe. There is a growing trend of healthy and nutritional food among all age group is significantly fueling the demand for organic and natural supplement across the global market.

Key players in this market include Beyond Meat (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Morningstar Farms (US), Quorn Foods (UK), Gardein Protein International (Canada), Tofurky (US), and The Vegetarian Butcher (Netherlands).

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With the growing popularity of veganism and healthy lifestyle among consumers, key players in the market are implementing number of market stretegies including product innovation & launches, geographical expansion, and merger & acquisition in order to make a strong hold among in the global market.

Beyond Meat, a Delaware corporation, is a food company offering a portfolio of plant-based meats. The company produces meat from plants and aims to replicate the taste, texture, and nutritional benefits of animal-based meat. The company has developed three core plant-based product platforms, namely beef, pork, and poultry. The company is focusing on expanding their product portfolio in order to cater larger group of customers. For instance, in October 2020, Beyond Meat introduced Beyond Breakfast Sausage Links to its line of innovative and plant-based meat offerings. They are designed to offer the same taste and texture as pork-based links.

Impossible Foods Inc. manufactures meat, dairy, and fish products sourced from plants. The company manufactures plant-based products by observing animal products at the molecular level and selects specific proteins and nutrients from greens, seeds, and grains to recreate meat and dairy products. The company is aiming to expand their geographical presence to gain stronger hold in the lucrative market. For instance, in October 2020, Impossible Foods Inc. expanded its presence by introducing its flagship product, Impossible Burger, in the Canadian market. The company has made its product available in about 600 Sobeys family stores and on the retailer’s online grocery home delivery service. This will enable the company to expand its retail footprint in the market.

Related Reports:

Plant-based Meat Market by Source (Soy, Wheat, Pea, & Other Sources), Product (Burger Patties, Strips & Nuggets, Sausages, Meatballs, & Other Products), Type (Beef, Chicken, Pork, Fish, & Other Types), Process, and Region - Global Forecast to 2025

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Report Code
FB 7110
RI Published ON
12/8/2020
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