Plant Based Meat Market Growth
Increasing health consciousness propelling consumers to avoid animal-sourced protein will accelerate the expansion of global plant based meat market size over the forecast period. According to Canada Food Guide, protein sources like beans, legumes, tofu, nuts and pulses can easily replace eggs, meat, fish and other dairy products. This has driven several customers to turn to plant based products to replace non-vegetarian meals. Rising environmental concerns regarding carbon footprint and more focus on the protection of animals will help the proliferation of plant based meat industry significantly.
Several government initiatives taken against the use of animal-based products will also encourage the adoption of plant-derived meat across majority of distribution channels worldwide. For instance, the American Medical Association passed a Healthy Food Options in 2017, that requires hospitals in the U.S. to improve health of staff, patients and visitors by providing them with plant-based meals. Jerry Brown, Governor of California signed a landmark bill in 2018 that ensures the patients receive a healthy plant based option.
United Nations’ Food and Agriculture Organization reports that fish accounts for nearly 16% of protein consumed around the world owing to the upsurge in disposable income among consumers. Fishes cover major sources of our protein consumption but with growing population and challenges regarding the depleting natural resources, efforts to bring an alternative have been on the rise, fueling plant based meat market trends. Impossible Foods, a startup that develops plant derived meat and dairy products, is developing various fish products on high priority owing to less production of such products.
Good Catch, a plant-based seafood provider, is developing plat-based tuna while Ocean Hugger Foods is also offering plant-based raw tuna. Another player in the sector is known to be developing plant-based shrimp and a number of restaurants have started offering sushi based on plant sources. A Singapore based startup has been involved in the development of plant cell based crustaceans which also includes shrimps, lobsters and crabs. Similar initiatives in the seafood segment will substantially drive plant based meat industry outlook.
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Products based on pea will witness an increasing demand, registering gains at more than 10.5% between 2019-2025. A leading meat producer in U.S. will start selling nuggets that are made of pea proteins in grocery stores in 2019 and will also offer blended burgers made from pea protein. Beyond Meat makes burger and sausages with pea proteins, where the patty designed by the company is made from pulse crops like mung beans and peas, with taste and texture similar to the original meat. Offering such products that meet trending consumer needs will augment plant based meat market outlook.
Soy has been used as a source for making plant-based meat products by several companies, including Impossible Foods which uses a soy-based formula for some products. Rising occurrence of breast cancer, colorectal cancer and unhealthy bones have made consumers demand for more soy intake. Soy protein can also contribute to reducing the prevalence of heart diseases and has been endorsed by health authorities, increasing its potential to strengthen plant-based meat market share.
Distribution channels play an important for the growth of any food product and a wide range of options such as supermarkets, restaurants and online stores offer access to a tremendously vast consumer base. For instance, Beyond had reported a profit of around $10.8 million for the first quarter of 2019 and these profits were considerably driven by the rapid expansion of numerous grocery stores and restaurants selling its plant-based meat products.
Reportedly, 60% of meat will be replaced by plant-based meat products by the year 2040. Meat industries raise billions of animals with trillions of turnover, but the environmental impact it causes will turn the tide for meat sellers, driving consumers towards plant based meat market. Major investments done by supermarket and restaurant chains for developing in-house products will reinforce the industry stance. A key benefit realized from the growth of plant based meat industry will be the allocation of more space for the production of crops for human consumption.
Production of meat alternatives will accelerate in coming years owing to a large number of people shifting their preferences towards plant derived consumption to address health concerns and due to rising income levels. Global Market Insights, Inc. has estimated that global plant based meat market will exceed annual valuations of USD 320 million by 2025, with key players such as Impossible Foods, Gardein Protein, DuPont, Maple Leaf Foods and Beyond Meat defining prominent industry trends.
Author Name : Riya Yadav