DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The global market for plant-based meat is estimated to be USD 3,556 million in 2020 and is projected to grow at a rate of 17% between 2019 and 2021.
This study covers the plant-based meat market across segments. It aims at estimating the market size and its growth potential across different segments such as raw material, product, distribution channel, and region.
The study also includes an in-depth COVID-19 focused profiles and analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies to cater to the growing market demand during the current pandemic.
The plant-based meat market comprises of major players, such as Impossible Foods (US), Beyond Meat (US), Maple Leaf Foods Inc. (Canada), The Meatless Farm Co. (UK) and Garden Protein International (Canada).
Shifting consumer preferences owing to rising health awareness is driving the market growth.
The growing consumer concerns associated with the consumption of meat products in the wake of the COVID-19 outbreak and the adoption of vegan diets owing to rising health awareness are expected to drive the growth of the plant-based meat industry. However, lack of cold chain infrastructure in developing countries and comparatively higher prices of plant-based products are expected to hinder the market growth in developing regions.
The use of soya as raw material dominated the plant-based meat market throughout the forecast period.
Soy is used primarily in plant-based meat products owing to its protein-rich content. Soy is utilized widely in plant-based meat products due to its functional characteristics. Various new plant-based products are being launched, incorporating soy as a raw material.
Furthermore, COVID-19's association with animal sources will result in a large population shifting from meat-based proteins to plant-based proteins due to various health and environmental concerns. The WHO is also advising the consumption of unsaturated fats such as soy. Due to these factors, soy is projected to dominate the market during the forecast period.
The E-commerce channel is projected to grow at a higher growth rate during the forecast period.
The e-commerce channel is projected to grow at the highest CAGR between 2020 and 2021. This is attributed to widely emerging e-commerce channels during the pandemic. Consumers are avoiding visits to retail stores due to the imposition of lockdowns in light of the current situation. This has resulted in distributors shifting their sales channels from retail stores to e-commerce.
Long term adoption of meat alternatives will drive the demand for plant-based meat products from e-commerce channels post-COVID-19. Due to these factors, E-commerce channels are projected to grow at a higher rate during the forecast period in the global plant-based meat market.
North America is projected to be the largest and fastest-growing market during the forecast period.
North America plant-based meat market is projected to be the largest and fastest-growing during the forecast period. This is attributed to the presence of key players in the region, developing new plant-based products. Key investments by these companies to expand retail presence into international markets in the plant-based meat industry during COVID will further contribute to the market growth.
Retail chains in the region have extended shelf and storage space for plant-based meat products. The escalating coronavirus pandemic in this region, especially in the US, is expected to have a considerable impact on the plant-based meat market in North America.
Key Topics Covered
1.1 COVID-19 Health Assessment
1.2 COVID-19 Economic Assessment
1.2.1 COVID-19 Impact on The Economy - Scenario Assessment
2 Research Methodology
3 Executive Summary
4 COVID-19 Impact on Plant-Based Meat Ecosystem
4.2 Supply Chain of the Plant-Based Meat Industry
4.3 Impact of COVID-19 on the Supply Chain of Plant-Based Meat
4.3.1 Raw Material Suppliers
4.3.2 Equipment Suppliers
4.3.4 Plant-Based Meat Manufacturers
4.3.5 Certification Companies
4.3.6 Distributors/Retail Channels
4.4 Impact of COVID-19 on The Conventional/Traditional Meat Market
4.5 Macroeconomic Indicators
126.96.36.199 Growing Number of Animal-Borne Illnesses
188.8.131.52 Growing Demand for Natural/Clean-Label Products
184.108.40.206 Government Support in Major Economies
220.127.116.11 New Launches and Investments in the Plant-Based Meat Industry
18.104.22.168 Lack of Cold Chain Infrastructure & Resources in Developing Countries
22.214.171.124 Higher Price of Products in Comparison to Traditional Meat
5 Customer Analysis
5.1 Shift Toward Plant-Based Products
5.1.1 Demand for Natural/Clean-Label Products
5.2 Growing Inclination Toward Premium/Branded Products
5.3 Growing Demand for Certified and Tested Products
6 Impact on Related Markets
6.2 Positively Affected Markets - Impact and Opportunities
6.2.1 PB Protein
6.2.2 PB Dairy
6.3 Worst Affected Market - Impact and Opportunities
6.3.1 Cultured Meat
6.3.2 Conventional Meat & Seafood
7 Growth Opportunities in The Plant-Based Meat Market
7.1 Growth Opportunities in The Plant-Based Meat Market
7.1.1 Impact on Plant-Based Meat Manufacturing Companies' Portfolios
7.1.2 Production Capacities
7.2 Winning Strategies to Gain Market Share
7.2.1 Short Term Strategies
7.2.2 Mid-Term Term Strategies
7.2.3 Long-Term Strategies
8 Impact of COVID-19 on Plant-Based Meat Market, by Raw Material
8.2.1 New Plant-Based Products Incorporating Soy Will Contribute to The Growing Market Demand
8.3.1 Wheat to Pose a Sustainable Alternative for The Consumer Populace Allergic to Soy
8.4.1 Increasing Use of Pea for Plant-Based Meat Owing to Its Rich Protein Content
8.5 Other Raw Materials
9 Impact of COVID-19 on Plant-Based Meat Market, by Product
9.2 Burger Patties
9.2.1 Strong Likeness to Conventional Meat Products and Widespread Consumer Acceptance Drive Demand for Plant-Based Burger Patties
9.3.1 Concerns Over Sourcing and Disease Outbreaks Among Livestock Aid Growth Prospects for Plant-Based Sausages
9.4 Strips and Nuggets
9.4.1 Widespread Availability and Healthier Ingredients Support Plant-Based Strips and Nugget Sales
9.5.1 Development of Plant-Based Meat Sources and Availability in Retail and Foodservice Bolster Demand for Plant-Based Meatballs
9.6 Other Products
10 Impact of COVID-19 on Plant-Based Meat Market, by Distribution Channel
10.2 Retail Outlets
10.2.1 Easy Availability and Established Supply Chain Networks Support Retail Outlets Growth During COVID-19 Outbreak
10.3.1 Easy Delivery Access and Widespread Availability Through Third-Party Service Providers Drive Foodservice Growth
10.4.1 Growing Adoption in Omnichannel and Internet Penetration Supplements E-Commerce Growth
11 COVID-19 Impact on Plant-Based Meat, by Region
11.2 North America
11.5 Rest of The World
12 COVID-19 Focused Profile of Key Vendors
12.1 Impossible Foods Inc.
12.2 Beyond Meat
12.3 Maple Leaf Foods Inc.
12.4 The Meatless Farm Co.
12.5 Garden Protein International (Pinnacle Foods)
For more information about this report visit https://www.researchandmarkets.com/r/pdlytk