Global $14.5+ Billion Plant Based Meat Products Markets to 2028 - Product Innovations & Surging Demand in Emerging Regions - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Plant Based Meat Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Category, and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.

The plant based meat products market is projected to reach US$ 14,527.55 million by 2028 from US$ 5,354.72 million in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028.

Plant-based meat has gained significant traction among consumers due to rising environmental sustainability and animal welfare concerns. It is increasingly preferred over animal meat products as people perceive vegan or plant based products to be healthier than animal-derived products.

Plant-based meat products are free of unsaturated fat and have low calorific value, making them healthier than conventional meat products. Manufacturers of plant based meat products offer burger patties, meatballs, sausages, ground meat, etc. They are making significant investments in product innovation to attract a larger number of consumers. They have begun to offer organic, gluten-free, non-GMO, allergen-free products that address emerging market trends.

Based on distribution channel, the plant based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest share of the plant based meat products market in 2020.

However, the online retail segment is expected to register the highest CAGR during the forecast period. Online retail confers convenience in terms of shopping and product delivery. Online retail stores offer a wide variety of products with heavy discounts; also, consumers can conveniently buy desirable products remotely.

Home delivery services attract a large group of customers to shop through an e-commerce platform. E-commerce websites offer detailed product information, along with user reviews, which help buyers compare products and make informed decisions. In August 2020, Beyond Meat launched a new e-commerce site to make its plant based meat products more accessible to consumers.

The website will give consumers easy access to its vast portfolio of plant based meat products, thereby making it more convenient for them to experience Beyond Meat. Such initiatives by key players are projected to drive the growth of plant based meat products market during the forecast period.

In 2020, Europe held the largest share of the plant based meat products market, and North America is estimated to register the fastest CAGR over the forecast period. The growing prevalence of lifestyle diseases in countries such as the UK, Germany, and Italy makes Europe one of the most lucrative markets for plant based meat products.

Health-oriented consumers are opting for healthy and plant based products in their diet. According to "Google Trends" Veganism was one of the Top 5 searched terms on Google in 2019 in the UK and across the world. In 2021, Brighton was found to be the most vegan-friendly city in the UK.

It was also the most popular British city for veganism in 2019, followed by Bristol, Bathford, and Norwich, respectively. The increasing concerns over cardiovascular diseases, climate change, and the unethical treatment given to livestock are among the key factors driving the growth of the plant based meat products market across Europe.

Key Market Dynamics

Market Drivers

• Rising Importance of Environment Sustainability
• Surging Veganism and Vegetarianism Trends

Market Restraints

• High Product Price

Market Opportunities

• Surging Demand in Emerging Regions

Future Trends

• Product Innovation

Companies Mentioned

• Beyond Meat
• Conagra Brands, Inc.
• Kellogg's Company
• Tofurky
• Field Roast
• Before the Butcher
• VBites Foods Inc.
• Hilary's - Drink Eat Well, LLC.
• Quorn
• Impossible Foods Inc.

For more information about this report visit https://www.researchandmarkets.com/r/in4j9g