Increasing customer interest in plant-based diets, coupled with the growing consciousness for animal rights through different welfare organizations is predicted to propel the market. Plant-based meat is becoming an integral part of the vegan diet, where people adopt a vegetarian lifestyle that is devoid of animal-based foods. Customers are inclined towards veganism for health and ethical causes, while other customers are opting for vegetarian ingredients to evade animal cruelty and to consume sustainable food and beverage products.
In addition, soy as a raw material comprises of all the standard (nine) amino acids, which are essential for the growth of the human body. Its ability to improve the water absorption, emulsification, solubility, viscosity, texture, and anti-oxidation of the final product is probably to propel the requirement for soy in plant-based meat products over the forthcoming period.
According to SPER market research, ‘Plant-Based Meat Market by Source (Soy-based, Wheat, Quinoa, Oats and Others (Beans, Nuts, and Pea)), By Product (Burger Patties, Sausages, Strips & Nuggets, Meatballs, Fillets, Wings, Crumbles and Others (Chipotle, Bites, Cutlet, etc.)), By Type (Pork, Beef, Chicken, Fish and Others (Lamb & Turkey)), By Distribution Channel (B2C(Grocery Stores, Food & Drinks Specialty Stores, Online Retail, and Hypermarkets/Supermarkets) and B2B), By End-Users(Commercial, Residential, and Institutional) and By Region (North America, Europe, Asia Pacific, South America, Middle East, and Africa)’ state that Plant-Based Meat Market will rapid by the increasing consumer awareness on potential advantages of vegetarian diets. The Global Plant-Based Meat Market is probably to rise at a noteworthy rate during the forecast period of 2021-2027. Owing to the customers trending toward healthier foods and growing concerns about the environment and animal welfare.
In addition, growing awareness concerning nutrient contents along with growing concerns concerning animal slaughter is projected to foster the industry’s growth. Moreover, individuals all across the world are opting for plant-derived flesh substitutes owing to the environmental effect and malpractices owing to animal husbandry and meat manufacturing which is underwriting to market growth. The emergence of flexitarian customers to deduct flesh consumption is propelling the product requirement.
The COVID-19 pandemic in meat-packing factories reasoned widespread scarcity and shed light on how the business operates. Additionally, the growing plant-based and flesh substitute items are developing on grocery store across the country, which is predicted to rise the requirement for the plant-based non-veg industry over the review duration.
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North America held the largest plant-based meat market share in recent past years and is projected to maintain this trend over the review period. Growing cardiovascular diseases, involving cancer and diabetics, has led customers to opt for plant-based non-veg products as it helps safeguard these diseases, which in turn is fostering the plant-based meat market growth. For instance, during 2020, as per the CDC, nearly 35 million individuals had diabetes around the U.S. Furthermore, growing trends of vegan diets coupled with the increasing adoption of plant proteins in processed foods are projected to foster the market demand over the forecast period. Moreover, customers are also gravitating towards plant proteins owing to allergies induced by animal proteins, as well as the profusion of nutrients found in plant proteins.
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