Plant-based Meat Market Report by Technavio Identifies New Product Launches as a Major Driver
NEW YORK, March 16, 2021 /PRNewswire/ -- The plant-based meat market report by Technavio forecasts USD 3.17 billion growth during 2020-2024. Amid pandemic, the plant-based meat market registered a YOY growth of 15.47% in 2020 and is expected to accelerate at a CAGR of over 17% during the forecast period.
The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across segments such as type (plant-based beef, plant-based chicken, plant-based pork, and others) and geography (APAC, Europe, MEA, North America, and South America). This report helps businesses create strategies to make the most of future growth opportunities.
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"New product launches will be crucial in driving the growth of the plant-based meat market. Also, growth of private label brands will present significant opportunities for vendors during the forecast period", says an analyst at Technavio.
The growing health consciousness and rising concerns over the environment are driving many consumers across the world to adopt plant-based diets. To capitalize on this trend, food manufacturers introducing a wide range of plant-based products such as plant-based meat to tap the growth potential. For instance, in 2019, Kellogg launched a new line of plant-based meat products under the brand Incogmeato, which includes ready-to-cook plant-based burgers, and plant-based chicken tenders and nuggets. Similarly, Beyond Meat Inc. launched Beyond Beef, which delivers the same versatility, meaty texture, and juiciness of traditional ground beef. Such successful product launches are expected to fuel the growth of the global plant-based meat market during the forecast period.
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Plant-based Meat Market: Segmentation Analysis
Segmentation by Service:
- Based on type, the plant-based beef segment led the market in 2019.
- The plant-based beef segment is expected to generate maximum revenue to the market due to the increasing number of product launches and innovations by vendors.
- Also, the rising demand for plant-based protein is expected to contribute to the growth of the plant-based beef segment.
- The market growth in the plant-based beef segment will be significant during the forecast period.
Segmentation by Geography:
- 40% of the market growth will originate from North America and the region will offer several opportunities for market vendors during the forecast period.
- Growing health consciousness and a rising vegan population will drive the growth of the plant-based meat market in North America.
- The US is the key market for plant-based meat in North America.
- Market growth in North America will be faster than the growth of the market in other geographies.
Plant-based Meat Market: Major Vendors
The plant-based meat market is fragmented due to the presence of several vendors. The report offers detailed information on the competencies, capacities, and products offered by major vendors including Beyond Meat Inc., Gathered Foods Corp., Impossible Foods Inc., Maple Leaf Foods Inc., Monde Nissin Corp., Moving Mountains Foods, The Kraft Heinz Co., The Tofurky Co. Inc., Tyson Foods Inc., and Unilever Group.
More Details: www.technavio.com/report/plant-based-meat-market-industry-analysis
Related Reports on Industrials Include:
Global Plant-Based Protein Products Market – Global plant-based protein products market is segmented by product (soy protein, wheat protein, pea protein, and others) and geography (APAC, Europe, MEA, North America, and South America).
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Global Plant-based Burger Patties Market – Global plant-based burger patties market is segmented by distribution channel (offline and online) and geography (APAC, Europe, MEA, North America, and South America).
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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