New York City, 2 Nov 2020: The
global plant-based
meat market size is expected to reach USD 35.4 billion by 2027
according to a new study by Polaris Market Research.
Plant meats have ingredients sourced
from plants such as soy, to mimicking the texture of animal meat. Current
innovations also claim that it offers the same cooking and eating experience as
of traditional animal based meat. Few hamburger outlets have introduced
plant-based patties, which exactly matches the texture of the beef offered in
the same outlet.
Consumers find potential advantages of
plant-based foods, on the other side, and equate such items with better health
outcomes and higher nutritional value. A 2016 study by Oxford University found
that a ‘healthy’ diet (i.e. one that contains less meat) could prevent 5.1
million deaths worldwide by 2050. Meat-free protein products are no longer
restricted to the relatively small group of consumers who identify as
vegetarian or vegan. For example, 39 per cent of the U.S. citizens are actively
using plant originated foods in their diets, and this shift is driven by
millennials: 30 per cent eat meat alternatives every day, while 50 per cent eat
meat alternatives several times a week.
The global plant-based meat market is
driven by growing concern towards animal based meat owing to global narrative
that COVID-19 originated from wild animals. The growing vegan population in
Europe, consumer awareness towards nutritional benefits, and innovations in
food technology coupled with funding support from investment firms. Recently,
in June 2020, Veganuary, the UK based non-profit organization introduced Veg
Capital, funding solutions plant-based food companies. It will provide fund of
around EUR 50,000 to 2,50,000 to the plant-based food startups.
Moreover, strong government intent also pitched the usage of plant-based meat in the forefront. Governments are now beginning to understand the climatic and environmental effects of diets. The expert panel of the review team recommended the inclusion of key material environmental indicators during the most recent revision of the US dietary guidelines in 2015. Denmark is considering proposals for imposing a red meat tax. In 2016, Sweden’s Green Party tabled a motion in the Swedish parliament calling for a climate tax on food.
Market participants in the plant-based meat market include Impossible Foods, V2food, Beyond Meat, Garden Protein International, Zhenmeat, Morningstar Farms, Novameat, Quorn Foods, Amy’s Kitchen, Omnipork, Maple Leaf Foods, Zikooin, The Vegetarian Butcher, Greenwise, Tofurky, Gold & Green Foods, Sunfed, and VBites. are some of the key players operating in the concerned market. They are competing on several factors such as price, product quality, taste, nutritional claims, brand value, advertisement, and promotions.
Read More : https://www.polarismarketresearch.com/industry-analysis/plant-based-meat-market
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