3 major trends influencing plant based meat market outlook
Publisher : Fractovia | Published Date : 2019-08-30Request Sample
Owing to rising consumer consciousness regarding cruelty to animals, the global plant based meat market share has been witnessing exponential growth over the past few years. Growing consumer concerns for animal rights encouraged by global welfare organizations such as Animal Aid and PETA has led consumers to adopt vegetarian diets and switch to meat alternates, trends which are projected to foster plant based meat market growth.
U.S. Wheat Based Meat Market Size, By Application, 2018 & 2025, (Kilo Tons)
Additionally, vast majority of masses are switching to plant based meat due the fact that processed meat is dangerous to health. A growing body of research has associated the consumption of red meat to problems such as cancer, diabetes and heart diseases.
Demand for plant based meat alternatives has increased as consumer have become aware about the health benefits of plant protein which help in minimizing risk of cancer, improving cholesterol levels and enhancing insulin functionality These factors are estimated to expand plant based meat market trends over 2019-2025.
Over the past decade, more than $2 billion has been invested in plant based meat companies, and more than half of that ensued over 2017-2018. According to the Good Food Institute, sales of plant based meat grew over 23% over the same period. Managers and buyers for restaurant chains, who make decisions about future products for mainstream food companies, are now choosing and promoting plant based meat as consumer demand escalates.
Listed below is an insight into the major trends that will transform plant based meat market outlook in various countries:
Rising health awareness in the U.S. to add impetus to plant based meat market share
Increasing prevalence of digestive disorders such as diarrhea, gastritis and gastric ulcers has increased demand for pea and soy based meats. This is due to high concentration of amino acids along with easily digestible properties of such foods which in turn is estimated to propel plant based meat market in the U.S.
The U.S.-based plant based burger maker Impossible Foods recently partnered with a longtime producer of meat patties for fast-food chains, OSI Group, as it prepares to meet demand from consumers & large restaurant chains like Burger King. The fast food giant also rolled out its own meatless Impossible Whoppers at all its 7,200 location in the U.S.
Plant based meat is rapidly gaining attention because it serves as a whole protein source and is suitable for absorption of a variety of flavors, which makes it versatile in terms of suiting taste palettes along with providing better health benefits than original meats. U.S. soy based meat industry demand is expected to witness consumption of over 100 kilo tons over 2019-2025.
Mounting protein deficiency in Indian diet to stimulate plant based meat industry forecast
In India, where a considerable part of the massive population is vegetarian, plant based meat market has received resounding success. There is clearly a sizable market for clean and plant-based meat in India as it is rapidly growing in terms of population and disposable income.
Rising prevalence of cardiovascular diseases, obesity and diabetes along with major protein deficiency in the regional diet is projected to drive the demand for plant based meat sources. India chickpea based meat market demand is anticipated to register significant gains at over 12.5% by the end of forecast period.
Demand for neutral flavor food source in fast food chains to fuel Germany plant based meat market
Rising demand for neutral flavor food products in fast food chains along with rising awareness for animal rights has encouraged a shift in consumer preference towards plant based nutrition. Oats, soy and wheat can be used to create foods that can substitute pork and can be utilized to make various traditional German dishes, including schnitzel and sausages without loss of nutrition, texture or flavor.
Germans aren’t far behind the U.S. consumers in plant based meat consumption, thanks to prominent plant based meat brands entering the market. McDonald’s in Germany has decided to partner with Nestlé, to propel the meatless meat game by offering a vegan burger there. German bacon wheat based meat market size is expected to register a CAGR of over 10% during the forecast period.
The exponential growth slated to be witnessed by plant based meat market industry can be largely attributed to the fact that a considerable portion of consumers opting for plant based meat alternatives are not vegans or vegetarians. The meat alternatives are tasty enough for people with normal diets to indulge in them and become more responsible in reducing animal cruelty and pollution caused by livestock. By 2025, plant based meat market size is estimated to surpass $320 million globally.
