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Plant-based Meat Market is expected to display an exponential growth by 2027|CAGR: ~17%| UnivDatos Market Insights
As per our analysis, it is predicted that global plant-based meat sales are expected to grow at a CAGR of about 17%. Furthermore, as per the analysis global plant-based meat sales is expected to reach around US$ 85 billion by 2030, compared to US$ 5 billion in 2018. It is further expected that plant-based products would account for 10% of global meat consumption within the next five years. Consumption of conventional meat products is expected to decline in coming years. It is expected that supply of conventional meat products would reduce by more than 50% by 2040.
During the Covid-19 pandemic, demand for meat reduction and replacement was witnessed among the consumers. However, few companies reported increase in sales. Covid-19 have created increased awareness about the impact of humanity on environment among the consumers. In the recent past climate change has become one of the forefront policies of the government. Due to country wide lockdown during the Covid-19 pandemic, it was seen that sales of both plant-based and conventional meats witnessed a spike as consumers filled their refrigerators and freezers for the long period. In March 2020 , grocery stores sold 231% more fresh plant-based products, compared to the same period in 2019. Further, as per IRI data analyzed by The Good Food Institute witnessed an increase of around 454% in the sales of plant -based meat
The global Plant-based Meat Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
For a better understanding of the market adoption of the Plant-based Meat industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada , Rest of North America ); Europe ( Germany , U.K., France , Italy , Spain , and the Rest of Europe ); Asia-Pacific ( China , Japan , India , Australia , Rest of Asia-Pacific ); and the Rest of World. Based on the estimation, North America dominated the market in 2020. However, Asia-Pacific region is expected to witness highest CAGR growth during the forecast period.
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Plant-based Meat Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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