Plant-Based Beef Market: Notable Developments & Geographical Outlook

The global meat sector at present is facing unprecedented level of disruption and competition, due to mounting growth of plant-based alternatives across many categories. Earlier, plant-based meat alternative products warranted limited shelf space and were meant for niche consumers. With increased awareness of “Veganuary” multiple manufacturers have expanded new product line for plant-based products owing to increased vegan or indeed flexitarian diet.

The global food and beverage recent industry changes illustrate the growth in plant-based alternatives that has brought disruption. Companies across the spectrum are investing heavily in creating and acquiring new products and brands which will provide momentum to the surging consumer demand for plant-based beef products.

Key Takeaways from the Plant Based Beef Market Study

  • Future Market Insights (FMI) forecasts impressive growth of the Plant Based Beef market at over 22.7% CAGR between 2020 and 2030
  • Based on the source, the soy-based protein segment holds the dominance in the market for plant based beef, while wheat-based protein segments are expected to grow prominently in the forecasted period of 2020-2030
  • Based on the product type, burger patty segment holds the dominance in the market for plant based beef
  • As alternate protein gains traction in the market owing to the increasing awareness about the environmental impact of food choices consumers make, the majority of the population is shifting towards plant based beef and is expected to gain traction in near future
  • Companies across the spectrum are investing heavily in creating and acquiring new products and brands which will provide momentum to the surging consumer demand for plant-based beef products

“Leading market players are focusing on launching novel tastes and textures to woo consumers. With COVID-19 tightening its noose worldwide, more companies are likely to focus on ensuring better nutrient profile, as consumers gradually move away from meat consumptions. This will bode well for the overall market,” said a lead analyst at FMI.

New Product Development Fuelling Plant-Based Products Demand

Increasing demand for innovative products has paved the way for product development across frozen, chilled and ambient segments. This innovation helps consumers with a wider choice of brands and products, and allows plant-based beef to advance improved shelf space and recognition.

UK is the global leader for vegan food launches. In 2019 approximately 18% of new food launches were vegan. Tesco has developed wicked kitchen range of meat-free products.

Who is winning?

A few of the leading players operating in the Plant Based Beef market are Impossible Foods, Inc., Gardein by Conagra Brands, MorningStar Farms, Archer Daniels Midland Company, Symrise, Roquette Frères S.A., Kellogg’s, Tyson Foods, Inc., Sotexpro SA, Crown Soya Protein Group, Puris Proteins, LLC, Ingredion Inc, Beneo GmbH, Glanbia plc, Fuji Oil Co., Ltd. and other players.

Several leading manufacturers of Plant Based Beef are focusing on partnering with prominent players in the market to increase its business footprints and to increase their production capacity. Leading players of Plant Based Beef are investing in research and development to produce organic, non-GMO ingredients for Plant Based Beef.

For Information On The Research Approach Used In The Report, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-12682

Get Valuable Insights into Plant-Based Beef Market

Future Market Insights, in its new offering, provides an unbiased analysis of the Plant Based Beef market, presenting historical demand data (2013-2019) and forecast statistics for the period from 2020-2027. The study divulges compelling insights on the Plant Based Beef market based on Product Type (Burger Patty, Crumbles & Grounds, Sausages, Hot Dogs, Nuggets, Bacon Chips, Deli Slices, Chunks & Tips, Shreds, Cutlet, Strips, Tenders, & Fingers, and Meatballs (Meatless)), Source(Soy-based Protein, Wheat-based Protein, Pea-based Protein, Canola-based Protein, Fava Bean-based Protein, Potato-based Protein, Rice-based Protein, Lentil-based Protein, Flax-based Protein, Chia-based Protein, and Corn-based Protein), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Food Stores, Online Retail, and HoReCa (Food Service Sector)) across four major regions.

About Food Market Division at FMI

Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.

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