Future Market Insights (FMI) in a new study has predicted the consumption of plant based nuggets to surge in the forthcoming years. Rising focus on health and wellness among consumers is underpinning growth in the market. Market players are looking to capitalizing on this opportunity by mimicking the taste and nutritional profile of meat-based products.
However, production cost of plant-based nuggets is comparatively higher, which results in their high price. This could hamper the overall expansion of the market to an extent. Nonetheless, launch of their products in diverse textures and nuggets has been paving way for growth. Especially with focus on animal cruelty surging, FMI foresees positive growth on cards for the market.
Key Takeaways from the Plant Based Nuggets Market Report
- The plant based nuggets industry is projected to grow at a CAGR of 26% during the forecast period of 2020-2030
- Plant based chicken nuggets will remain under spotlight as best-selling product
- The EU Commission’s support for plant based meat products will help Europe continue to dominate the market
- Sales via HoReCa will continue to surge through the forecast period
- Surging adoption of vegetarian and flexitarian diet will open growth prospects for the market in South Asia
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“Behemoths in the food chain business are taking cue from changing consumer preference and altering their menus accordingly. Plant-based nuggets are making increasing appearances across menus of some of the leading names in HoReCa business. This is expected to bode well for the market in the coming years,” said a lead analyst at FMI.
Covid-19 Impact Analysis
The Covid-19 pandemic has had a huge effect on people’s lifestyle, reshaping their food preferences. Increasing awareness about the body and immune system has encouraged people to shift to a healthy diet. Rising caution regarding animal borne diseases has compelled consumers to adopt vegan lifestyles. This had caused manufacturers to include plant based meat products in their menus and stores.
The pandemic disrupted market sales but is expected to bounce back with the reopening of several hotel chains. The inclusion of plant based products is expected to attract customers looking for healthier options, ensuring a growth in market.
Who is Winning?
Leading manufacturers are now partnering with companies to introduce plant based meat products in their outlets. Giant manufacturers like Burger King have partnered with plant based meat manufacturers such as Vegetarian Butcher, to include plant based chicken nuggets in their menu.
In 2020, KFC teamed up with Beyond Meat to introduce plant based chicken nuggets in almost 100 stores in the United States. The success of plant based meat products has encouraged companies to invest in the market.
Manufacturers are focusing to develop ingredients that have zero gluten and are allergen free to create products that can be consumed by all. The leading players in the market are Burger King, KFC, McDonald’s Corporation, Alpha Foods, Urban Platter, Nestlé S.A., Heura Foods, The Vegetarian Butcher and Tyson Foods Inc. among others.
Valuable Insights into the Plant-Based Nuggets Market
Future Market Insights in a recent report has conducted a complete industry analysis of the years 2013-2019 with assessments for the forecast period of 2020-2030. The market is divided into various segments in order to give a detailed analysis.
Based on the product type, the market is divided into plant-based chicken, plant-based beef and plant-based pork. On the basis of the source, the market is segmented into 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. The market is also segregated based on the distribution channel into retail (hypermarkets/supermarkets, convenience stores or specialty food stores), online retail and HoReCa (Food Service Sector). Lastly, the market is divided based on the region into North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa.