Plant based pork products sales are forecast to grow multifold over the period of 2020-2030, as predicted by Future Market Insights (FMI). The rising awareness regarding health and animal welfare has paved the way for expansion of the plant based pork and meat products market. An increasing number of consumers around the world are consciously choosing plant-based meat alternatives as they grow wary about threat of infections associated with meat consumption. Spurred by this, the plant based pork sales is expected to surge considerably in the coming years.
Changing consumer preferences have even compelled fast-food chains to introduce plant-based meat patties in their menus. Steered by prevailing trends, some of the leading brands such as McDonald’s, Burger King and KFC have begun introducing products made from plant based pork and are reportedly receiving positive reactions from their customers. With increasing demand for nutrition based and cruelty free products, the plant based pork market is predicted to rise rapidly.
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- The global plant based pork market is forecast to grow from US$ 1,233.8 Mn in 2020 to US$ 10,563.9 Mn in 2030, as predicted by FMI
- The Europe is expected to be at the fore in the global plant based pork market with a market share 42.9% in 2020
- Rising concerns regarding animal borne diseases and recent pandemic outbreaks have been resulting in consumers’ inclination towards plant based meat
- Favorable regulations in various countries across Europe and in New Zealand are supporting the expansion of the market
- FMI predicts that the burger patty segment to continue dominating among product types. By the end of 2020, the segment is forecast to account for 40.7% of the market
According to a lead analyst at FMI, “Steps taken by animal welfare groups and communities to spread awareness on animal welfare has been a chief driver of the market. This, coupled with inclination for maintaining a greener lifestyle, has been encouraging consumers to replace traditional meat items with plant-based alternatives.”
Covid-19 Impact Analysis
The pandemic has changed the world’s way of living, making consumers rethink their food choices. With aversion towards animal products due to increasing caution about diseases, consumers have shifted to a more healthy and nutritious diet. The demand for plant based pork products is expected to grow due to the awareness of animal borne diseases spread during the pandemic. Following the impact of Covid-19, there is going to be a steady rise in the consumption of such products.
Who is winning?
Some of the leading companies operating in the plant based pork market are Impossible Foods Inc., Smithfield Foods, MorningStar Farms, Gardein by Conagra Brands, Cargill Inc., Symrise, Roquette Frères S.A., Crown Soya Protien Group, Tyson Foods Inc., Sotexpro SA, Glanbia plc and Ingredion Inc.
Food manufacturers in this market are collaborating with companies to offer treat consumers with novelty, besides expanding their global footprint. For instance, Burger King has recently partnered with Impossible Foods to launch plant based pork in a large number of their outlets.
Valuable Insights into Plant Based Pork Market
A recent study by the FMI on plant based pork market has given a complete industry analysis for 2015-2019 as well as detailed assessment of the market for the 2020-2030 periods. The market can be segmented according to the product type by dividing them into burger patty, sausages, hot dogs, nuggets, bacon chips, crumbles & grounds, deli slices, chunks & tips, shreds, cutlet, strips, tenders and fingers, and meatballs (meatless). The market can also be segmented according to the source of production like 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.
In terms of distribution channel the market is segmented into hypermarkets or supermarkets, convenience stores, Special food stores, online retail and HoReCa (Food Service Sector). Region wise, the market covers different geographies that is segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa.