The global plant based chicken market is poised to reach US$ 8 Bn by 2030-end, registering double-digit growth from 2020-2030, according to ESOMAR-certified Future Market Insights’ (FMI) latest report on the subject.
Demand for plant-based food products is accelerating. Rising health and animal welfare concerns are prompting consumers to select vegetarian alternatives. At the same time, they also demand the same taste and tenderness associated with animal-derived meat and meat products. Growing concern for animal welfare is bringing about a paradigm shift in consumer eating habits. Initiation of mass level awareness campaigns combined with tough legislations prohibiting or limiting animal slaughter across several countries is primarily fueling growth of the market.
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The COVID-19 pandemic has further ignited this vegan trend, prompting food giants to introduce various plant-based chicken brands into the market. Projections for global plant based chicken market remain bullish, with a new analysis by Future Market Insights estimating 19.1% CAGR throughout the forecast period.
“Market players are emphasizing on innovations to introduce sustainable, health enhancing and inorganic ingredients free plant based chicken products,” concludes an FMI analysts.
Furthermore, consumers are willingly substituting meat products with meat analogues, attributed to rising awareness about the ill-effects of excessive meat consumption on human health.
Boost through Social Media Recommendations
Platforms such as Facebook, Twitter, Instagram, Reddit, etc. have provided a platform for animal rights activists and NGOs to spread awareness about animal cruelty and adverse effects of meat consumption on the environment.
Since a majority of the world’s population has access to these platforms, awareness is spreading exponentially, causing significant shifts in food consumption habits. Additionally, leading manufacturers are exploiting these platforms to extensively market their products. This is laying a fertile ground for plant based meat industry proliferation.
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Key Takeaways from FMI’s Plant Based Chicken Market Report
- Plant based chicken market to expand at 19.1% CAGR from 2020-2030
- Burger patties to experience consistent growth, generating over 40% of the global revenue
- Soy-derived proteins to capture lucrative market share, attributed to numerous health benefits
- Europe & MEA to emerge as potential revenue hotspot, Latin America generating credible prospects
- Social media to play pivotal role in augmenting plant based chicken popularity
- E-commerce emerges as the fastest growing distribution channel, owing to deepening internet penetration and the COVID-19 pandemic
COVID-19 Impact Insights
The food & beverages domain stands to gain the most out of the crisis, with demand for plant-based foods experiencing steep incline. Increasing apprehension among consumers about the possible spread of COVID-19 through animal-based food products is stimulating demand for vegan alternatives.
This surging requirement for clean label and naturally derived foods is catapulting the plant based chicken market. Demand is especially strong across the United States, Brazil and India, as they have the highest number of COVID-19 infections. Therefore, people are altering their dietary preferences, prompting manufacturers to increase their presence.
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Competitive Scenario
The plant based chicken market is highly competitive, interspersed with the presence of numerous regional and global players. Prominent players profiled in the report include Impossible Foods, Gardein (Conagra Brands), Atlantic Natural Foods LLC, Beyond Meat, Puris Proteins LLC, Tyson Foods Inc., and CHS Inc.
In July 2016, Impossible Foods made its debut by introducing the world’s first meat analogue product titled the Impossible Burger, which is derived primarily from plant-based products. The production process involves 95% less land and 74% less water usage.
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