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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Key Takeaways
- 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
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.
Key Segments
Distribution Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Food Services
- Online Retail
- HoReCa ( Food Service Sector )
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
- Corn-based Protein
Product Type
- Burger Patty
- Crumbles & Grounds
- Sausages
- Hot Dogs
- Nuggets
- Bacon Chips
- Deli Slices
- Chunks and Tips
- Shreds
- Cutlets
- Strips, Tenders, And Fingers
- Meatballs (Meatless)
Regional Outlook
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Key Questions Answered in the Report
- What is the expected CAGR for plant-based pork market in the forecast period?
The global plant-based pork market is forecast to rise at a CAGR of 25.0% between 2020 and 2030.
- Which is the largest market for plant-based pork?
Europe currently holds dominance backed by surging demand and production in strong markets like UK and Germany.
- Which are the top companies in the plant-based pork market?
Some of the leading companies operating in the plant-based porkare Impossible Foods, Inc., Gardein by Conagra Brands, Cargill, Inc., Smithfield Foods, MorningStar Farms, Archer Daniels Midland Company, Symrise, Roquette Frères S.A., Tyson Foods, Inc., Sotexpro SA, Crown Soya Protein Group, Puris Proteins, LLC, Ingredion Inc, Beneo GmbH, Glanbia plc, Fuji Oil Co., Ltd.among others.
- What is the outlook on the plant-based pork market?
Due to COVID-19, FMI estimates a positive growth for the plant-based pork market due to the high preference of consumers over natural products. The constantly rising demand for plant-based pork products will aid the expansion of this market.
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About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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