The FMI anticipates that the plant-based burger market is estimated to capture a valuation of US$ 5.1 billion in 2023. The market is increasing to US$ 23.2 billion by 2033 and is registering a CAGR of 16.3% during the forecast period.
How are Manufacturers Shaping Plant-based Burger Market?
Manufacturers play a significant role in the global market by developing innovative products, expanding their distribution channels, and partnering with food service companies. Here are certain ways that the manufacturers are shaping the global market:
- Product Development: Manufacturers invest in research and development to create new and improved plant-based burger products that appeal to a wide range of consumers. It includes developing products with a taste and texture similar to traditional meat burgers with unique flavors and ingredients.
- Distribution Channels: Manufacturers are expanding their distribution channels to make plant-based burgers widely available to consumers. It includes partnering with grocery stores and retailers to increase the availability of plant-based burgers in stores.
- Marketing and Advertising: Manufacturers are investing in marketing and advertising to increase awareness about plant-based burgers and educate consumers about their benefits. It includes launching social media campaigns, working with influencers, and creating targeted advertising to reach different consumer segments.
- Sustainability Initiatives: Many manufacturers prioritize sustainability in their supply chains. It includes using sustainable ingredients, reducing packaging waste, and implementing eco-friendly manufacturing practices.
- Partnerships and Collaborations: Manufacturers are partnering with other companies and organizations to accelerate market growth. For example, manufacturers collaborate with universities and research institutions to develop new plant-based ingredients, while others partner with food service industries.
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Key Takeaways:
- The plant-based burger market is expected to have a valuation of US$ 2 billion by 2033.
- With a CAGR of 3%, the global market is increasing during the forecast period.
- The United States plant-based burger market is anticipated to hold a CAGR of 5% through 2033.
- Historically, the market secured a CAGR of 9% between 2018 and 2022.
Who is Winning?
The market has experienced notable growth in recent years, with several key players emerging as leading players in the industry. Here are a few of the key players and their roles in the market:
- Kellogg: Kellogg is a multinational food company that has entered the market with its MorningStar Farms brand. The company offers a range of plant-based burger products made from soy and wheat proteins.
- Tyson Foods:Tyson Foods is a meat processing company that has entered the market with its Raised & Rooted brand. The company provides a range of plant-based burger products made from pea protein and other plant-based ingredients.
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Other Essential Players in the Market are:
- Beyond Meat
- Impossible Foods
- Nestle (Awesome Burger)
- MorningStar Farms
- Gardein
- Lightlife
- Praeger’s
- Tofurky
- Amy’s Kitchen
- Field Roast
- Quorn
- Alpha Foods
- Sweet Earth Foods
- No Evil Foods
- Good Catch
- Before the Butcher
- The Vegetarian Butcher
- Boca
- Yves Veggie Cuisine
- Hodo Foods
Recent Developments in the Market are:
- Impossible Foods:Besides its plant-based burger products, Impossible Foods has recently launched plant-based sausage and chicken products, which are available at select retailers and food service outlets.
- Nestle: Nestle has recently announced plans to invest in plant-based meat alternatives, focusing on its Garden Gourmet brand. The company has also launched a range of plant-based burger products under its Sweet Earth brand.
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Plant-based Burger Market by Category
By Product Type:
- Plant-based Chicken
- Plant-based Beef
- Plant-based Pork
- Plant-based Fish/Fishless Fish
By 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
By Sales Channel:
- Food Service {HoReCa, Travel Retail}
- Quick Service Restaurants
- Retail
- Hypermarket/supermarket
- Convenience Stores
- Departmental Stores
- Grocery Stores
- Specialty Stores
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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 favor 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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