The plant-based meatballs market is predicted to be worth US$ 138.2 million in 2023, and rise to US$ 391.2 billion by 2033. Initially, the global market was expanding at a CAGR of 15.2% during 2018 to 2022.
Public awareness of plant-based non-vegetarian alternatives is growing quickly, and more consumers demand these products due to the medical advantages, such as the prevention of non-communicable diseases, digestive problems, and obesity.People worldwide are preferring plant-based alternatives to animal flesh due to the detrimental effects on the environment and ethical shortcomings in the production of meat, which is supporting market growth.
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Manufacturers of plant-based meatballs are attempting to gain a leading market share with their diversified products range, while also being conscious of the negative environmental effects of animal agriculture. Moreover, customers benefit from the availability of reasonably priced plant-based meat replacements. The growing popularity of veganism increases sales as more people become aware of its health benefits.
Key Takeaways
- By 2033, the United States is expected to show high potential in the plant-based meatballs market, with a size of US$ 391.2 million and a CAGR of 18.3%.
- The plant-based meatballs market was significantly expanding, with a size of US$ 120 million in 2022.
- Market shows amazing opportunities due to great medical benefits, and expects an absolute growth of US$ 253 million during the forecast period.
- The expansion in China is anticipated to expand at an adequate CAGR of 18.4% by 2033.
- By 2033, Germany is likely to expand in the plant-based meatballs market, with a size of US$ 31.3 million.
- By 2033, the plant-based meatballs sector is likely to increase in Spain, with a size of US$ 13.3 million.
- The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 16.5% by 2033.
- Based on the product type, the plant-based chicken expects a CAGR of 16.3% by 2033.
- Based on source, the soy protein segment continues to dominate the sector during the forecast period, with a CAGR of 17.2%.
- Based on the distribution channel, the HoReCa continues to dominate the sector during the forecast period.
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Key Strategies in the Industry
The market is expanding, and producers are seizing this chance. To enhance their market share and leave their mark, they have established lofty targets. There are several alternatives available to manufacturers when it comes to designing a competitive product.
Making the product taste as much like a typical meatball as possible is a top priority for producers. Finally, when developing their product, producers focus on consumer health. For plant-based meatballs to succeed, they must be nutritionally equivalent to traditional meatballs. This calls for the use of wholesome and nutrient-dense ingredients by manufacturers.
Recent Developments
- In order to increase its manufacturing capacity in Europe, Beyond Meat announced the purchase of a new manufacturing facility in Enschede, the Netherlands, in June 2020. KFC and Beyond Meat have partnered to distribute KFC’s plant-based fried chicken in the UK.
- The new INCOGMEATO™ Plant-Based Ground Package from Kellogg’s is made with 100% plant protein from plant-based ground and contains 48% less saturated fat.
- Burger King and Impossible Foods have teamed up to introduce the Impossible Whopper in the US.
- A new line of vegan and gluten-free protein nuggets has been introduced by NUGGS.
- For the introduction of its plant-based breakfast sandwiches, Field Roast Grain Meat Co. has teamed with Starbucks.
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Key segments
By Product Type:
- Plant Based Chicken
- Plant Based Beef
- Plant Based Pork
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 Distribution Channel:
- Retail
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Food Stores
- Online Retail
- HoReCA (Food Service Sector)
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