The plant-based ham market is expected to experience significant growth in the coming years with a projected value of US$ 557.92 million in 2023. Rising to US$1,877.2 million by 2033 and a CAGR of 12.9% during the forecast period.
Revolutionizing the Palate with Ethical Alternatives
The global demand for plant-based ham is on the rise, propelled by a burgeoning interest in vegan and vegetarian choices and escalating concerns about the environmental repercussions of conventional meat production.
Environmental Concerns Drive Transition:
Plant-based ham, crafted from alternative protein sources like soy, wheat, or pea protein, offers a sustainable and ethical alternative to traditional ham. With a commitment to mimicking the flavor and texture of conventional ham, this eco-conscious choice caters to consumers looking to reduce their environmental footprint, enhance health, and embrace ethical eating practices.
Dynamic Market Landscape:
The plant-based ham market is evolving rapidly, with manufacturers continuously innovating to broaden their appeal among diverse consumer segments. This burgeoning market is particularly driven by the slices and strips segment, constituting a substantial 55.0% share. Vegan ham products in these formats, incorporating soy or pea protein, vegetable oils, and other natural ingredients, are gaining traction.
Dominance of Supermarkets/Hypermarkets:
In 2021, the supermarket/hypermarket segment, capturing over 50.0% of the revenue share, emerged as the leader in global plant-based ham sales. The prevalence of plant-based ham products in these retail spaces facilitates easy access for consumers through indirect sales channels.
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Regional Growth Dynamics:
- North America’s Sustainable Surge: With a robust growth rate of 4.0%, North America stands out, driven by the escalating trend toward natural and organic consumption. The region is anticipated to contribute a significant 38% to the market’s growth between 2023 and 2033.
- Europe’s Flourishing Fragmented Market: Europe establishes itself as a key market for various plant-based ham formats, including slices and strips, rolls, and roasts. A highly fragmented vegan population fuels this market.
- Asia Pacific’s Lucrative Landscape: Projected to be the most lucrative region, Asia Pacific anticipates an impressive CAGR of 14.1%, reflecting the pervasive influence of the Western diet and a growing appetite for plant-based alternatives.
Key Takeaways:
- Growing consumer interest in plant-based options propels the global plant-based ham market.
- Slices and strips segment claims a significant 55.0% share, showcasing consumer preference for versatile formats.
- Supermarkets/hypermarkets dominate distribution channels, ensuring widespread accessibility for consumers.
- North America experiences robust growth, contributing 38% to market expansion between 2023 and 2033.
- Asia Pacific emerges as the most lucrative region with an impressive CAGR of 14.1%.
Competitive Landscape
For the plant-based ham industry to expand, R&D is essential. The market for vegan ham is growing quickly, particularly in Europe and America. Although, it is still behind several other plant-based food sectors, like the meat and dairy sectors. However, the plant-based ham market is getting more competitive, as manufacturers are investing more money in future research to properly replicate the intricate structure and flavor qualities of cheese.
Though the market is popularizing, modern consumers are concerned about the product’s quality and nutritional value. As a result, full-scale research and development efforts are being made to mimic the properties of traditional meat. Given the growing acceptance of plant-based diets, it is anticipated that plant-based ham consumption may increase dramatically in the near future.
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Latest Developments
- India’s Goodmylk announced in March 2022 that it has purchased the nutrition company PRO2FIT. The acquisition of PRO2FIT denotes development in the expanding alternative protein market in India.
- Quorn Foods Ltd launched a vegan deli slice range called Yorkshire Ham. A finely sliced ham and roast beef or roast chicken style slices in September 2022. The items are ready-to-eat meat-style slices that are gaining traction for sandwiches, salads, and wraps.
Key Segments Covered in the Plant-based Ham Market Report
Product Type:
- Slices and Strips
- Rolls
- Roasts
Sales Channel:
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Retail Stores
- Online Retailers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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Author by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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