The plant-based ham market is expected to experience significant growth in the coming years with a projected value of USD 557.92 Million in 2023. Rising to USD 1,877.2 Million by 2033 and a CAGR of 12.9% during the forecast period.
The demand for plant-based ham is being driven by several factors, including rising interest in vegan and vegetarian options, as well as concerns about the environmental impact of traditional meat production.
Various factors propelling the demand for plant-based ham are:
- Rising demand for vegan and vegetarian options.
- Increased awareness of the environmental impact of meat production.
- People are switching to plant-based meats to reduce their environmental impact, improve their health, or for ethical reasons.
Plant-based ham is made from alternative protein sources such as soy, wheat, or pea protein. It is intended to mimic the flavor and texture of traditional ham while offering a more sustainable and ethical alternative. Many consumers are switching to plant-based meats to reduce their environmental impact, improve their health, or for ethical reasons.
The plant-based ham market is relatively new and emerging, and manufacturers are constantly developing new products to appeal to a wider range of consumers.
The slices and strips is currently one of the promising segments in the market, with a significant proportion of 55.0%. Vegan ham products in slices and strips are a growing segment of the market, made from a combination of soy or pea protein, vegetable oils, and other natural ingredients.
The supermarket/hypermarket, which accounted for a revenue share of more than 50.0%, led the global market in 2021 based on end-user type. The availability of plant-based ham products is leading the indirect sales channel sector, making them easily accessible to consumers.
North America is witnessing strong growth of 4.0% due to the growing trend of natural and organic eating. The region is expected to contribute 38% of the market’s growth during the 2023 to 2033 period.
Europe has established itself as a significant market for ham slices and strips, rolls, and roasts, with a highly fragmented vegan population driving the market. Meanwhile, Asia Pacific is anticipated to be the most lucrative region due to the high influence of the Western diet in the region, with an impressive CAGR of 14.1%.
Manufacturers are investing in aggressive marketing strategies, such as influencer marketing on social media platforms and television, to expand their businesses. The easy availability of the product across offline and online distribution channels is also assisting in the market’s expansion.
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.
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.
Some key players included are:
Yves Veggie Cuisine, Tofurky, Lightlife, May Wah, Be Leaf, Loving Hut, Bristol Brand, Prima Della, Hillshire Farm, Farmland, Sweet Earth Foods & Simple Truth.
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Key Segments Covered:
Product Type:
- Slices and Strips
- Rolls
- Roasts
Sales Channel:
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Retail Stores
- Online Retailers
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