The global meat sector at present is facing unprecedented level of disruption and competition, due to mounting growth of plant-based alternatives across many categories. Earlier, plant-based meat alternative products warranted limited shelf space and were meant for niche consumers. With increased awareness of “Veganuary” multiple manufacturers have expanded new product line for plant-based products owing to increased vegan or indeed flexitarian diet.
The global food and beverage recent industry changes illustrate the growth in plant-based alternatives that has brought disruption. Companies across the spectrum are investing heavily in creating and acquiring new products and brands which will provide momentum to the surging consumer demand for plant-based beef products.
Key Takeaways from the Plant Based Beef Market Study
- A latest study by an ESOMAR certified market research and consultancy company, forecasts impressive growth of the Plant Based Beef market at over 22.7% CAGR between 2020 and 2030
- Based on the source, the soy-based protein segment holds the dominance in the market for plant based beef, while wheat-based protein segments are expected to grow prominently in the forecasted period of 2020-2030
- Based on the product type, burger patty segment holds the dominance in the market for plant based beef
- As alternate protein gains traction in the market owing to the increasing awareness about the environmental impact of food choices consumers make, the majority of the population is shifting towards plant based beef and is expected to gain traction in near future
- Companies across the spectrum are investing heavily in creating and acquiring new products and brands which will provide momentum to the surging consumer demand for plant-based beef products
“Leading market players are focusing on launching novel tastes and textures to woo consumers. With COVID-19 tightening its noose worldwide, more companies are likely to focus on ensuring better nutrient profile, as consumers gradually move away from meat consumptions. This will bode well for the overall market,” said a lead analyst.
New Product Development Fuelling Plant-Based Products Demand
Increasing demand for innovative products has paved the way for product development across frozen, chilled and ambient segments. This innovation helps consumers with a wider choice of brands and products, and allows plant-based beef to advance improved shelf space and recognition.
UK is the global leader for vegan food launches. In 2019 approximately 18% of new food launches were vegan. Tesco has developed wicked kitchen range of meat-free products.
Who is winning?
A few of the leading players operating in the Plant Based Beef market are Impossible Foods, Inc., Gardein by Conagra Brands, MorningStar Farms, Archer Daniels Midland Company, Symrise, Roquette Frères S.A., Kellogg's, Tyson Foods, Inc., Sotexpro SA, Crown Soya Protein Group, Puris Proteins, LLC, Ingredion Inc, Beneo GmbH, Glanbia plc, Fuji Oil Co., Ltd. and other players.
Several leading manufacturers of Plant Based Beef are focusing on partnering with prominent players in the market to increase its business footprints and to increase their production capacity. Leading players of Plant Based Beef are investing in research and development to produce organic, non-GMO ingredients for Plant Based Beef.