The positioning of plant-based meat in the chilled meat department is expected to gain significant traction during the forecast period
Arizton’s recent market research report on the global plant-based meat market identifies Beyond Meat, Impossible Foods, Greenleaf Foods, Hungry Planet, and Next Level as the leading vendors that are likely to dominate the market. Arizton's latest research report provides a detailed analysis of the global plant-based meat market segmentation by:
- Source Type (Soy, Pea, Wheat, and Others)
- Meat Type (Beef, Chicken, Pork, Fish, and Others)
- Storage (Frozen, Refrigerated, and Shelf Stable)
- Product (Burger Patties, Sausages, Strips and Nuggets, Meatballs and Others)
- Distribution (Super Markets and Hypermarkets, Convenience Stores, Speciality Stores, Online, and Others)
- Geography (North America, Europe, APAC, Latin America and the Middle East and Africa)
The demand for plant-based items or vegan meat is rising due to increased disposable incomes and the associated rise in demand for quality food with an inherent focus on health, nutrition, and wellbeing.
Investments in plant-based food brands have exceeded USD 17 billion since 2009, with most occurring since 2017. Investments included 233 deals and 288 unique investors. The most active venture capitals such as Blue Horizon, New crop Capital, Stray Dog Capital, and several other venture capitals account for 43% of the capital investment. These V.C.s undertake 12 investments each, including follow-on investments for brands in which they already have a stake. Since the late 1990s, around USD 3.6 billion has been invested in the plant-based market. Read more...
The refrigerated meat segment to grow at a lucrative CAGR in the plant-based meat market
The non-vegan shoppers (accounting for nearly 96% of the target audience) are likely to purchase plant-based meat. The positioning of plant-based meat in the chilled meat department is expected to gain significant traction. The refrigerated meat segment is popular among shoppers since they perceive that chilled foods are more premium and fresher than frozen food. These vegan meat products are flying off shelves faster than they can be replaced largely due to the lack of production capacities that are failing to catch up with the intensifying demand. Refrigerated products, therefore, make sense even from the perspective of producers that do not have to worry too much about expanding the shelf-life of their products.
The beef segment dominated the plan-based meat market in US
The US beef consumption is four times the world average; the ground beef is used in sauces, tacos, and in drive-thrus and burger joints. The commodity meat has dished out a significant opportunity to go all vegan meat. Capturing a small portion of the ground beef market leads to a substantial revenue generation for the vendors of the plant-based meat market in US. The meatless meatballs and other beef ball products are surpassing burgers and every other plant-based product in the marketplace. The demographic changes are also pointing to higher favorability for beef, majorly from African-American and Hispanic populations. Since these populations are also more likely to buy into the idea of plant-based meat, space is expected to witness dramatic ups.
The conventional segment is expected to have incremental growth in the plant-based meat market in US
This segment includes food, drug, and mass merchandisers, including Walmart, clubs and convenience channels. The conventional segment contributes to more than 80% of revenue. This channel has demonstrated stellar prospects for plant-based meats. Consumers from different walks of life see multiple benefits of eating plant foods, the largest share of revenues comes from the conventional channel segment. Refrigerated products are growing at the fastest rate in the plant-based meat market in US.
Abbots Butcher, Atlantic Natural Foods, Don Lee Farms, Dr. Praeger’s, Gardein, Good Catch Fish, Kraft Heinz Foodservice, Monks Meats, MorningStar Farms, No Evil Foods, Ocean Hugger Foods, Quorn Foods, Sophie’s Kitchen, Sweet Earth, Tofurky, VBites, and Yves Veggie Cuisine are the other prominent vendors in the plant-based meat market in the US.
The complete overview of the latest market research report on the plant-based meat market by Arizton is now available.
The report offers a detailed study of major trends, drivers, and challenges, and provides the market size and forecast for major geographical regions and key countries.
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