New York, 01 July. 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Plant Based Meat Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type, Category, and Distribution Channel” – https://www.reportlinker. com/p06289927/?utm_source=GNW
It is increasingly preferred over animal meat products as people perceive vegan or plant-based products to be healthier than animal products.
Plant-based meat products are free of unsaturated fats and have a low calorific value, making them healthier than conventional meat products. Manufacturers of plant-based meat products offer hamburger patties, meatballs, sausages, ground meat, etc.
They make significant investments in product innovation to attract more consumers. They have started offering organic, gluten-free, non-GMO, and allergen-free products that cater to emerging market trends.
Based on the distribution channel, the plant-based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail and others. The supermarket and hypermarket segment accounted for the largest share of the plant-based meat products market in 2020.
However, the online retail segment is expected to register the highest CAGR during the forecast period. Online retailing provides convenience in terms of shopping and delivery of products.
Online retail stores offer a wide variety of products with deep discounts; In addition, consumers can easily purchase desired products remotely. Home delivery services attract a large number of customers to shop through an e-commerce platform.
E-commerce websites offer detailed product information and user reviews that help shoppers compare products and make informed decisions. In August 2020, Beyond Meat launched a new e-commerce site to make its plant-based meat products more accessible to consumers. The website will provide consumers with easy access to its extensive portfolio of plant-based meat products, making it easier for them to experience Beyond Meat. Such initiatives by key players are expected to drive the growth of the plant-based meat products market over the forecast period.
Based on region, the plant-based meat products market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America and central (SAM). In 2020, Europe held the largest plant-based meat products market share, and North America is expected to register the fastest CAGR during the forecast period.
The increasing prevalence of lifestyle-related diseases in countries like the UK, Germany and Italy makes Europe one of the most lucrative markets for plant-based meat products. Health-conscious consumers are opting for wholesome, plant-based products in their diets.
According to ‘Google Trends’, veganism was one of the top 5 searched terms on Google in 2019 in the UK and globally. In 2021, Brighton was found to be the most vegan-friendly city in the UK.
It was also the most popular UK city for veganism in 2019, followed by Bristol, Bathford and Norwich respectively. Growing concerns regarding cardiovascular diseases, climate change and unethical treatment of livestock are some of the major factors driving the growth of the plant-based meat products market across Europe.
Major players operating in the plant-based meat products market are Beyond Meat; Conagra Brands, Inc.; Impossible Foods Inc.; Quorn Foods, Inc.; Kellogg Company; Hilary’s Eat Well; Vbites Foods, Ltd. ; In front of the Butcher; Country roast; and Tofurky; among others. These players are engaged in developing affordable products to meet growing customer demands and maintain market share.
The overall plant-based meat products market size has been derived using primary and secondary sources. To begin the research process, extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Additionally, several primary interviews were conducted with industry participants to validate the data and gain more analytical insights on the topic. Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers, national sales managers and external consultants, such as valuation experts , research analysts and key opinion leaders, specializing in the plant-based meat products market.
Read the full report: https://www.reportlinker.com/p06289927/?utm_source=GNW
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