According to a report published by the research firm Research Dive, the global plant-based meat market is anticipated to generate a significant revenue of $68..4 billion at a CAGR of 19.1% during the forecast period, 2020-2027.
The report breaks down “The 10 most significant players of the global plant-based meat market”, with Lightlife Foods, Inc. topping the list.
The full list includes:
- Lightlife Foods, Inc.
- The Kraft Heinz Company
- Pinnacle Foods Inc. (Conagra Brands, Inc.)
- Beyond Meat.
- Amy’s Kitchen, Inc.
- Sweet Earth, Inc.
- Kellogg’s Company
- Turtle Island Foods, Inc.
- Taifun-Tofu GmbH
- Schouten Europe B.V. among many others.
According to the report, “In recent years, the chronic health situations such as obesity, cardiovascular diseases, and many others, are growing at an alarming pace. This is mainly because of the unhealthy eating habits. Keeping this in view, most of the urban population has shifted their likeness toward veganism. Plant-based meat products are getting more and more popularity due to their amazing health benefits. These products include no cholesterol, no antibiotics, and low level of saturated fat. These are the factors boosting the growth of the plant-based meat market during the forecast period.”
Product Type: Tempeh Sub-Segment Predicted to be the Most Lucrative
The report found that the “tempeh sub-segment is expected to generate a revenue of $25,310.8 million by the end of 2027, rising from $6,283.2 million in 2019. Apart from being rich in probiotics, tempeh helps in the improvement of digestion and reduction of inflammation in the body. This is the main factor behind the growth of the segment.”
Source: Soy Source Sub-Segment Expected to be the Most Profitable
Furthermore, “The soy source sub-segment is expected to reach a revenue of $18,697.6 million at a CAGR of 19.6% by the end of 2027. The main reasons behind this growth are the adoption of more flexible eating habits and inclination towards soy-rich diet among the urban population.”
Regional Analysis: North America Expected to Dominate the Market
The North America regional market recorded a revenue of $1,834.1 million in 2019 and is further expected to generate the highest regional revenue of $10,445.3 million by the end 2027, states the report. Increasing popularity of vegan diet products and plant-based meats in the region is expected to enhance the growth of the market during the forecast period.
More information on this study can be found at the following link: https://www.researchdive.com/download-sample/306