The scope of our recent study on the "Plant-Based Ham Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type and Distribution Channel" comprises the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.
The plant-based ham market is expected to grow from US$ 494.17 million in 2022 to US$ 1,010.45 million by 2028; it is estimated to grow at a CAGR of 12.7% from 2022 to 2028.
Increasing adoption of animal cruelty-free products and the growing inclination of consumers toward wellness, sustainability, and animal welfare propel the consumption of plant-based ham across the world. Nowadays, consumers across the globe are placing amplified emphasis on plant-centric diets. Moreover, the increasing adoption of veganism is also expected to drive the global plant-based ham market growth during the forecast period. The market is segmented on the basis of product type and distribution channel.
Based on product type, the plant-based ham market is segmented into slices and strips, rolls, and roasts. The slices and strips segment held the largest market share in 2021. However, the roasts segment is projected to register the highest CAGR during the forecast period. The sliced form of plant-based ham provides a tender mouthfeel. The slices warm faster due to the large, exposed surface area and release flavors distinctly when used in food preparations. Moreover, due to their wide consumption range, plant-based ham slices and strips are broadly available through various distribution channels. These factors are significantly driving the market growth in the segment.
The plant-based market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Europe held the largest share of the market in 2021. However, North America is expected to register the highest CAGR during the forecast period. Consumers in Europe are highly inclined toward plant-based products owing to the rising awareness regarding animal welfare. The rising vegan population is another factor boosting the demand for plant-based ham products in the region.
Impact of COVID-19 Pandemic on Plant-Based Ham Market
During the initial phase of the COVID-19 pandemic, the demand for plant-based ham increased considerably due to a significant shift in the dietary preference of consumers. The World Health Organization (WHO) published a guideline on food products that should be consumed or avoided during the COVID-19 pandemic. The guideline suggested limiting red meat consumption due to its high percentage of saturated fats. Moreover, people focused on reducing their overall meat consumption and shifted to vegetarian and vegan diets to improve their immunity, which created a massive demand for alternate proteins, including plant-based ham. However, manufacturing units were compelled to keep shut in 2020 and early 2021, leading to a decline in production. Small and medium-sized manufacturers faced significant challenges due to raw material shortages and low inventory levels. This created a gap between the demand and supply sides.
E-commerce played a crucial role in supplying various goods, ranging from essential products, personal care products, appliances, and groceries to medical supplies, during the lockdown. Online shopping preference surged dramatically after COVID-19 outbreak. As a result, many major plant-based ham product manufacturers launched their direct-to-consumer (DTC) websites. Several of them expanded their presence on e-commerce platforms such as Amazon.com, Walmart, and Lidl to have better access to a broader customer base and boost product sales. Such initiatives helped companies to cater to the rising demand for plant-based ham products and enhanced their profitability. Consumers are expected to continue with online shopping as these platforms offer the convenience of shopping multiple products remotely.
The report segments the plant-based ham market as follows:
The plant-based ham market, based on product type, is segmented into slices and strips, rolls, and roasts. Based on distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. By geography, the plant-based ham market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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