The scope of our recent study on the "Plant Based Meat Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)" includes 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 meat products market is projected to reach US$ 14,527.55 million by 2028 from US$ 5,354.72 million in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028. Plant-based meat products are made using plant proteins such as soy protein, pea protein, and wheat protein. Soy protein is more affordable than other plant proteins, and it provides ideal texture to the products, which is similar to conventional animal meat products. Patties, nuggets, sausages, and meatballs are among the common plant-based meat products available in the market. Consumers are highly inclined toward plant-based or vegan-friendly products owing to increased health concerns and rising awareness regarding animal welfare. Plant-based products are generally perceived as healthier than conventional ones.

Based on type, the plant based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. The patties segment held the largest share in the plant based meat products market in 2020, whereas the others segment is projected to register the fastest CAGR during the forecast period. Owing to the huge popularity of burgers among millennials, there is a high demand for burger patties across the world. However, with rising concerns related to the inhumane treatment given to the livestock animals at slaughterhouses, consumers are reducing animal meat consumption and switching toward plant-based meat burger patties.

The plant based meat products market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). Europe held the largest share in the plant based meat products market in 2020, and North America is expected to register the fastest CAGR during the forecast period. Europe has emerged as a significant market for plant-based meat products due to considerable demand for animal-meat alternatives owing to increasing health consciousness and the rising veganism trend. According to the "The Smart Protein Project" report, the sales value of plant-based food in Germany grew by 97% from 2018 to 2020, while the sales volume increased by 80%. Due to the increasing shift from animal-based diets, European consumers seek products containing proteins derived from plant sources. Moreover, key manufacturers of plant-based meat products such as Quorn Foods, Inc. and Vbites Foods Ltd. also contribute to the market growth in this region.

Impact of COVID-19 Pandemic on Plant Based Meat Products Market

The food & beverages industry is one of the key industries that faced unprecedented challenges due to the COVID-19 pandemic. Lockdown and border restrictions enacted by various countries disrupted supply chains, which affected the production and distribution of various products. However, during the pandemic, many consumers shifted to plant-based diets as they perceive vegan products to be healthier than animal meat products. Many major plant-based meat product manufacturers launched their direct-to-consumer (DTC) websites as the supermarkets and convenience stores were kept closed and people were mandated to stay in their homes during the initial months of the COVID-19 pandemic. Such initiatives by companies allowed them to cater to the rising demand for plant-based meat products, along with enhancing their profitability. However, small-scale manufacturers faced challenges due to raw material shortages and low product inventories. Thus, the pandemic had a mixed impact on the plant based meat products market.

The report segments the plant based meat products market as follows:

Based on type, the plant based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. Based on category, the market is segmented into frozen, refrigerated, and ambient. Based on distribution channel, the plant based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. Based on geography, the plant based meat products market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).

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