Plant-based meat refers to products made from plant materials that are designed to mimic meat in every way, from taste, texture, smell, and appearance. Plant-based meat can come in the form of burgers, sausages, ground meat, crumbles, nuggets, even faux-seafood such as shrimp and fish, and use one, or a combination, of alternative protein ingredients. 

Market scope and structure analysis

COVID-19 scenario analysis

Coronavirus disease 2019 (COVID-19) has created an economic crisis along with a healthcare crisis. COVID-19 pandemic has stretched healthcare system worldwide, developed countries are expected to cause economic recession. The COVID-19 pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in revenue from March. Many small hospitals, clinics, and nursing homes, have been forced to shut their operations. There has been increase in demand for the replacements of the meat, however, in the current scenario, due to the growth in the awareness regarding the need to have protein-rich diet. In addition, visa cancellations have led to a hiatus in medical tourism and can negatively impact the healthcare services market growth. 

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The major factor affecting the industry includes the surge in the number of individuals who have adapted vegan diet. In addition, increase in consumer demand for the vegetarian food products that are having higher content of fiber, vitamin C, and iron boosts the growth of the industry. These are processed in the lower saturated fats and calories, and hence are anticipated to bolster market growth in the next few years. Furthermore, advancements in the products that are developed such that they have longer shelf life, better texture, attractive aroma, and higher nutritious profile are expected to propel the industry growth in the next coming years. However, low awareness regarding the plant-based meat products hinders the growth of the industry.

Surge in the number of product launches 

The growth in the number of product launches would help the industry flourish in the forecast period. For instance, in June 2019, Beyond Meat, Inc., a leader in plant-based meat, announced its latest product, “Beyond Beef.” Beyond Beef is a new plant-based ground meat made without GMOs, soy, or gluten designed to deliver the same versatility, meaty texture, and juiciness of traditional ground beef.
Beyond Beef is designed to not only look, cook, and satisfy such traditional ground beef but also to be versatile enough to be used in any ground beef recipe including tacos, dumplings, Bolognese, and sliders. Made with a blend of pea, mung bean, and rice proteins, Beyond Beef delivers the meaty taste and texture of beef.

Surge in number of mergers and acquisitions

Increase in the number of mergers and acquisitions is anticipated to help the industry boost in the coming years. For instance, in November 2020, Beyond Meat, a leading Plant-based burger maker, completed the acquisition of its Pennsylvania co-packer for $14.5 million in an effort to reduce costs and have greater control to test new processes and more quickly scale up new products. The transaction follows the acquisition of a manufacturing facility in the Netherlands, which Beyond Meat expects to bring online by the end of the year. The company has leased a facility in China, which will begin production in 2020, and is expected to reach full scale in 2021.

In addition to the Pennsylvania co-packer acquisition, which produces finished products, Beyond Meat operates two manufacturing plants in Columbia, Missouri, where the company extrudes the proteins for its burgers. For the last two years, Beyond Meat’s major concern has been producing enough products to meet demand, and the above moves have been aimed at allaying that concern.

Key segments covered

Key benefits of the report:

• This study presents the analytical depiction of the global plant-based meat industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global plant-based meat market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global plant-based meat market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global plant-based meat market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the plant-based meat market research report:

• Which are the leading players active in the plant-based meat market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in tasking further strategic steps?