Plant
Based Meat Market: Introduction:
A
food made from non-meats or sometimes without any other animal
products such as dairy products which act as a meat substitute or
meat alternative but has same amount of protein content is called
plant based meat product. Many plant based meat products are soy
based or gluten based products. Plant based meat products are
currently processed through two basic methodology i.e either by
thermoplastic extrusion or fiber spinning. Thermoplastic extrusion is
most commonly used methodology to produce plant based meat products.
It is considered to be cost effective method of accommodating large
scale productions. On the other side, fiber spinning increases the
cost of production which eliminates the advantage of creating an
inexpensive plant based meat products.
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Plant
Based Meat Market: Segmentation:
Plant
Based Meat market can be segmented on the basis of source, product
type, end user and distribution channel.
On
the basis of source, plant based meat product can be segmented into
soy based, gluten based and mycoprotein. Among these sources, soy
based and gluten based sources are being anticipated to have higher
volume share due to its increasing popularity among its consumers.
On
the basis of product type, plant based meat products can be segmented
into tofu, tempeh, seitan, mushrooms, quorn and other food products
which accounts to minimum share compared to above mentioned products.
Among these products, Tofu has been considered as one of the
preferred plant based meat dish since it is made from soybeans and
high in protein and calcium. Moreover it has been a staple food for
Asian cuisine for ages. Owing to these factors, dollar share for Tofu
would be at the higher end as compared to other plant based meat
products especially in Asia-Pacific region.
On
the basis of end users, plant based meat market can be segmented into
households, food industry and HoReCA. Among these end users, plant
based meat products are largely consumed by the household and HoReCa
sectors due to its easy availability at lesser cost. Hence the volume
sales has been anticipated to be high in these sectors.
On
the basis of distribution, plant based meat product can be segmented
into direct and indirect. The indirect segment for plant based meat
product can be further sub segmented into Modern Stores, Convenience
Stores, Specialty Stores, Food Stores and E-Retailers. Since Modern
Stores and Convenience stores facilitates an easy accessibility
platform for the consumers to buy the product. The dollar share is
higher for these two sectors as compared to other sectors. Moreover
global internet penetration rate has been increasing every year at a
higher rate. The number of internet users is expected to surge in the
coming years. Owing to these factors, many manufacturers, producers
have been going online to promote its product and services. Hence
distribution through E-Retailers is expected to grow at a significant
rate.
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Plant
Based Meat Market: Regional Outlook:
Regional
segment for the plant based meat market is divided into five
different regions: North America, Latin America, Europe, Asia
Pacific, and Middle East & Africa. Asia Pacific region has been
anticipated to have higher share in terms of volume and value sales
due to the increasing popularity of plant based meat products among
the consumers. Moreover, Tofu and Tempeh have been considered to be
the staple food in the Asian regions especially in China, Japan and
Korea. MEA and North America regions are considered to be the
emerging market for plant based meat products due to consumer’s
shift in diet from meat consumption to vegan or vegetarian products.
Plant
Based Meat Market: Demand Drivers:
Consumers
in the modern age are now being health conscious and are being more
considerate on food intake. There is an increasing health awareness
among the consumers about meat adulteration when it comes to meat
consumption. As a result consumers are now gradually shifting their
diet to vegetarian or organic products. And there are many health
benefits associated with vegan products. These factors can help drive
the demand for plant based meat products among its consumers.
Plant
Based Meat Market: Key Players:
Some
of the key players for Organic beverages market are as follows:
Impossible Foods Inc., Beyond Meat, Parabel USA Inc, Archer Daniels
Midland Company, E. I. du Pont de Nemours and Company, Garden Protein
International, Inc., Amy’s Kitchen Inc., Morningstar Farms LLC and
Quorn Foods, Inc.
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