Market players are focusing on innovating storage and packaging solutions to ascertain nutrients in their products remain unharmed for a longer span.
DUBAI, UAE / ACCESSWIRE / November 24, 2020 / The global plant based burgers market is slated to reflect an exponential CAGR of over 22% between 2020 and 2030. The market is anticipated to continue to reflect impressive growth as companies are presenting an extensive range of products, without conceding on the taste. These efforts to mimic the unique texture of meat-based burgers will bode well for the global market.
"Although the COVID-19 pandemic has hit manufacturing and supply chains worldwide, the plant-based burgers market has coped to pull in demand from consumers." comments the FMI analyst.
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Plant Based Burgers Market - Key Highlights
- North America is anticipated to lead among other regions, recording a double-digit CAGR of 20%, during 2020-2030.
- Plant based beef will be capturing about 50% of the market share over the assessment period.
- Soy based protein is anticipated to generate maximum revenue in the global market.
- HoReCa will be gaining more than half of the market towards the end of the forecast period.
Plant Based Burgers Market - Drivers
- Rising flexitarian diet concept is driving the plant-based burgers market growth over the forecast period.
- The ease of accessibility of plant based burgers in popular restaurant chains is one of the main aspects of market growth.
- Shifting consumer's preference and adopting healthy and sustainable food options are driving the market significantly.
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Plant Based Burgers Market - Restraints
- High prices of plant-based burgers in contrast to the traditional ones are anticipated to pose a challenge for the market.
- Raw materials sustainability is a key challenge encountered by plant based food industry, hindering the market growth.
COVID-19 Impact on the Market
The plant based burgers market witnessed a surge in demand amid the COVID-19 outbreak. This growth can be primarily due to the distress in people's minds caused by the animal borne disease such as COVID-19. The sales of nutritious and healthy plant based meat alternatives witnessed exponential growth, as the control of the disease grew stronger. The market saw the biggest surge in sales of plant based meat substitutes in regions including North America, Europe, Latin America, and others after lockdown were imposed.
Competitive Landscape
Key companies operating in the global plant based burgers market include Sotexpro SA, MorningStar Farms, Crown Soya Protein Group, LLC Ingredion Inc, Puris Proteins, Beneo GmbH, Fuji Oil Co., Ltd., Glanbia plc, Archer Daniels Midland Company, Roquette Frères S.A., Symrise , Kellogg's, and Tyson Foods, Inc. Companies are engaging in mergers & acquisitions to attain a competitive edge over their competitors in the market. Case in point
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Beyond Meat Burger, is entering into a partnership with McDonalds to bring a new product line of plant based burger from the fast food giant.
About the Study
The study offers readers a comprehensive assessment of the plant based burgers market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of product type (burger patty, crumbles & grounds, sausages, hot dogs, nuggets, bacon chips, deli slices, chunks & tips, shreds, cutlet, strips, tenders, & fingers, and meatballs (meatless)), source(soy-based protein, wheat-based protein, pea-based protein, canola-based protein, fava bean-based protein, potato-based protein, rice-based protein, lentil-based protein, flax-based protein, chia-based protein, and corn-based protein), by distribution channel (hypermarkets/supermarkets, convenience stores, specialty food stores, online retail, and HoReCa (food service sector)), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Report: https://www.futuremarketinsights.com/reports/plant-based-burger-market
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SOURCE: Future Market Insights
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