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The plant-based meal is defined as the food which is derived from various plant sources such as vegetables, fruits, seeds, nuts, beans, whole grains, tofu, and lentils. Plant-based food products are rich in protein, minerals, and vitamins, the demand of which is growing at a speedy pace. The plant-based meal market is projected to witness decent growth in the upcoming years due to their high nutritional values and environment-friendly nature. Realizing the growing acceptance of plant-based meals and food, various manufacturers are using clean-label and plant-based ingredients in the manufacturing of plant-based food products. However, the increasing cost of plant-based meals is expected to pose a threat to its growth, especially across the countries where the per capita income of consumers is low. According to the estimates of the Plant-Based Foods Association, the retail sales of plant-based food products increased by 31% in 2018 as compared to the previous year 2017.
The plant-based meal is one of the booming businesses across the globe as many manufacturers are replacing animal products such as seafood, eggs, dairy, and meat with meals made from plant sources. Growth in demand for healthy and convenience food products across the globe is one of the factors expected to drive the demand for plant-based meals worldwide. Many manufacturers such as Danone S.A., The Campbell Soup Company, Beyond Meats Inc., and others are launching new products to establish their prominence in the global market. In September 2019, Tesco plc. Launched plant-based ‘Pot Noodle’ that only requires the addition of hot water to cook.
Key Market Driver -
Proliferating demand for plant-based and clean-label products is expected to drive the market growth.
Key Market Restraint -
High cost of the plant-based food products can hinder the market growth.
The plant-based meal industry is growing across the world, due to the increasing number of consumers who are opting for vegan diet and switching from a conventional diet that include dairy and meat products. Increasing the occurrence of obesity, cardiovascular diseases, diabetes, hypertension and other lifestyle diseases are encouraging consumers to include plant-based food products in their regular diet as they are less processed and can offer significant health benefits. Furthermore, the emergence of market players such as Impossible Foods, Inc., The Vegetarian Butcher, and Sweet Earth Inc. and their active participation in the plant-based meal industry is predicted to enhance the market growth during the forecast period (2019-2026). However, the high cost of the plant-based meal is one of the factors restraining the market growth.
The key players that are identified in the global plant-based meal market include SunOpta, Danone S.A., Beyond Meat, Impossible Foods Inc., The Kellogg Company, and The Hain Celestial Group, Inc., Unilever, The Campbell Soup Company, Archer Daniels Midland Company, Cargill, Incorporated, Eden Foods Inc., Kerry Group plc., and Sun Brothers, LLC.
The consumers are becoming more aware of the benefits of consuming plant-based meals, and as milk is a regular product in the kitchen shelves of consumers, the demand for plant-based milk is increasing at a rapid pace. The consumers are inclining towards plant-based milk and its by-products such as milkshakes and ice-creams, and others. The rising demand for convenience and ready-to-drink milk products in many regions is expected to increase the utilization of plant-based milk. The plant-based milk is also gaining massive popularity among the milk products manufacturers due to easy availability in the market. Among the distribution channels, the offline segment is dominating and is expected to maintain its dominance throughout the forecast period. However, the revenue contribution by online sales channels is expected to proliferate significantly in the upcoming years due to high convenience and “delivery at doorstep” characteristics associated with online sales.
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The concern of animal welfare is rising among the consumers in various countries of North America, such as the US and Canada. North America is one of the regions expected to dominate the global plant-based meal market as a huge number of consumers based in the region are adopting vegan and plant-based diet. The plant-based meal market in Asia Pacific is projected to grow at a considerable pace during the forecast period, due to the growing health & wellness trend among Asian consumers. The dairy industry is rapidly growing in countries such as India and China, attributed to the increasing population within these countries, which indicates the high potential for the growth of plant-based milk in these economies.
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