Plant-based meat refers to food made from non-meats or sometimes without any other animal product but act as a meat substitute and has the same amount of protein content. Many plant-based meat products are soy-based or gluten based products.This growth is primarily driven by Rising Vegan and Flexitarian Population across the World, Rising Incidence of Health Disorders Boost Health and Fitness Consciousness Among Consumers and Growing Awareness about the Health Benefits of Plants Based Meat over Animal Meat.
Globally, a noticeable market trend is evident Substitution of Lupines with Soybeans in Tempeh Production. Major Vendors, such as Impossible Foods (United States), Morningstar Farms (United States), Beyond Meat (United States), Amy’s Kitchen (United States), Garden Protein International (United States), the Vegetarian Butcher (Netherlands), Quorn Foods (United Kingdom), Sunfed (New Zealand), Maple Leaf Foods (Canada), Beyond Meat (United States), Gold&Green Foods (United States), Tofurky (United States) and VBites (United Kingdom) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In December 2018, Unilever acquired meat alternative innovator the vegetarian butcher as it seeks to expand its portfolio into plant-based foods that are healthier and have a lower environmental impact.
In March 2019, Impossible Foods launched its plant-based meat, with a variety of dishes available at eight restaurants throughout Singapore. The motive behind the launch was to expand its global reach. Additionally, In March 2019, Beyond Meat launched a plant-based ground beef product to meet the rising consumer demands and enhance its plant-based meat product portfolio.
- Rising Vegan and Flexitarian Population across the World
- Rising Incidence of Health Disorders Boost Health and Fitness Consciousness Among Consumers
- Growing Awareness about the Health Benefits of Plants Based Meat over Animal Meat
- Substitution of Lupines with Soybeans in Tempeh Production
- Population Allergic to Plant-Based Meat Sources Such as Soy and Wheat
Shift Towards Vegetarian or Organic Diet
Changing Taste Preference
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