INDUSTRY UNLOCKED
Plant-based meat market continues to grow due to rising consumer awareness and vegan population
The food and drink sector naturally changes and innovates due to different factors including changing customer tastes , education and availability of products . One area of the food market which has seen huge growth is the global plant-based meat market and it is set to only get bigger as consumer awareness grows . Polaris Market Research shines a light on the plantbased meat market and Intelligent CXO looks at businesses which are pushing the change .
Polaris Market Research said the global plantbased meat market was valued at US $ 11.1 billion in 2019 and is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 15.8 % between 2020 – 2027 . The factors responsible for the growth of plant-based meat across the globe are due to a growing vegan population and plantbased meat products , rising consumer awareness regarding its nutritional benefits and increasing health concerns due to COVID-19 concerns .
The research from Polaris showed that consumers around the world are reducing animal meat , owing to growing awareness of a link between high meat consumption and Non- Communicable Diseases ( NCDs ), as supported by scientific evidence over the years . According to the research published in the British Medical Journal , elevated rates of red meat intake related to a 26 % enhanced likelihood of developing more than nine NCDs , including obesity , type 2 diabetes , strokes and Alzheimer ’ s . Another growth driver is innovation in food technology and the ability to produce food more efficiently , at a fraction of the expense and with much less detrimental effects .
The research showed that on the basis of product , the global market is categorised into burger patties , strips and nuggets , meatballs , sausages and others , with the burger patties product segment expected to be the largest among all the segments . Based upon the source , the global market is categorised into soy , wheat , pea and others , with the soy segment expected to dominate due to its protein richness and widespread popularity .
Geographically , North America is the largest revenue contributor in the plant-based meat market . Europe ’ s growing trend of veganism has pushed the growth of the meat industry based on plants . The UK hosts the world ’ s largest vegan population , further boosting demand for vegetable-based meat products in Europe .
In North America , three entrepreneurs have recognised and acted on the plant-based food trend . Jeffrey Harris , Mitch Wallis and Zach Vouga founded the vegan fast food restaurant , Plant Power Fast Food , in 2016 . It has rapidly expanded to eight locations throughout California , with more planned to open in 2021 .
Plant Power Fast Food aims to change the conversation about fast food by offering the same familiar items leading chains sell , but with a selection that is entirely plant-based . So , when someone is craving a bacon cheeseburger , they can get one that doesn ’ t actually contain any beef , bacon or cheese . In this way , the all plantbased selection caters to the average consumer and the brand isn ’ t specifically targeted to vegans or vegetarians : it ’ s for everyone . The goal of Plant Power Fast Food is to reduce animal suffering
www . intelligentcxo . com
37