Report : North America Plant-Based Ham Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Slices and Strips, Rolls, and Roasts) and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
At 13.8% CAGR, the North America Plant-Based Ham Market is speculated to be worth US$ 371.16 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America plant-based ham market was valued at US$ 170.65 million in 2022 and is expected to reach US$ 371.16 million by 2028, registering a CAGR of 13.8% from 2022 to 2028. Environmental impact of livestock industry and acceptance of sustainable food habits and switch to vegetarianism and veganism are the critical factors attributed to the North America plant-based ham market expansion.
Climate change, which has affected the earth's natural ecosystems, is significantly contributing to global warming. It also poses a significant threat to the well-being of the present and future generations. Global population growth and urbanization are the primary causes of the depletion of natural resources, including water, fossil fuels, and land. On the other hand, the demand for food is continuously surging with the rising population. People are heavily reliant on animal sources to meet their nutritional requirements, which exerts high pressure on the livestock industry. The livestock industry is one of the key contributors to anthropogenic greenhouse gas emissions. According to the Food and Agriculture Organization (FAO) of the United Nations (UN), the global livestock industry emits 7.1 gigatons of carbon dioxide per year, accounting for 14.5% of the total human-caused greenhouse gas emissions. According to industry experts, livestock production emits more carbon dioxide than the entire transportation industry. Further, animal agriculture consumes enormous amounts of water. The Water Footprint Network states that the process of obtaining 1 kg of beef requires 15,415 L of water, whereas growing 1 kg of edible vegetables requires only 322 liters of water. All these factors have significantly raised sustainability concerns among consumers, which is driving a shift toward plant-based alternatives. Regular meat consumption may increase the risk of diabetes. According to ProVeg International, a nongovernment organization, a study by an Oxford University found that daily consumption of 70 grams of unprocessed red meat (such as beef or pork) and processed meat (such as bacon, sausages, or ham) increased the risk of developing type 2 diabetes by 30%. Moreover, the greater consumption of plant-based food can reduce the risk of insulin resistance, prediabetes, and type 2 diabetes. This highlights the benefits of adopting sustainable food habits. Due to the rising awareness about the negative effects of the ham and livestock industry on the environment, and the ill effects of consuming processed meat products on health, people are rapidly switching to plant-based meat products. The production of plant-based ham products can help minimize carbon footprints, save water and other natural resources, and reduce the overall environmental impact.
On the contrary, limited availability in emerging economies hurdles the growth of North America plant-based ham market .
Based on product type, the North America plant-based ham market is segmented into slices and strips, rolls, and roasts. The slices and strips segment held 54.7% share of North America Plant-based ham market in 2022, amassing US$ 93.29 million. It is projected to garner US$ 203.99 million by 2028 to expand at 13.9% CAGR during 2022–2028.
Based on distribution channel, the North America plant-based ham market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 52.8% share of North America Plant-based ham market in 2022, amassing US$ 90.18 million. It is projected to garner US$ 194.09 million by 2028 to expand at 13.6% CAGR during 2022–2028.
Based on country, the North America plant-based ham market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.2% share of North America plant-based ham market in 2022. It was assessed at US$ 142.03 million in 2022 and is likely to hit US$ 311.77 million by 2028, exhibiting a CAGR of 14.0% during the forecast period.
Key players profiles in the North America Plant-based ham market report are Gourmet Evolution LLC; Hain Celestial Canada ULC; Lightlife Foods Inc; Nestle SA; Quorn Foods Ltd; Tofurky Co Inc; VBites Foods Ltd; and Worthington Food Inc, among others.
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