Report : North America Plant-Based Meat Products Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
At 16.0% CAGR, the North America Plant Based Meat Products Market is speculated to be worth US$ 4,983.13 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America plant based meat products market was valued at US$ 1,759.28 million in 2021 and is expected to reach US$ 4,983.13 million by 2028, registering an annual growth rate of 16.0% from 2021 to 2028. Rising importance of environment sustainability and surging veganism and vegetarianism trends are the critical factors attributed to the market expansion.
Due to the rising awareness regarding the negative impacts of the meat and livestock industry on the environment, consumers are rapidly switching to plant based meat and dairy products. As per the Good Food Institute, plant based meat has 30-90% less greenhouse gas emissions (kg-CO2-eq/kg-meat) than conventional meat. Further, animal agriculture consumes enormous amounts of water. The Water Footprint Network states that 1 kilogram of vegetables requires only 322 liters of water, whereas 1 kilogram of beef requires 15,415 liters. All these factors have significantly raised sustainability concerns among consumers, owing to which they are shifting toward plant based alternatives. The consumption of plant based meat products helps minimize carbon footprints, save water and other natural resources, and reduce the overall environmental impacts. Thus, the rising importance of environmental sustainability is significantly driving the development of the plant based meat products market. This is expected to drive the market during the forecast period.
On the contrary, high product price of plant based meat products hurdles the growth of North America plant based meat products market.
Based on type, the North America plant based meat products Market is divided into patties, nuggets, meatballs, sausages, and others. The patties segment held 28.8% market share in 2021, amassing US$ 506.81 million. It is projected to garner US$ 1,491.81 million by 2028 to expand at 16.7% CAGR during 2021–2028.
Based on category, the North America plant based meat products Market is categorized into frozen, refrigerated, and ambient. The frozen segment held 64.1% market share in 2021, amassing US$ 1,128.23 million. It is projected to garner US$ 3,146.97 million by 2028 to expand at 15.8% CAGR during 2021–2028.
Based on distribution channel, the North America plant based meat products Market is categorized into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 52.0% market share in 2021, amassing US$ 915.15 million. It is projected to garner US$ 2,557.82 million by 2028 to expand at 15.8% CAGR during 2021–2028
Based on country, the North America plant based meat productsmarket has been categorised into the US, Canada, and Mexico. Our regional analysis states that US captured 84.7% market share in 2021. It was assessed at US$ 1,489.40 million in 2021 and is likely to hit US$ 4,191.81 million by 2028, exhibiting a CAGR of 15.9% during the forecast period.
Key players dominating the North America plant based meat productsmarket are Beyond Meat; Conagra Brands, Inc.; Kellogg’s Company; Tofurky; Field Roast; Before the butcher; VBites Foods Ltd; Hilary’s – Drink Eat Well, LLC; Quorn; Impossible Foods Inc. among others.
- In Sep 2020, Gardein (Conagra Brands, Inc.) debuts a first-ever collection of plant based meat alternative soups.
- In April 2022, Beyond Meat expands the availability of beyond chicken tenders at over 8,000 new outlets nationwide, including grocery, pharmacy, and club stores.
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