Due to rising social media awareness regarding animal cruelty, demand for plant-based chicken is growing exponentially.
DUBAI, UAE / ACCESSWIRE / October 26, 2020 / The plant based chicken market is expected to register a CAGR of 19.1% through the forecast period (2020-2030). Onset of COVID-19 has changed food preferences as consumers are now demanding for plant-based food ingredients. This has led to a major revenue loss.
"Manufacturers are focussing on collaborations with players to strengthen their regional market position. Leading participants are also working on health enhancing and organic plant based chicken products," states the FMI Analyst.
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Plant Based Chicken Market - Important Takeaways
- Europe and MEA contributes for largest revenue share and is going to present lucrative opportunities through the forecast period.
- Soy-derived proteins will dominate the market owing to various health benefits.
- Social media will continue to play a key role in shaping the market as well as opportunities.
- Type wise, burger patties will cover 40% of the global market share.
Plant Based Chicken Market- Driving Factors
- Rising number of consumers opting for plant-based meals in Europe and Asia is a major driving factor.
- Eco-friendly packaging needs to deliver plant based chicken products is a major factor as manufacturers are now presenting opportunities in packaging sector too.
- Owing to rising income, shifting food life-style and strict regulations against animal-slaughter is also driving market growth.
Plant Based Chicken Market - Key Restraints
- Over processing and utility of modified organisms are restricting market growth.
- As it is highly processed, rate of saturated fat is very high in the products, thereby, acting as key restraint.
Expected Impact on Market by Coronavirus Outbreak
COVID-19 has surely disturbed production and supply chain but demand for plant-based food products is surging daily. Online market is acquiring massive traction due to strict social distancing norms. Veganism is a major trend in USA where almost 9.6 million people rely on plant-based meals. COVID-19 has also increased this number as consumers are scared of catching the virus through animals. Europe dominates the market scene where meat substitute's sale has grown by 451%.
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Competitive Landscape
Major players in the market are working on producing natural products with minimal side effects. All of these leading players are currently building collaborations with major manufacturers to magnify their production capacity. Major participants rely on investing into promoting products and unique solutions to expand the market.
For instance, Atlantic Natural Foods announced Chipotle Bowl Meal Solution to fulfil consumer demands in America. 2019-20 witnessed major profit through this move.
Dunkin Donuts launched e-commerce websites to extend its virtual presence. It sold out burgers using Beyond Meat's Meatless Sausage products
Gardein by Conagra Brands introduced beefless and pork less eatables to win consumer's attention. This product portfolio expansion helped the company in raising revenue prospects.
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More on the report
FMI's analysis presents segmentation on the basis of type (burger patty, hotdogs, sausage, nuggets, chunks, tips, shreds, cutlets etc.), source (soy-based, wheat-based, rice-based, peas-based etc.) and region (Europe, Asia-Pacific, North America, and China).
Table Of Content
1. Global Plant Based Chicken Market - Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Opportunity Matrix
2. Global Plant Based Chicken Market Overview
2.1. Introduction
2.1.1. Market Taxonomy
2.1.2. Market Definition
3. Meat 2.0_How novel technologies are disrupting the meat industry
4. Meat Substitutes Go Mainstream
5. Plant Based Chicken- Recent Developments
6. Global Plant Based Chicken Market Analysis and Forecast
6.1. Global Plant Based Chicken Market Size and Absolute $ Opportunity
6.2. Global Plant Based Chicken Market Snapshot
6.3. Global Plant Based Chicken Market Scenario Forecast
6.4. Forecast Factors
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About FMI
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SOURCE: Future Market Insights