Market players are focusing on the health benefits of a plant-based diet as well as mimicking the texture and taste to gain market position and stay ahead of the competition.
DUBAI, UAE / ACCESSWIRE / November 24, 2020 / Future Market Insights: According to Future Marketing Insights (FMI) recent market research, the plant based nuggets market is projected to reflect a CAGR of about 26% between 2020 and 2030. The growth can be primarily attributed to the growing demand for meat alternatives. The flexitarian and vegan population have augmented, which is optimistically impacting plant-based nuggets sales as a popular snack.
"Market giants in the food chain industry are taking cue from shifting consumer preference and varying their menus consequently. Plant-based nuggets are widely adopted across menus of some of the prominent names in the HoReCa industry. This is anticipated to augur well for the market in the approaching years." comments the FMI analyst.
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Plant Based Nuggets Market - Key Highlights
- Europe holds the majority of market share in the global market on the back of an optimistic consumer approach towards vegan-meat and vegetarian products.
- Plant based chicken will record a CAGR of 25.8% over the assessment period.
- HoReCa remains the preferred distribution channel throughout the forecast period.
- Soy-based protein sources to witness widespread usage among users due to its meat-like texture and high protein content.
Plant Based Nuggets Market - Drivers
- Government initiatives to promote eco-friendly, feasible, and nutritious plant-based products are creating lucrative prospects in the global market.
- Growing demand for natural & additive-free labels is anticipated to bode well for plant-based nuggets.
- A shift from retail stores to e-commerce is anticipated to benefit the plant-based nuggets market.
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Plant Based Nuggets Market - Restraints
- Retaining the high functionality, texture, taste, and nutritional value of plant-based nuggets is anticipated to be a key challenge encountered by manufacturers.
- Higher prices of products will hamper the sales of plant based nuggets market.
COVID-19 Impact on the Market
The onset of Covid-19 pandemic affected people's lifestyles, redefining their food inclination. Growing awareness about the immune system and body has urged people to shift to a healthy diet. While the outbreak disrupted market sales but is likely to get well with the reopening of hotel chains. The addition of plant based products is likely to attract customers seeking healthier options, ascertaining market growth.
Competitive Landscape
Major players operating in the global plant based nuggets market include Burger King, McDonald's Corporation, Tyson Foods, Inc., KFC, Alpha Foods, Nuggs (Simulate, Inc)., Kraft Foods, Inc., 365 Everyday Value, Field Roast Grain Meat Co., Inc., Beyond Meat, The Vegetarian Butcher, Nestlé S.A., Gooddot Vegetarian and Heura Foods. The global plant-based nuggets market is highly competitive as a result of the growing focus on the health benefits of a plant-based diet, the market is foreseeing incessant entrance of new players.
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About the Study
The study offers readers a comprehensive assessment of the plant based nuggets market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of source (soy-based protein, wheat-based protein, pea-based protein, canola-based protein, fava-bean based protein, potato-based protein, rice-based protein, lentil-based protein, flax-based protein, chia-based protein and corn-based protein), distribution channel(retail (hypermarkets/supermarkets, convenience stores or specialty food stores), online retail and HoReCa (Food Service Sector)) across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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SOURCE: Future Market Insights