Market Forecast
In 2020, the global plant-based burgers and patties market was valued at USD 229.8 million and is expected to register a CAGR of 10.25% between 2021 and 2028.
Plant-based burgers and patties are becoming mainstream products across many American and European countries. The rising vegan, veganism, and flexitarian trends among the consumers of the US and many European countries has been a key factor behind its growth. Increasing awareness regarding animal cruelty due to animal meat consumption has proliferated the market growth in the last couple of years. Over production of livestockfor meeting meat consumption volumes has been a major factor for greenhouse emissions. Plant-based burgers can prove to be an effective alternative to animal meat, there by cutting global CO2 emissions. The advent of many food-based start-up companies specializing in plant-based food have also contributed towards the growth of the overall market. The emergence of these start-ups is strongly backed by investments which are contributing to the growth of the market. For instance, Singapore-based company NextGen Foodsraised USD 10 million in seed funding from investors including Temasek, K3 Ventures, EDB New Ventures, which is one of the highest for plant-based food in Asia. New product launches such as Burger King plant-based burger across the globe in January 2020 along with Spanish food-based start-up Heura Foods first plant-based burger in the UK in October 2020 are some equally contributing towards the growth of plant-based burgers and patties.
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The outbreak of COVID-19 has created lucrative growth opportunities for many vegan-based burger manufacturers across the globe. The growing perception of vegan food consumption has increased tremendously to maintain a healthy diet. Food-based companies are making new product launches to meet the rising consumer demand for vegan burgers. McDonald's, an American fast-food company, has its plans to introduce is vegan burgers, "McPlant" in early 2021. Seeing the strong demand, many restaurant chains and other retail giants are planning to sell plant-based food. For instance, Tesco, a UK-based retail store chain has plans to increase sales of plant-based products by 300 percent by 2025. Other companies such as Panera and IKEA are pledging to sell more plant-based food totheir customers. People for the Ethical Treatment of Animals (PETA) is also promoting to increase the consumption of plant-based foods. All these factors are anticipated to create huge traction for plant-based burgers and patties in the coming years.
Market USP
Increasing trend of vegan and vegetarian diets across the globe
Growth Opportunities in the Market
Growing demand for plant-based burgers: Plant-based burgers are becoming trending in the market globally. Rising health concerns due to animal meat consumption have led to the growth of plant-based burgers. The advent of many start-ups specializing in vegan burgers have led to market growth in last couple of years.
Strong demand for Organic Burgers: Organic plant-based burgers are a more nutritious option for end consumers. Such burgers are free from any harmful fertilizers and pesticides, which makes them a suitable option for health-conscious consumers. Post COVID-19 outbreak, demand for such organic plant-based burgers is expected to increase exponentially across the globe.
Dominance of Food Retail segment: Food retail segment dominated the global plant-based burgers and patties market in 2020. Its dominance is evident from the strong demand originating from supermarkets & hyper markets and convenience stores. Better reach and availability of wide product offerings in these types of retail store chains have resulted in its dominance in the market. The segment is further anticipated to remain dominant during the review period.
Key Players
Beyond Meat
Impossible Foods Inc.
Conagra Brands Inc.
Lightlife
Kellogg Co.
Burger King
VBites Food Limited
The Meatless Farm Co.
Amy's Kitchen
LAURA'S LEAN
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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