Plant-based
burger market is witnessing a spike in demand, which is expected to
continue post pandemic according to a recent report published by Future Market
Insights (FMI). Although the pandemic has hit production and supply chains
across the world, the global plant-based burgers market has managed to attract
demand from consumers says FMI.
The global plant-based burgers market is poised to witness
extraordinary growth with CAGR of above 22% for the forecast period 2020-2030,
according to FMI. Though plant based burgers were originally developed with
vegan and vegetarian consumers in mind, many others are also joining in the
ongoing trend. The concepts like ‘flexitarians’ and similar others are gaining
traction owing to concerns for health as well as eco system.
Furthermore, animal borne diseases such as COVID-19, SARS,
bird flu and many others are pushing more people towards plant based food
products. The magnitude and intensity of novel Corona virus is making consumers
opt for healthier food substitutes with high nutritional value.
Plant based burgers are made as replacement of regular
animal meat burger, using plant ingredients and natural sources without
compromising the benefits, but attempting to reduce the drawbacks. These
greener and healthier alternatives to the existing food choices are gaining
momentum in the market post the onset of COVID-19 suggests report.
Some of the key takeaways from the report are as follows:
- Europe
to continue as the largest market in terms of market size throughout the
forecast period
- Plant
based beef is identified as the most lucrative product in the segment
- Brands
in the food and beverages industry looking to partnering with plant based
food companies to expand reach
- HoReCa
(food service sector) to emerge as the largest distribution channel
throughout forecast period
- East
Asia and Latin America to achieve highest growth by the end of forecast
period 2020-2030
“As the demand for plant-based burger continues to
grow, market players are aiming at innovating packaging and storage solutions
to ensure nutrients in their products remain intact for a longer period. They
are even forging partnerships with several leading names in food chains to
ensure they have a widespread footprint” says analyst at FMI.
COVID-19 Impact on Plant Based Burgers Market
COVID-19 pandemic has impacted life and business since its
advent. The lockdowns imposed by the governments to reduce the impact of the
pandemic has brought businesses across the world to halt. Many businesses
incurred heavy losses owing to the shutdowns in the production. However, plant based
food was one particular industry which saw a spike in growth amidst all the
uncertainty caused by the pandemic.
This growth could be attributed to the fear in people’s
minds because of the animal borne disease such as COVID-19. As the impact of
the disease grew stronger, the growth in the sales of healthy and nutritious
plant based meat substitutes saw exponential increase. Lockdown imposed in
March 2020 saw one of the biggest spikes in sales of plant based meat
substitutes in regions including Europe, North America, Latin America and
others.
Who is Winning?
Companies are looking at mergers and acquisitions as the key
strategy to gain advantage over the competitors in the market.
Many popular brands in the food and beverages industry are
partnering with plant based food companies to reach out to the vegan,
vegetarian and flexitarian community.
For instance, fast food giants such as burger King, McDonalds
and many other popular restaurant chains are partnering with popular plant
based burger brands such as impossible burgers, beyond meat and so on to cater
to the wider group of consumers.
Many other food joints are following suit and bringing plant
based meat substitutes to their menus. Rising popularity of plant based foods
is forcing known brands and new players in the food industry to invest big in
the market.
For instance, Burger King partnered with ‘Impossible foods’,
a popular brand of plant based products to offer plant based burgers to its
customers. Introducing these plant based options has helped Burger King in
gaining advantage over rival and popular brand McDonalds. It also increased its
customer base as vegan and vegetarian consumers were added because of the new
additions in the offerings.
Valuable Insights on Plant-Based Burger Market
Product Type
- Plant
based Chicken
- Plant
based Beef
- Plant
based Pork
- Plant
based Fish/Fishless Fish
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
- Corn-based
Protein
Distribution Channel
- Hypermarkets/Supermarkets
- Convenience
Stores
- Specialty
Food Stores
Region
- North
America
- Latin
America
- Europe
- East
Asia
- South
Asia
- MEA
- Oceania
Read Full report: https://www.futuremarketinsights.com/reports/plant-based-burger-market