According to a new report Global Plant-based Meat Market, published by KBV research, The Global Plant-based Meat Market size is expected to reach $12.32 billion by 2027, rising at a market growth of 18.3% CAGR during the forecast period.
The Soy market dominated the Global Plant-based Meat Market by Source in 2020, thereby, achieving a market value of $4,707.1 million by 2027. Since soy is a rich source of branch amino acids (BCAAs), people are highly inclined towards the consumption of soy and thus, this segment is estimated to witness a significant growth rate during the forecast period. In addition, consumption of soy can improve exercise performance, assist in recovering from a heavy workout, as well as build & strengthen muscle mass.
The Beef market is expected to witness highest CAGR of 19.3% during (2021 - 2027). Because Plant-based beef is manufactured by using soy protein, which can match the taste and texture of real beef. Some of the manufacturers also use wheat & pea protein to process beef and make it look and taste similar to animal beef along with adding a high amount of nutrients in their products.
The Sausages market is expected to witness a CAGR of 17.5% during (2021 - 2027). As Plant-based sausages are made to replicate the look, sizzle, texture, and satisfaction of traditional pork sausage. Numerous companies like Lightlife Foods and Beyond Meat are providing juicy and meaty substitutes for a conventional sausage that does not contain nitrates, hormones, GMOs, gluten, nitrites, and soy. The rise in investments by key companies to launch new & innovative flavors of their plant-based sausages like sweet Italian, hot Italian, and spinach pesto is estimated to augment the growth of the segment.
The North America market dominated the Global Plant-based Meat Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $4,777.9 million by 2027, growing at a CAGR of 17.5% during the forecast period. The Europe market is expected to witness a CAGR of 17.9% during (2021 - 2027). Additionally, The Asia Pacific market is expected to witness a CAGR of 19.7% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/plant-based-meat-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Beyond Meat, Inc., Impossible Foods, Inc., Maple leaf foods, Inc., Quorn Foods (Monde Nissin Corporation), Omni Foods (Green Monday Holdings), Amy's Kitchen, Inc., Kellogg Company (Kellogg NA Co.), Conagra Brands, Inc., The Hain Celestial Group, Inc. (Yves Veggie Cuisine), and VBites Foods Ltd.
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