North America Plant-based Meat Market By Source (Soy, Wheat, Pea, and Others), By Type (Chicken, Fish, Beef, Pork, and Others), By Product (Burgers, Sausages, Patties, Grounds, Nuggets, Tenders & Cutlets, and Others), By Country, Opportunity Analysis and Industry Forecast, 2021 - 2027
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Market Report Description
The North America Plant-based Meat Market would witness market growth of 17.5% CAGR during the forecast period (2021-2027).
Plant-based meat is a vegan substitute for animal meat, which imitates meat products in appearance, texture, color, and flavor. These products are made by mixing plant protein isolates, edible oils, vegetable extracts, starch, and various other seasonings. Further, the above-mentioned raw materials are processed with coloring agents and additives to get the flavor and texture that looks similar to animal meat.
In the US, approximately 0.5 percent of the total adult population is vegan, which is creating demand for meat substitutes across the country. There is a rise in demand for vegetarian food products that offer vitamin C, high fiber, iron, and also contain low processed saturated fats. Additionally, the constant efforts of manufacturers to develop a product with a better texture, high shelf life, and aroma, and more nutrition value are projected to augment the growth of the market in the coming years.
The growing trend of consuming plant-based food products among young and diverse consumer groups in the U.S would accelerate the growth of the regional market. As per the CDC (Centers for Disease Control and Prevention), 34.1 million people between the age range of 20-79 had diabetes in the US in the year 2020. This would augment the demand for healthy food products like plant-based meat products in the region.
The US market dominated the North America Chicken Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,226.8 million by 2027. The Canada market would witness a CAGR of 19% during (2021 - 2027). Additionally, The Mexico market is anticipated to grow a CAGR of 18% during (2021 - 2027).
Based on Source, the market is segmented into Soy, Wheat, Pea, and Others. Based on Type, the market is segmented into Chicken, Fish, Beef, Pork, and Others. Based on Product, the market is segmented into Burgers, Sausages, Patties, Grounds, Nuggets, Tenders & Cutlets, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
Scope of the Study
Market Segments Covered in the Report:
- Nuggets, Tenders & Cutlets
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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)
- VBites Foods Ltd.
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