The report “Plant-Based Meat Market by Raw Material (Soy, Wheat, Pea), Product (Burger Patties, Sausages, Strips & Nuggets, and Meatballs), Distribution Channel (Retail Outlets, Foodservice, E-commerce), and Region – Global Forecast to 2021” The global plant-based meat market size is projected to grow from USD 3.6 billion in 2020 to USD 4.2 billion by 2021, recording a compound annual growth rate (CAGR) of 17.0% in the realistic scenario during the forecast period. The major factors driving the growth of the plant-based meat industry include the rising vegan population driven by the functional benefits of plant-based products, growing animal borne-illnesses such as COVID, and increasing demand for clean label products.

The burger patties sub-segment in the product segment is projected to be the largest and the fastest-growing segment during the forecast period.

The adoption of plant-based meat is expected to witness further growth in the wake of COVID-19 pandemic, which will add to consumer concerns regarding conventional meat products. The plant-based meat burger patties are known to be of low-fat content and low gluten content. Shifting consumer preferences and increasing demand for burger patties from retail channels owing to its convenience, taste, and texture are likely to contribute to the growth of this segment.

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The increasing trend of veganism in Europe has pushed the growth of the plant-based industry. The UK hosts the largest vegan populations in the world, which will further propel the demand for plant-based meat products in Europe. The current outbreak of COVID and negative associations with animal-based food will also boost the market in North America and Europe in the upcoming years since numerous countries in both regions have witnessed the worst outcomes of COVID.

Key vendors in the global plant-based meat market include Impossible Foods (US), Beyond Meat (US), Maple Leaf Foods Inc. (Canada), The Meatless Farm Co. (UK), Garden Protein International (Canada). These players have broad industry coverage and high operational and financial strength.

Key questions addressed by the report:

• Who are the major market players in the plant-based meat market?
• What are the regional growth trends and the largest revenue-generating regions for the plant-based meat industry?
• What are the key regions and industries that are projected to witness significant growth in the plant-based meat market?
• What is the impact of COVID-19 across various stakeholders in the supply chain of the plant-based meat market during the forecast period?
• Which raw material and product segment is projected to dominate during the forecast period?

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