The plant-based meatballs market is witnessing impressive growth due to the rising demand for alternate meat. As people are getting more inclined towards vegetarian or flexitarian diet, the demand for plant-based meatballs products is sky-rocketing across the global.
According to Future Market Insights (FMI), the global plant-based meatballs market is expected to rise at 23% CAGR during the forecast period from the year 2020 to 2030.
As an increasing number of people are moving away from meat to plant-based alternatives to live a cleaner and healthier life, plant-based meatballs market is experiencing surge in demand across the globe. Furthermore, the health-risks associated with various kind of meats such as red meat, and others are encouraging more consumers opting for plant-based meatballs products.
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With the growing concern regarding animal life and welfare, more people are choosing to become vegan resulting in further increase in plant-based meatballs products Despite facing decline in market growth due to COVID-19 pandemic, the global plant-based meatballs market is expected to recover its growth rate by the beginning of 2021 creating ample of opportunities for the market players.
FMI offers an exhaustive overview of the global market, along with its various growth drivers and restraints.
Some of the key takeaways from the report are highlighted below-
Plant-based chicken is expected to lead the global market among all other plant-based meatball products throughout the forecast period Soya-based protein sources are expected to gain traction all over the world in the coming years Food service sectors are anticipated to remain as the most efficient distribution channels Europe is expected to lead the global market in the coming years followed by North America Increasing concern for healthy, vegan lifestyle among the consumers is expected to boost the market growth in the near future
“Rising demand for plant-based meat alternatives has been aiding overall growth of the market. With some of the leading brands introducing plant-based meat balls in their menu to cater to health-conscious consumers, the market is expected to witness a flurry of launches in the coming years” says an FMI analyst.
COVID-19 Impact Analysis
The recent outbreak of novel coronavirus has affected the market growth due to several factors such as non-operational manufacturing units during the lock down period, unavailability of sufficient manpower, scarcity of raw materials, financial crisis, job recession, and others.
In the other hand, COVID-19 pandemic has made people more concerned about their health resulting in higher demand for the plant-based protein supply.
Despite facing a few constraints due to the pandemic, the global plant-based meatballs market is expected to grow further in the coming years.
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Who is Winning
In order to capitalize on opportunities prevalent in the global plant-based meatballs market, the key market players such as Beyond Meat, Kellogg’s, Sysco Foodie, Hydrosol, Gardein, Ikea, Zhenmeat, and others are focusing on launching wide varieties of products launching to target broad range of customers.
Beyond Meat has released their extensive range of plant-based meatball products such as pre-formed and ready-to-cook BEYOND MEATBALLS™, BEYOND BREAKFAST SAUSAGE®, COOKOUT CLASSIC™, BEYOND BURGER®, and others.
Sysco Foodie has launched their Sysco Cutting Edge Solutions Products in February 2020, in order to provide several categories of plant-based meat balls products such as Tyson Boneless Thigh Wings, Sysco Classic Fully Cooked Chicken Skewers, Sysco Classic Sous Vide Sirloin Steak, and others. Zhenmeat has launched their diverse range of plant-based meatballs products such as beef patty, steak, pork loin, crayfish and dumplings, and others.
Recently Subway has announced their exciting partnership like exclusive Halo Top Creamery® hand-spun milkshakes and fresh-baked King’s Hawaiian® bread.
As the global plant-based meatballs market is expanding steadily, the competition is expected to become tougher in the near future.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8 years.