According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of plant based pork are estimated to reach a value of USD 6.2 Bn by 2032, surging at a 13.2% CAGR through the decade.
Consumers have become wary of meat consumption as a result of the rising prevalence of various chronic ailments and repeated pandemic outbreaks around the world. As a result, there is a visible increase in demand for products made from organic and natural ingredients with no additives.
This bodes well for plant-based pork products, which use minimal or no artificial ingredients. Manufacturers are also exhibiting a paradigm shift toward more natural ingredients in the production of popular food items. This shift in manufacturer behaviour will aid market growth.
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Key Takeaways from Market Study
- The United States is the largest market, owing to raising public awareness of the health benefits of plant-based pork and government initiatives.
- The rising demand for natural plant-based pork in China has prompted manufacturers to increase the production of plant-based pork, which is known to provide a unique combination of health and taste.
- The burger patty segment’s growth is primarily attributed to manufacturers’ constant modifications to improve the taste and nutritional value of the product.
- The soy-based segment currently leads the global market.
- The HoReCa segment currently leads the market. The retail channel will gain traction and become dominant by the end of the forecast year.
“Rising demand for plant-based pork has prompted key global market players to invest in these alternatives, owing to the clear potential they are expected to offer in the coming years,” says a lead analyst at Future Market Insights.
Competitive Landscape
The market’s competition is expected to heat up, especially as more start-ups enter to capitalize on its growth potential. The growing preference for plant-based diets among consumers worldwide has attracted businesses of all sizes. As a result, global manufacturers are focusing on mergers and acquisitions and strategic collaborations to broaden their footprint and strengthen their product portfolio.
- Smithfield Foods launched a plant-based protein portfolio under the Pure Farmland brand in 2019, offering consumers protein-rich plant-based pork products without sacrificing flavour.
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Get More Valuable Insights
In its new offering, Future Market Insights provides an unbiased analysis of plant-based pork presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on plant-based pork based on Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Food Services), Source (Soy-based Protein, Wheat-based Protein, Pea-based Protein), Product Type (Burger Patty, Crumbles & Grounds, Sausages), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About Food & Beverage Division at Future Market Insights
The Food & Beverage team at Future Market Insights provides all the necessary insights and consulting analysis to fulfil clients’ unique business intelligence needs worldwide. With a catalogue of more than 500 reports about the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
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Plant Based Pork Market by Category
By Distribution Channel, Plant Based Pork Market is segmented as:
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Food Services
By Source, Plant Based Pork Market is segmented as:
- Soy-based Protein
- Wheat-based Protein
- Pea-based Protein
By Product Type, Plant Based Pork Market is segmented as:
- Burger Patty
- Crumbles & Grounds
- Sausages