Plant based pork product manufacturers are pushing for strategic partnerships with food processing and fast-food businesses for long term revenue streams.
DUBAI, UAE / ACCESSWIRE / November 11, 2020 / The plant-based pork market is projected to display an exponential 24% CAGR for projection period from 2020 to 2030. The effects of the coronavirus pandemic have been largely positive on the plant-based pork industry. Higher levels of health consciousness among consumers, and the demand for plant-based, clean label foods is likely to generate lucrative opportunities, not just for the near term, but for the entire forecast period as well. E-commerce distribution channels are likely to gain traction in the near future.
'Market leaders and start-ups in the plant-based pork market are leveraging the growing consumer preference for vegetarian and vegan diets and are investing on research for improvements to texture, aroma, shelf life, and nutrition profiles, which will aid long term growth of the industry,' says the FMI study.
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Plant Based Pork Market - Important Takeaways
- Soy and pea-based pork products account for significant market share on the back of cost benefits and easy access to raw materials.
- Online sales channels are reflecting a high growth rate on the back of widespread internet penetration and globalization cuisine trends.
- East Asia, led by China is a fast-growing market for plant-based pork products, with health and environmental concerns associated to production of conventional pork.
Plant Based Pork Market - Driving Factors
- Strong growth in vegan and vegetarian demographics, owing to environment and ethical considerations is a major market influencer.
- Investments by manufacturers to improve the accuracy of meat flavor and texture in product offerings will aid market developments.
Plant Based Pork Market - Leading Constraints
- Higher costs associated with plant-based pork in comparison to conventional pork is a key obstacle to adoption.
- Lack of standardization in terms of labeling and rules is a concern for the global plant-based pork market.
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Expected Impact on Market by Coronavirus Outbreak
The global pandemic of the covid-19 virus has provided a number of potentially lucrative opportunities for players in the plant-based pork market. Global concerns over animal-borne diseases following the outbreak and higher health consciousness among consumers has boosted demand for alternatives to pork, which will aid long term growth in the industry.
Further, while supply chains have been impacted during the pandemic, the demand for functional, clean label foods during the crisis period, and efforts by manufacturers to provide offerings with balanced nutritional profiles will aid acceptance by consumers in the near future.
Some of the major players participating in the plant-based pork market are Fuji Oil Co. Ltd., Impossible Foods Inc., Glanbia Plc, Gardein by Conagra Brands, Beneo GmbH, Cargill Inc., Ingredion Inc., Smithfield Foods, Puris Proteins, MorningStar Farms, Crown Soya Protein Group, and Archer Daniels Midland Co. among others
Players in the plant-based pork market are largely involved in product development and launch strategies in addition to geographical expansion to consolidate their position in a burgeoning market.
For instance, Impossible Foods has unveiled Impossible Pork which will find place in Burger King restaurants in multiple states across the US. On a similar note, Atlast Food Co. unveiled its mushroom-based bacon in November 2020. Also, Right Treat has released Omnipork a pork alternative made from pea, soy, shitake mushroom, and rice for Hong Kong's market.
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More on the Report
FMI provides in-depth insights on the plant-based pork market. The market is segmented in terms of distribution channel (hypermarkets/supermarkets, convenience stores, specialty food services, online retail, and HoReCa), source (soy, wheat, pea, canola, fava bean, potato, rice, lentil, flax, chia, and corn), and product type (burger patty, crumbles & grounds, sausages, hot dogs, nuggets, bacon chips, deli slices, chunks & tips, shreds, cutlets, strips, tenders, & fingers, and meatballs), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
Table Of Content
1. Global Plant Based Pork Market - Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. Opportunity Matrix
1.4. FMI Analysis and Recommendations
2. Global Plant Based Pork Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Meat 2.0_How novel technologies are disrupting the meat industry
4. Meat Substitutes Go Mainstream
5. Plant Based Pork- Recent Developments
6. Global Plant Based Pork Market Analysis and Forecast
6.1. Global Plant Based Pork Market Size and Absolute $ Opportunity
6.2. Global Plant Based Pork Market Snapshot
6.3. Global Plant Based Pork Market Scenario Forecast
6.4. Forecast Factors
7. Price-Point Assessment
7.1. Price Point Assessment by Region and Product Type, 2020
7.2. Pricing Analysis by Product Type
7.3. What are the factors effecting the prices?
7.4. Price Assessment- Factor Influencing Pricing
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