Plant-Based Beef Market will Reach US$ 16.13 billion by 2030: Future Market Insights

*Emerging millennial generation and upcoming flexitarian consumer base are fuelling the consumption of plant-based beef.*

*DUBAI, UAE / ACCESSWIRE / November 2, 2020 / *The plant based beef market is expected to register a CAGR of 22.7% through the forecast period (2020-2030). Non-GMO and plant-based food products are gaining traction as they satisfy nutritive quotients and tastes.

"Rising incidents of diseases occurring from poultry (salmonella), pork (trichinosis) and fish products (norovirus infections) are forcing consumers to choose plant-based meals," states the FMI Analyst.

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*Plant Based Beef Market - Important Takeaways*

· Owing to increasing demand for soy/tofu based substitutes, North America is going to present lucrative opportunities through 2030.
· Soy-derived proteins will hold maximum share while wheat based protein will be the fastest growing segment in the market.
· Heavy investment is noticed across new product launches and acquiring new brands.
· Type wise, burger patties will remain the preferred type across the regions.

*Plant Based Beef Market- Driving Factors*

· Rising number of consumers preferring vegan meals in Europe and North America is a major driving factor.
· High nutritional levels and wide range of choice in terms of taste and texture remains an important driving factor.
· Rising income, shifting food preferences and strict regulations against animal-slaughter drives the consumption of plant-based beef products.
· Rising cases of food allergies has also improved sales prospects of plant-based food products.

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*Plant Based Beef Market - Key Restraints *

· Over processing of soy-based substitutes hampers growth as it sometimes degrades the quality.
· Saturated fat percentage is more in meatless products, thereby, limiting adoption of substitutes.

*Expected Impact on Market by Coronavirus Outbreak*

COVID-19 has impacted food preferences as well as lifestyle of the people. Online markets and ordering online food is trending these days. UN has urged people to shift to meat and dairy free diet as it will save the world from hunger and poverty.

Almost 9.6 million people in US have shifted to plant-based meals and are following veganism. COVID-19 fuels the risk of catching germs through animals which is why people are avoiding meat products and choosing alternatives. Meatless substitutes are gaining traction in Europe too and preference has shifted by 451%.

*Competitive Landscape*

Major players in the market are working allergen free food products and developing unique range of products for lactose-intolerant consumers. They are currently building strategies to enhance production as well as consumption. Major participants rely on investing into promoting these products.

Atlantic Natural Foods invented Chipotle Bowl Meal to cater to the meat alternative demands in America.

Dunkin Donuts used meatless products to ensure quality taste and vegan food range for their consumers.

Gardein by Conagra Brands extended their portfolio by introducing beefless eatables to enhance revenue prospects. Emerging vegan population rely on these brands to satisfy their meat cravings.

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*More on the report *

FMI's analysis presents segmentation on the basis of product type (burger patty, hotdogs, sausage, nuggets, chunks, shreds, tips, cutlets etc.), source (soy-based, wheat-based, rice-based, peas-based etc.) and region (Europe, Asia-Pacific, North America, and China).

*Explore Wide-ranging Coverage of FMI's Food and Beverage Landscape*

Vegan Pasta Market FMI's report highlights parent market trends and strategies in the vegan pasta market with segments and dynamics through the end of assessment period.

Plant Based Food Colors Market FMI's analysis presents key market trends, strategies, regional players and brings into play a taxonomy on basis of form, type, application and region.

Plant Based Fish Feed Market The report presents global market scenario and taxonomy on the basis of ingredients, source, application and region.

*About FMI*

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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*SOURCE: *Future Market Insights
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