NEW YORK, Nov. 4, 2020 /PRNewswire/ -- The globalplant-based meat marketsize is expected to reach USD 35.4 billion by 2027 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of15.8% from 2020 to 2027 Increasing awareness among consumers for healthy food products, a continuously growing global population, and a major shift towards food production and consumption are some of the major factors anticipated to drive the growth of the global market. Increasing demand for rich protein-based food for having nutritional benefits coupled with consumer's preference for cost-effective products, further fueling the demand for plant-based meat products. In addition to this, the growing trend of vegetarianism and veganism is offering enormous growth potential to the global plant-based meat market.

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Key Points from the Report:

Increasing demand for plant-based meatcan benefit financially stable global players such as Conagra and Nestle. Attractive moves such as faster delivery and effective cost-cutting can enable them to strengthen their foothold in the market.

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The global plant-based meat market is driven by growing concern towards animal based meat owing to global narrative that COVID-19 originated from wild animals. The growing vegan population in Europe, consumer awareness towards nutritional benefits, and innovations in food technology coupled with funding support from investment firms. Recently, in June 2020, Veganuary, the UK based non-profit organization introduced Veg Capital, funding solutions plant-based food companies. It will provide fund of around EUR 50,000 to 2,50,000 to the plant-based food startups.

Leading players present in the global plant-based meat market are : Amy's Kitchen, Greenwise, Beyond Meat, Impossible Foods Gold & Green Foods, Garden Protein International, Maple Leaf Foods, The Vegetarian Butcher, Quorn Foods, VBites, Morningstar Farms, Omnipork, Novameat, Tofurky, Zikooin, Sunfed, Zhenmeat, and V2food. The lucrative opportunities present in the market have attracted major companies as well as new ventures to invest in the market. The global market is turning out to be highly competitive as leading global players started expanding their business operations in different regions of the world.

Companies are involved in new product launches and increasing geographic reach to increase their consumer base. The global plant-based meat market is becoming even more competitive as Asian companies such as Whole Perfect Foods Co., Ltd, and GoodDot investing in the market.

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Polaris Market research has segmented the plant-based meat market report on the basis of source, product, distribution channel, and region

Plant-based Meat Source Outlook (Revenue USD Million, 2016 2027)

Plant-based Meat Product Outlook (Revenue USD Million, 2016 2027)

Plant-based Meat Distribution Channel Outlook (Revenue USD Million, 2016 2027)

Plant-based Meat Regional Outlook (Revenue USD Million, 2016 2027)

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Plant-Based Meat Market Size Is Projected to Reach $35.4 Billion By 2027 | CAGR: 15.8%: Polaris Market Research - PRNewswire