Plant Based Pork Market By 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) & Region - Forecast to 2020 - 2030

Introduction

The demand for vegan food is rising exponentially. Consumers are not only moving towards clean label and plant-based food products but are seeking whole foods that are free from synthetic ingredients and additives. There is a consistent increase in the number of consumers demanding plant-based pork, which is attributable to the rising medical concerns among them and resultant shift towards a healthy lifestyle.

 These food items offer numerous health benefits in comparison to animal meat. Thanks to recent developments they do not compromise on taste as well, which is enabling the market to witness remarkable growth.

Additionally, continuous research and development efforts by plant-based meat manufacturers to offer better texture, longer shelf life, aroma, and better nutrition profiles to consumers are forecast to growth of the global plant-based pork market.

According to Future Marketing Insights (FMI), the global market is projected to rise at an exceptional CAGR of 24.0% between 2020 and 2030.

Demand for Natural Ingredients Propelling Growth

As a result of rising prevalence of various chronic ailments and repeated outbreaks of pandemics across the world, consumers have grown wary about meat consumption. Therefore the rise in demand for products made from organic and natural ingredients with no additives is visibly rising.

This has bode well for plant-based pork products that since they ensure minimum or no use of artificial ingredients. Manufacturers too are exhibiting paradigm shift towards more natural ingredients for making popular food items. FMI predicts that this change in manufacturer behavior will aid the expansion of the market.

Growing Investments Creating Market Opportunities

The rising demand for plant-based pork has encouraged key global market players invest in these alternatives due to the clear potential they are to expected offer in coming years. These products which were once thought as niche categories within the food sector have welcomed large investments from key investors of the industry.

For example, behemoths such as Tyson, who is also the world's second-largest processor of chicken, beef, and pork, have invested in plant-based pork companies. Investors are not only focusing on regions with a strong consumer base but are capitalizing on changing consumer preference to achieve their sustainability goals.

Countries Therefore high potential markets with a strong consumer base supported by investments are projected to witness more frequent product launches and the number of market players.

COVID-19 Giving Tailwinds to Growth

COVID-19 is giving tailwinds to growth witnessed in the global plant-based pork market. From manufacturing to distributing, the market faced some unusual restrictions during the initial phases of first few lockdowns but witnessed high demand for some particular products.

COVID-19 has built a fear of animal-borne diseases among consumers. Owing to the sudden upsurge in demand for plant-based products, companies are blooming up with modified and new business strategies to cater to consumer's needs as well as ensuring the safety of employees.  

Many lead players such as Beyond Meat Inc., Maple Leaf Foods Inc. Impossible Foods Inc., and Tofurky Co. are increasing up their production, and offering discounts to the consumers to increase demand and expand stores.

Following this, increasing health concerns, and call for clean, labeled & natural products, are some of the major post-pandemic factors projected to drive the growth of the plant-based pork market.

Key Challenges

Animal-based meat provides important nutrients to the diet such as vitamin D, calcium, zinc, protein, potassium, and many more. To replace these animal-based products, producers need to consider the nutrient value of the foods as this has a direct impact on people making changing their diet to add more plant-based options. Maintaining taste with nutrition is the biggest challenge for the market players.

Region-wise Analysis

Europe Plant Based Pork Market

Europe is currently the leading region and is expected to account for a lion’s share in the global plant-based meat market by the end of 2030. The immense growth in the region is attributable to the increasing trend of veganism and roots of some major global players in Europe. Additionally, the current outburst of COVID-19 and negative impressions of animal-based food will also boost the market in Europe in the upcoming years.

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North America Plant Based Pork Market

North America is one of the lucrative regions accounting for a sizeable share of the market. The market is projected to witness growth at a remarkable CAGR owing to the evolving consumption patterns, rising flexitarian, and vegan diets, increasing environmental concerns, and a constantly growing demand for better-for-you products in North America. The US is the largest market attributed to the rising awareness for health benefits of plant-based pork among its citizens and government initiatives. The plant-based pork market is also expected to witness speedy growth in Canada.

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East Asia Plant Based Pork Market

The rising demand for natural plant-based pork in the countries across East Asia has made the manufacturers speed up their production of plant-based pork that are known to offer a unique combination of health and taste. This is estimated to augment market growth in the region. The current trend of raising awareness for animal welfare has assisted people to quit the animal-based diet. This has further fueled the global plant-based pork market. The increasing environmental impact due to the excessive animal killing and growth in investors are adding to the demand for plant-based pork.

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Category-wise Insights

Burger Patty Continues Lead

By product type, FMI forecasts burger patty to continue its lead in the market through the assessment period. This segment accounts for a lion share of the market and is expected to grow with a CAGR of 24.6% in the forecast period. The growth of the segment is mainly attributed to the constant modifications by manufacturers to enhance taste and nutritional value of the product. Following burger patty, sausages segment is expected to register exceptional growth by the end of 2020.

Soy-based Segment Remains Dominant

By source, the soy-based segment is currently leading the global market. FMI foresees this segment to remain dominant through the forecast period owing to its high protein content and meat-like texture. The increasing health concerns emerging from the consumption of animal protein-sourced foods and the adoption of flexitarian and vegetarian diets are promoting the growth of the segment. The segment is forecast to observe growth with a remarkable CAGR in the forecast period.

Retail Channel Emerges Dominant

HoReCa segment is currently leading the market. According to FMI, retail channel is expected to gain momentum and emerge dominant by the end of forecast year. On account of the rising penetration of the internet and smartphones, sales via online stores are rising as well.

Competitive Landscape

Competition witnessed in the market is expected to get fiercer, especially with start-ups entering to tap into its growth potential. The growing preference for plant-based diets among consumers at a global level has been attracting companies irrespective of their size. Manufacturers in the global market are therefore focusing on mergers & acquisitions and strategic collaborations to expand their footprint and strengthen their product portfolio.

Constant innovative launches by manufacturers to enhance the taste and texture of plant-based pork products also is driving the market. For instance, in 2019 Smithfield Foods launched a plant-based protein portfolio under Pure Farmland™ brand, in which they cater to consumers protein-rich plant-based pork products without compromising on taste.

A few of the leading players listed by FMI that operating in the plant-based pork market are Impossible Foods, Inc., Gardein by Conagra Brands, Cargill, Inc., Smithfield Foods, MorningStar Farms, Archer Daniels Midland Company, Symrise, Roquette Frères S.A., Tyson Foods, Inc., Sotexpro SA, Crown Soya Protein Group, Puris Proteins, LLC, Ingredion Inc, Beneo GmbH, Glanbia plc, Fuji Oil Co., Ltd.

The list is only indicative – a full list of plant based pork market key players is available upon request

Plant Based Pork Market Report: Scope

Enquiry before Buying

• Is this research conducted by Future Market Insights?

  Yes, the report on the plant-based pork market has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

• What research methodology is followed by FMI?

  FMI follows a methodology that encompasses demand-side assessment of the market and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions. Request detailed methodology.

• Who are the respondents for primary research?

  FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.

• What are the sources of secondary research?

  FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

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Key Segments

Distribution Channel

• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Food Services
• Online Retail
• HoReCa ( Food Service Sector )

Source

• Soy-based Protein
• Wheat-based Protein
• Pea-based Protein
• Canola-based Protein
• Fava Bean-based Protein
• Potato-based Protein
• Rice-based Protein
• Lentil-based Protein
• Flax-based Protein
• Chia-based Protein
• Corn-based Protein

Product Type

• Burger Patty
• Crumbles & Grounds
• Sausages
• Hot Dogs
• Nuggets
• Bacon Chips
• Deli Slices
• Chunks and Tips
• Shreds
• Cutlets
• Strips, Tenders, And Fingers
• Meatballs (Meatless)

Regional Outlook

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa