Global Plant-based Meal Market: Market Outlook
The plant-based meal is made from a pure form of fruits, vegetables, cereals, spices, and other plant sources. The plant-based meal includes different varieties of food and beverage products or dishes. Consumption of plant-based meals is an ongoing trend in the global food and beverage industry. The plant-based meal is mostly available in the fresh form, it can be in the ready to eat form or consumed by heating. The plant-based diet can reduce the risk of high blood pressure, type 2 diabetes, and obesity and other health-related diseases. The foodservice provider including, foodservice chains, hotels, restaurants, catering services, and others generally produce the plant-based meal. The plant-based meals can fulfill the essential nutritional requirements of consumers with different tastes and flavor characteristics. The plant-based meal is available in the customized form where consumers can choose their favorite dishes and supplementary ingredients, drinks or flavors. Owing to these factors plant-based meal culture is gaining popularity amongst consumers across the globe.
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Global Plant-based Meal Market: Market Dynamics
The consumption of meat and meat-based products can increase the risk of heart diseases by up to 20%. Numerous reports on the potential links between high consumption of processed or red meat and cancer are the key factors attracting more consumers towards plant-based meals and diet. The ‘flexitarian’ consumer is an individual who still consumes meat and dairy but wishes to reduce the quantity of ethical, environmental, and health grounds. Flexitarian’s alternative consumption could take the form of specific substitutes or meat/ dairy-free meal choices. These are potential consumers who seeking for a plant-based alternative in the diet such as plant-based meals, protein, dairy, and all essential products. In recent years the number of vegetarians and vegans has increased, especially in the established markets who fueling the growth of the plant-based meal market.
The convenience in the quantity, packaging, pricing, and delivery are also the key factors behind the growth of plant-based meal market. The manufacturers are proving products according to the requirement of consumers such as a meal for one person, two people, and a family pack with the quick delivery services and with the attractive offers on orders.
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Global Plant-based Meal Market: Market Segmentation
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Global Plant-based Meal Market: Key Players
Several key players are engaged in the business of the global Plant-based meal market are Purple Carrot, Sun Basket, Green Chef, Splendid Spoon, Veestro, Hungryroot, Fresh n’ Lean, Allplants Ltd., Blue Apron, and others.
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Opportunities for the Key Players in the Global Plant-based Meal Market
The advancement and ease in the online retail sector are expected to fuel the growth of the global plant-based meat market. The consumers are seeking for the ready to eat meal options in the global food and beverage industry owing to the hectic work schedules, busy lifestyles. Whereas, consumers are not able to manage balance diets, thus the demand for ready to eat meal increasing widely by the working population. In established markets such as North America and Europe, veganism is a popular trend. The population is showing an increasing inclination towards veganism owing to health consciousness. This section of the population consumes only plant-based products that driving the growth of the global plant-based meat market. This trend is also affecting emerging markets such as South Asia and East Asia. This increasing popularity of the vegan trend is expected to bolster the growth of the plant-based meal market in the international market place.
COVID 19 Impact on Global Plant-based Meal Market
As the COVID-19 effect is rising on the food and beverages industry, the food and beverage companies across the world, from cafe and restaurant owners to big-name food manufacturers and retailers continue to feel the impact of COVID-19. Consumers are more focused towards buying staple and essential food products rather than spending on premium or healthy food products. Moreover, the closure of foodservice outlets is completely closed in most of the countries of the world that has largest impact on the plant-based meal market. The consumers prefer homemade food rather than outside food. These factors are expected to make high impact on demand for plant-based meal in Western European, U.S. and Asia Pacific countries.