According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of plant based pork are estimated to reach a value of USD 6.2 Bn by 2032, surging at a 13.2% CAGR through the decade.
Consumers have become wary of meat consumption as a result of the rising prevalence of various chronic ailments and repeated pandemic outbreaks around the world. As a result, there is a visible increase in demand for products made from organic and natural ingredients with no additives.
This bodes well for plant-based pork products, which use minimal or no artificial ingredients. Manufacturers are also exhibiting a paradigm shift toward more natural ingredients in the production of popular food items. This shift in manufacturer behaviour will aid market growth.
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Key Takeaways from Market Study
- The United States is the largest market, owing to raising public awareness of the health benefits of plant-based pork and government initiatives.
- The rising demand for natural plant-based pork in China has prompted manufacturers to increase the production of plant-based pork, which is known to provide a unique combination of health and taste.
- The burger patty segment’s growth is primarily attributed to manufacturers’ constant modifications to improve the taste and nutritional value of the product.
- The soy-based segment currently leads the global market.
- The HoReCa segment currently leads the market. The retail channel will gain traction and become dominant by the end of the forecast year.
“Rising demand for plant-based pork has prompted key global market players to invest in these alternatives, owing to the clear potential they are expected to offer in the coming years,” says a lead analyst at Future Market Insights.
Competitive Landscape
The market’s competition is expected to heat up, especially as more start-ups enter to capitalize on its growth potential. The growing preference for plant-based diets among consumers worldwide has attracted businesses of all sizes. As a result, global manufacturers are focusing on mergers and acquisitions and strategic collaborations to broaden their footprint and strengthen their product portfolio.
- Smithfield Foods launched a plant-based protein portfolio under the Pure Farmland brand in 2019, offering consumers protein-rich plant-based pork products without sacrificing flavour.
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Get More Valuable Insights
In its new offering, Future Market Insights provides an unbiased analysis of plant-based pork presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on plant-based pork based on 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), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About Food & Beverage Division at Future Market Insights
The Food & Beverage team at Future Market Insights provides all the necessary insights and consulting analysis to fulfil clients’ unique business intelligence needs worldwide. With a catalogue of more than 500 reports about the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
Plant Based Pork Market by Category
By Distribution Channel, Plant Based Pork Market is segmented as:
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Food Services
By Source, Plant Based Pork Market is segmented as:
- Soy-based Protein
- Wheat-based Protein
- Pea-based Protein
By Product Type, Plant Based Pork Market is segmented as:
- Burger Patty
- Crumbles & Grounds
- Sausages
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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