Global Plant-Based Chicken Market: Overview
Plant-based chicken products are made up of soy, protein, lentil, wheat, peas, and many others. Each protein has its protein composition that benefits the human body. The plant-based products contain high-quality nutrients and are a healthy replacement for animal-based products. Plant-based chicken is cleaner and reduces greenhouse gas emissions when compared to traditional animal-based chicken food.
Global Plant-Based Chicken Market: Growth Factors
The foremost factor that boosts the global plant-based chicken market is the high consumption of chicken across the globe. The high chicken consumption induces the manufacturers to bring up a variety of innovative plant-based chicken products to the consumers as an alternative to real chicken.
The plant-based chicken is gaining popularity due to its similar taste structure and appearance to chicken bites, nuggets, and fillets.
There are many government regulations in various countries against animal slaughter that contribute to market growth globally. Moreover, there is growing concern over maintaining the ecosystem balance that further boosts the growth of the global plant-based chicken market.
The rise in per capita and disposable income in developing countries will bolster market growth globally. The increasing income leads to improved lifestyle and high standard of living in the developing countries has increased the consumption of the plant-based chicken market.
There is a gradual shift in consumer preferences from animal to plant-based products due to the growing health consciousness among people. This shift has fueled the plant-based chicken market to expand its plant-based chicken food menu and come up with new breaded products.
Makers have come up with attractive eco-friendly food packaging to attract customers and increase their consumer base and hence, fueled the market growth globally.
The emergence of the COVID-19 pandemic has led people to create a probable link between coronavirus and animal agriculture. This probable link further shifts customers from animal-based products and to adopt plant-based products.
Further, the growing trend of plant-based products on social and other print media is likely to fuel the growth of the global plant-based chicken market during the forecast period.
Global Plant-Based Chicken Market: Segmentation
The global plant-based chicken market can be segmented into product, source, distribution channel, and region.
By product, the market can be segmented into burger patties, sausages, nuggets, hot dogs, cutlets, deli slices, shreds, and others.
The burger patties segment holds the largest market share owing to its huge popularity among the consumers. The segment is likely to remain lucrative during the forecast period.
Moreover, the cutlet segment is trailing behind the burger patty due to its increased usage in preparing the chicken burger in homes and restaurants.
By source, the market can be segmented into chia-based protein, soy-based protein, canola-based protein, pea-based protein, fava-based protein, lentil-based protein, flaxseed-based protein, and others.
Soy-based protein is the largest growing segment in the global plant-based chicken market due to the multiple health benefits of soy.
By distribution channel, the market can be segmented into HoReCa, online retail, specialty food stores, convenience stores, supermarkets, and retail stores.
Online retail segment holds the largest market share due to high internet penetration and the growing usage of smartphones among consumers.
Global Plant-Based Chicken Market: Regional analysis
Europe and Middle East Asia are among the fastest-growing regional markets due to the increasing awareness of the vegan food benefits among the consumers. There is significant growth in the demand of plant-based products in countries like the U K, Germany, and Italy.
North America is expected to emerge as the fastest-growing region in the global plant-based chicken market due to the increasing prevalence of lifestyle-induced diseases.
Global Plant-Based Chicken Market: Competitive Players
Some of the leading players in the global plant-based chicken market are Gardein, Tyson Foods, Inc., Puris Proteins, LLC, CHS INC, Impossible Foods, Inc., Beyond Meat, Inc., Atlantic Natural Foods LLC, and Ingredion Inc.
Global Plant-Based Chicken Market: Regional Segment Analysis
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