Plant-Based Meatballs Sales to Witness Notable Rise Amid the COVID-19 Pandemic: Future Market Insights
Market players to foresee ample opportunities amid the COVID-19 outbreak due to higher demand for plant based protein along with growing concerns about health.
DUBAI, UAE / ACCESSWIRE / November 24, 2020 / As per Future Marketing Insights (FMI), the plant based meatballs market is swiftly gaining traction in the global market. The market is anticipated to expand at a stellar CAGR of 23% over the forecast period 2020-2030. The growth can be primarily attributed to the growing demand for plant-based protein supplements. The growing preference for going vegan together with the risk factors related to different types of meat and meat products are catalyzing the market growth globally.
“Growing demand for plant-based meat substitutes are aiding the overall market growth. With a few of the key players launching plant-based meatballs in their menu to provide to health-conscious customers, the market will foresee several launches in the approaching years.” comments the FMI analyst.
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Plant Based Meatballs Market - Key Highlights
- Europe continues to remain the leading region over the forecast period due to abundant sources of natural protein and consumer’s interest to maintain a clean lifestyle.
- Plant based chicken will be majorly preferred product type segment throughout the forecast period.
- Soy based protein source will remain the key beneficiary among other segments over the years to come.
- HoReCa to lead among other distribution channels throughout the forecast period.
Plant Based Meatballs Market - Drivers
- Growing preference for vegetarian diets to propel growth in the global market.
- Cost-effective, side effects-free of natural plant-based protein are making them highly preferred for production of plant based meatballs.
- Efficient distribution channels are making the plant-based meatballs products easily available to consumers, ensuing in further expansion of the market.
- Advanced packaging production sector has come up with non-reactive, sustainable packaging solutions for longer shelf-lives of these products, it is bolstering the market growth.
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Plant Based Meatballs Market - Restraints
- Lack of experts to handle the production of plant based meatballs or confined within a few of the top players in the market can hamper the sales in the coming years.
- High prices of plant-based meat sausages, patties, and burgers contrasted with traditional meat products are projected to pose a challenge for the market.
COVID-19 Impact on the Market
The ongoing COVID-19 outbreak has negatively impacted the overall market growth. However, the outbreak has made the individual more aware of their health ensuing in high demand for the plant-based protein. Regardless of encountering some constraints due to the outbreak, the plant-based meatballs market is anticipated to recover and expand further in the approaching years.
Competitive Landscape
Major players operating in the global plant based meatballs market include Beyond Meat, Sysco Foodie, Kellogg’s, Ikea, GCL Food Ingredients, Subway, Mycorena AB, Schouten Food, Zhenmeat, Gardein, and Hydrosol. Key players are focusing on launching new products to capture a huge consumer base. For instance, Beyond Meat has launched its widespread range of plant-based meatball products such as ready-to-cook and pre-formed BEYOND BREAKFAST SAUSAGE®, BEYOND MEATBALLS™, BEYOND BURGER®, COOKOUT CLASSIC™, and others.
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About the Study
The study offers readers a comprehensive assessment of the Plant Based Meatballs market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of product type (plant based chicken, plant based beef, plant based pork), 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), distribution channel (hypermarkets/supermarkets, convenience stores, specialty food stores, online retail, HoReCA), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights