The global plant-based meal market size is set to experience a period of dynamic growth as a result of growing preference for veganism around the world, as per the Fortune Business Insights™ report, titled “Plant-based Meal Market Size, Share & Industry Analysis, By Product Type (Plant-based Dairy, Plant-based Meat, Plant-based Milk, Others), By Distribution Channel (Offline, Online) Others and Regional Forecast, 2019-2026”. Veganism entails absolute renunciation of animal-based foods and beverages and strict consumption of naturally-derived food and beverage products. This way of life is being increasingly adopted around the world as people have become more aware of animal cruelty involved in meat production as well as the environmental benefits of veganism. According to data published by the Vegan Society, only 40% of the global population will consume meat by 2040, while the rest will prefer lab-created meat and vegan meat products. Furthermore, researchers at the University of Oxford found that a global shift towards plant-based diet can help avoid climate change-induced damages worth USD 1.5 trillion and reduce greenhouse gas emissions by 67%. Thus, rising tide of veganism will augur well for the market in the foreseeable future.
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High Prevalence of Obesity across the Globe to Fuel the Market
The World Health Organization (WHO) defines obesity as abnormal or excessive fat accumulation in the body, indicated by a high Body Mass Index (BMI). It is classified as a disorder characterized by the inability to shed extra weight and low metabolism, although it can also be hereditary. According to the WHO, approximately 650 million people in the world were suffering from obesity in 2016 and around 1.9 billion adults were found to be overweight. Moreover, the WHO also revealed that in 2019, nearly 38 million children under 5 years of age were either obese or overweight. Obesity and overweight are detrimental as they are known to trigger other lethal chronic diseases such as diabetes, hypertension, and cardiovascular conditions. Plant-based meals are highly effective in managing weight issues as they contain large amounts of water, complex carbohydrates, and fiber. The National Institutes of Health (NIH) postulate that people following plant-based diets have lower BMI and lower incidence of diabetes and other chronic disorders. Thus, increasing prevalence of obesity is likely to boost the plant-based meal market growth in the coming years.
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Widespread Concerns Surrounding Animal Welfare to Propel the Market in North America
Among regions, North America is slated to dominate the plant-based meal market share during the forecast period as people in the region are well-aware of the atrocities committed on animals and are therefore, swiftly switching to plant-based diet regimes. Similarly, in Europe, veganism is fast gaining traction, especially in the UK, and this will drive the market growth in the region. The market in Asia-Pacific is expected to grow at a notable pace owing to increasing health consciousness among the people in this region. In addition to this, rising disposable income, rapid urbanization, and spreading prevalence of chronic diseases will further propel the market in Asia-Pacific.
- March 2020: MorningStar Farms®, a brand owned by the Kellogg Company, launched its new line of plant-based meat products called Incogmeato™. The innovative meat-mimicking protein series will feature ready-to-cook items including Italian Sausage, Original Bratwurst, and Burger Patties. These food items are developed to imitate the taste of meat, without actually containing any animal products, and are completely plant-derived.
- February 2020: Cargill, the US-based food giant, announced its plans to introduce its novel plant-based patties and other ground products in retail stores and restaurants by April 2020. The new products will feature proteins derived from plants and other natural ingredients, with company aiming to advance alternative as well as animal-based protein products to meet the ever-increasing demand for proteins worldwide.
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