According to a new analysis issued by Future Market Insights, the plant-based burger market is experiencing a surge in demand, which is projected to continue during the pandemic (FMI). Despite the pandemic’s impact on worldwide manufacturing and supply chains, the global market for plant-based burgers has managed to draw consumer demand, according to FMI.
According to FMI, the global plant-based burgers market is expected to increase at a rate of more than 22% over the projected period of 2020-2030. Though plant-based burgers were designed with vegan and vegetarian consumers in mind, they are now being adopted by a wide range of people. Due to health and environmental concerns, notions such as “flexitarians” and others are gaining favor.
The following are some of the report’s primary takeaways:
Throughout the projected period, Europe will remain the largest market in terms of market size.
The most profitable product in the segment has been identified as plant-based beef.
Throughout the projected period, food and beverage brands are looking to work with plant-based food firms to increase their reach. HoReCa (foodservice sector) will emerge as the leading distribution channel.
“As the demand for plant-based burgers grows, market players are focusing on developing new packaging and storage options to ensure that the nutrients in their goods are preserved for longer.” They’re even forming relationships with several well-known food chains to ensure they have a broad reach,” says an analyst at FMI.
Who is the victor?
Companies are looking at mergers and acquisitions as a crucial tactic for gaining a competitive advantage over their market competitors.
Many well-known food and beverage corporations are teaming up with plant-based food producers to reach out to the vegan, vegetarian, and flexitarian communities.
For example, fast-food behemoths like Burger King, McDonald’s, and a slew of other well-known restaurant chains are teaming up with prominent plant-based burger businesses like impossible burgers, Beyond Meat, and others to appeal to a wider audience.
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