The global plant based chicken market is poised to reach US$ 8 Bn by 2030-end, registering double-digit growth from 2020-2030, according to ESOMAR-certified Future Market Insights’ (FMI) latest report on the subject.
Growing concern for animal welfare is bringing about a paradigm shift in consumer eating habits. Initiation of mass level awareness campaigns combined with tough legislations prohibiting or limiting animal slaughter across several countries is primarily fueling growth of the market.
Furthermore, consumers are willingly substituting meat products with meat analogues, attributed to rising awareness about the ill-effects of excessive meat consumption on human health.
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Key Takeaways from FMI’s Plant Based Chicken Market Report
- Plant based chicken market to expand at 19.1% CAGR from 2020-2030
- Burger patties to experience consistent growth, generating over 40% of the global revenue
- Soy-derived proteins to capture lucrative market share, attributed to numerous health benefits
- Europe & MEA to emerge as potential revenue hotspot, Latin America generating credible prospects
- Social media to play pivotal role in augmenting plant based chicken popularity
- E-commerce emerges as the fastest growing distribution channel, owing to deepening internet penetration and the COVID-19 pandemic
“Market players are emphasizing on innovations to introduce sustainable, health enhancing and inorganic ingredients free plant based chicken products,” concludes an FMI analysts.
COVID-19 Impact Insights
The food & beverages domain stands to gain the most out of the crisis, with demand for plant-based foods experiencing steep incline. Increasing apprehension among consumers about the possible spread of COVID-19 through animal-based food products is stimulating demand for vegan alternatives.
This surging requirement for clean label and naturally derived foods is catapulting the plant based chicken market. Demand is especially strong across the United States, Brazil and India, as they have the highest number of COVID-19 infections. Therefore, people are altering their dietary preferences, prompting manufacturers to increase their presence.
Competitive Scenario
The plant based chicken market is highly competitive, interspersed with the presence of numerous regional and global players. Prominent players profiled in the report include Impossible Foods, Gardein (Conagra Brands), Atlantic Natural Foods LLC, Beyond Meat, Puris Proteins LLC, Tyson Foods Inc., and CHS Inc.
In July 2016, Impossible Foods made its debut by introducing the world’s first meat analogue product titled the Impossible Burger, which is derived primarily from plant-based products. The production process involves 95% less land and 74% less water usage.
Likewise, Gardein by Conagra Brands markets products such as Chick’n and Turk’y, Beefless and Porkless, Fishless and Plant-Based Jerky. Such a wide product offering has enabled the company to capture a large customer base. It also runs the ‘Meatless Monday’ program.
In December 2019, Atlantic Natural Foods announced the launch of its award-winning plant based Chipotle Bowl Meal Solution in over 500 Costco stores throughout North America. This introduction helped the company achieve 100% growth for the FY 2019-20.
In July 2019, Dunkin Donuts announced it would be selling breakfast sandwiches using Beyond Meat’s Meatless Sausage line of products throughout Manhattan, New York City. The company also launched an e-commerce website in 2020 to increase its virtual presence.
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More Insights on the Plant Based Chicken Market
Future Market Insights, in its new report, offers an unbiased analysis of the global plant based chicken market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the plant based chicken market on the basis of product type (burger patty, crumbles & grounds, sausages, hot dogs, nuggets, bacon chips, deli slices, chunks & tips, shreds, cutlet and strips, tenders & fingers), 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 and corn-based protein) and distribution channel (retail, online retail and HoReCa (food service retail)) across four regions.
About FMI
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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