Future Market Insights (FMI) in a new study has predicted the consumption of plant based nuggets to surge in the forthcoming years. Rising focus on health and wellness among consumers is underpinning growth in the market. Market players are looking to capitalizing on this opportunity by mimicking the taste and nutritional profile of meat-based products.
However, production cost of plant-based nuggets is comparatively higher, which results in their high price. This could hamper the overall expansion of the market to an extent. Nonetheless, launch of their products in diverse textures and nuggets has been paving way for growth. Especially with focus on animal cruelty surging, FMI foresees positive growth on cards for the market.
Key Takeaways from the Plant Based Nuggets Market Report
- The plant based nuggets industry is projected to grow at a CAGR of 26% during the forecast period of 2020-2030
- Plant based chicken nuggets will remain under spotlight as best-selling product
- The EU Commission’s support for plant based meat products will help Europe continue to dominate the market
- Sales via HoReCa will continue to surge through the forecast period
- Surging adoption of vegetarian and flexitarian diet will open growth prospects for the market in South Asia
“Behemoths in the food chain business are taking cue from changing consumer preference and altering their menus accordingly. Plant-based nuggets are making increasing appearances across menus of some of the leading names in HoReCa business. This is expected to bode well for the market in the coming years,” said a lead analyst at FMI.
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Covid-19 Impact Analysis
The Covid-19 pandemic has had a huge effect on people’s lifestyle, reshaping their food preferences. Increasing awareness about the body and immune system has encouraged people to shift to a healthy diet. Rising caution regarding animal borne diseases has compelled consumers to adopt vegan lifestyles. This had caused manufacturers to include plant based meat products in their menus and stores.
The pandemic disrupted market sales but is expected to bounce back with the reopening of several hotel chains. The inclusion of plant based products is expected to attract customers looking for healthier options, ensuring a growth in market.
Who is Winning?
Leading manufacturers are now partnering with companies to introduce plant based meat products in their outlets. Giant manufacturers like Burger King have partnered with plant based meat manufacturers such as Vegetarian Butcher, to include plant based chicken nuggets in their menu.
In 2020, KFC teamed up with Beyond Meat to introduce plant based chicken nuggets in almost 100 stores in the United States. The success of plant based meat products has encouraged companies to invest in the market.
Manufacturers are focusing to develop ingredients that have zero gluten and are allergen free to create products that can be consumed by all. The leading players in the market are Burger King, KFC, McDonald’s Corporation, Alpha Foods, Urban Platter, Nestlé S.A., Heura Foods, The Vegetarian Butcher and Tyson Foods Inc. among others.
Valuable Insights into the Plant-Based Nuggets Market
Future Market Insights in a recent report has conducted a complete industry analysis of the years 2013-2019 with assessments for the forecast period of 2020-2030. The market is divided into various segments in order to give a detailed analysis.
Based on the product type, the market is divided into plant-based chicken, plant-based beef and plant-based pork. On the basis of the source, the market is segmented into 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. The market is also segregated based on the distribution channel into retail (hypermarkets/supermarkets, convenience stores or specialty food stores), online retail and HoReCa (Food Service Sector). Lastly, the market is divided based on the region into North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa.
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Key Questions Answered by the Report
- At what CAGR is the plant-based nugget market is expected to rise?
The global plant-based pork market is forecast to rise at a CAGR of 26.0% between 2020 and 2028.
- Which is the largest market for plant-based nuggets?
Europe currently holds dominance backed by surging demand and production in strong markets like UK and Germany.
- Which are the top companies in the plant-based nuggets market?
Some of the leading companies operating in the plant-based nuggets market are McDonald’s Corporation, Burger King, KFC, Tyson Foods, Inc., Nuggs (Simulate, Inc)., Alpha Foods, 365 Everyday Value, Kraft Foods, Inc., Beyond Meat, Field Roast Grain Meat Co., Inc., Nestlé S.A., The Vegetarian Butcher, Heura Foods, and Gooddot Vegetarian among others.
- What is the outlook on the plant-based nuggets market?
Due to COVID-19, FMI estimates a positive growth for the plant-based pork market due to the high preference of consumers over natural and organic products. The constantly rising demand for plant-based nuggets due to increasing health awareness and environmental concerns will aid the expansion of this market.
- Which key challenge witnessed by companies in plant-based nuggets market?
To maintain the high nutritional value, taste, texture, and functionality of plant-based nuggets with price that is affordable by every class of society are the major challenges manufacturers are dealing with which is, in turn affecting the growth of the market.
- Which is most lucrative category in the plant-based nuggets market?
Plant-based chicken is witnessing the maximum sales and production by product type. FMI foresees this segment to remain as lead during the forecast period.
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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