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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Russia-Ukraine War Implication

The Russia-Ukraine war could change the Aluminum Sulfate Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Aluminum Sulfate Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.

The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

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The highlights of the report include:

  • Bird’s-eye view analysis of the market trends and drivers;
  • Piecemeal study of all individual market segments;
  • Thorough assessment of the market restraints; and
  • Detailed research into the regional dynamics and competitive landscape of the market.

Market Driver

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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Regional Analysis

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.

Competitive Landscape

  • 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.

List of Key Players Covered in the Plant-based Meal Market Report:

  • Sun Brothers, LLC
  • Eden Foods Inc.
  • Archer Daniels Midland Company Unilever
  • The Kellogg Company
  • Beyond Meat
  • SunOpta
  • Kerry Group plc.
  • Cargill
  • The Campbell Soup Company
  • The Hain Celestial Group, Inc.
  • Danone S.A.

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