Market Forecast

In 2020, the global plant-based burgers and patties market was valued at USD 229.8 million and is expected to register a CAGR of 10.25% between 2021 and 2028.

Plant-based burgers and patties are becoming mainstream products across many American and European countries. The rising vegan, veganism, and flexitarian trends among the consumers of the US and many European countries has been a key factor behind its growth. Increasing awareness regarding animal cruelty due to animal meat consumption has proliferated the market growth in the last couple of years. Over production of livestockfor meeting meat consumption volumes has been a major factor for greenhouse emissions. Plant-based burgers can prove to be an effective alternative to animal meat, there by cutting global CO2 emissions. The advent of many food-based start-up companies specializing in plant-based food have also contributed towards the growth of the overall market. The emergence of these start-ups is strongly backed by investments which are contributing to the growth of the market. For instance, Singapore-based company NextGen Foodsraised USD 10 million in seed funding from investors including Temasek, K3 Ventures, EDB New Ventures, which is one of the highest for plant-based food in Asia. New product launches such as Burger King plant-based burger across the globe in January 2020 along with Spanish food-based start-up Heura Foods first plant-based burger in the UK in October 2020 are some equally contributing towards the growth of plant-based burgers and patties.

Key Players

Beyond Meat

Impossible Foods Inc.

Conagra Brands Inc.

Lightlife

Kellogg Co.

Burger King

VBites Food Limited

The Meatless Farm Co.

Amy's Kitchen

LAURA'S LEAN

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Market Segments

Growing demand for plant-based burgers: Plant-based burgers are becoming trending in the market globally. Rising health concerns due to animal meat consumption have led to the growth of plant-based burgers. The advent of many start-ups specializing in vegan burgers have led to market growth in last couple of years.

Strong demand for Organic Burgers: Organic plant-based burgers are a more nutritious option for end consumers. Such burgers are free from any harmful fertilizers and pesticides, which makes them a suitable option for health-conscious consumers. Post COVID-19 outbreak, demand for such organic plant-based burgers is expected to increase exponentially across the globe.

Dominance of Food Retail segment: Food retail segment dominated the global plant-based burgers and patties market in 2020. Its dominance is evident from the strong demand originating from supermarkets & hyper markets and convenience stores. Better reach and availability of wide product offerings in these types of retail store chains have resulted in its dominance in the market. The segment is further anticipated to remain dominant during the review period.

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