According to a new report published by UnivDatos Markets Insights, the Plant-based chicken Market was valued at more than USD 1.6 Billion in 2021 and is expected to grow at a CAGR of around 7.6% from 2022-2028. The analysis has been segmented into Type (Nuggets, Tenders, Strips, Burgers & Popcorn, And Others); Distribution Channel (Online Stores, and Retail Stores (Hypermarkets/ Supermarkets, Convenience Stores, Specialty Food Stores, and Others)); Region/Country.
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The plant-based chicken market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the plant-based chicken market. The plant-based chicken market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the plant-based chicken market at the global and regional levels.
Market Overview
Plant-Based Chicken is a food product created to imitate the taste and texture of chicken, to prevent the killing of chickens for food. A culinary product called "plant-based chicken" aims to replicate the flavor and texture of real chicken. Typically, soy, wheat, or vegetable protein is used to make plant-based chicken, which is then formed into patties, nuggets, or roasts. Foods like plant-based chicken are typically regarded as healthier alternatives to meat since they have lower amounts of saturated fat and higher levels of fiber. Most significantly, selecting a plant-based diet as an alternative to meat is a humane one. Every time you eat one, you contribute to improvements in animal welfare.
Factors such as increasing health & wellness, animal welfare, rising environmental concerns, easy availability, and many others are increasing the demand for plant-based chicken in the market. Additionally, increasing adoption, and product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include Beyond Meat; Impossible Foods Inc.; Tofurky; Gardein (Conagra, Inc.); Kellogg NA Co.; Lightlife Foods, Inc (Maple Leaf Foods); BlueTribe; Imagine Foods Pvt. Ltd; FIRST PRIDE (Tyson Foods, Inc); Tata Simply Better.
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COVID-19 Impact
Plant-based chicken market witnessed the minimal impact of covid-19 as demand for healthy food has increased during the pandemic, to combat the disease, government agencies have advised citizens to eat a healthy and nutritious diet. This has positively impacted the demand for plant-based chicken, which promote the body's good health and optimal functioning by providing essential nutrients.
The global plant-based chicken market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into nuggets, tenders, strips, burgers & popcorn, and others. The nuggets category is to dominate the market during the forecast period. This is owing to the increasing popularity of plant-based diets as they are tasty and convenient alternatives to meat. Also, concerns about animal welfare and the environmental impact of meat production are further adding to the growth of the plant-based chicken nugget market. Moreover, many major players are launching products to increase their product portfolio. For instance, in Nov 2022, Beyond Meat launched 2 New Vegan Chicken Products i.e vegan popcorn chicken and chicken nuggets made with a base of faba beans and other plant proteins.
· Based on distribution channel, based on categorized into online stores, and retail stores (hypermarkets/ supermarkets, convenience stores, specialty food stores, and others). Among these, the hypermarkets/ supermarkets are expected to grow with a significant CAGR during the forecast period. This is mainly owing to having dedicated sections or shelves for plant-based products, making it easier for consumers to find and purchase these items. In addition, some supermarkets are even creating their brand of plant-based products, which can often be more affordable than branded products. Furthermore, more people are becoming aware of the health and environmental benefits of plant-based diets, it is likely that supermarkets and hypermarkets will continue to expand their plant-based offerings to meet the demand of consumers.
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Plant-based chicken Market Geographical Segmentation Includes:
· North America (U.S., Canada, Rest of North America)
· Europe (Germany, U.K., France, Spain, Italy, Rest of Europe)
· Asia-Pacific (China, India, Japan, Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing awareness of the health and environmental benefits of plant-based diets, as well as growing concerns about food safety and animal welfare. In addition, APAC is home to some of the world's largest meat-consuming countries, including China and India, where concerns about the environmental impact of meat production and the spread of zoonotic diseases have led to a growing consumption of plant-based chicken alternatives. Many companies in the market offer plant-based chicken across various industries. For instance, in Dec 2022, Another Foods launched India’s First Plant-Based Food-Service-Ready Chicken. It is specifically for food service to support the demands across the hospitality and restaurant industries.
The major players targeting the market include
· Beyond Meat
· Impossible Foods Inc.
· Tofurky
· Gardein (Conagra, Inc.)
· Kellogg NA Co.
· Lightlife Foods, Inc (Maple Leaf Foods)
· BlueTribe
· Imagine Foods Pvt. Ltd
· FIRST PRIDE (Tyson Foods, Inc)
· Tata Simply Better
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the plant-based chicken market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the plant-based chicken market?
• Which factors are influencing the plant-based chicken market over the forecast period?
• What are the global challenges, threats, and risks in the plant-based chicken market?
• Which factors are propelling and restraining the plant-based chicken market?
• What are the demanding global regions of the plant-based chicken market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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