Plant-based Burgers and Patties Market size in 2020 was valued at USD 229.8 million and is expected to exhibita CAGR of 10.25% from 2021 to 2028. Plant-based burgers and patties are becoming quite famous especially among Americans and Europeans due to the increase in awareness regarding health issues and healthy foods. This has become a popular diet recently. Hence, there is a sudden rise in the popularity of the flexitarian diet which is also known as the semi-vegetarian lifestyle diet. Earlier, there was a huge increase in the consumption of meat products that are animal-based. This resulted in a growing concern for health problems like a fatty lever. To avoid such health problems, there has been a surge in vegan and vegetarian diets.
Due to the rise in the trend of cruelty-free foods, the market for burgers and patties is propelling the growth. Factors like an increase in the demand for convenience food items along with the rise in consumer orientation are responsible for driving the plant-based burgers and patties market growth. However, due to the outbreak of the COVID-19 pandemic, the plant-based burgers and patties industry witnessed a major downfall but the market is expected to recover post the pandemic.
COVID-19 Analysis
The impact of the COVID-19 pandemic had a huge effect on the market for plant-based burgers and patties. This outbreak created great opportunities for the growth of the plant-based burgers and patties market across the world. The demand for healthier food in order to increase immunity increased during the COVID-19 and hence, resulted in a rise in demand for plant-based burgers and patties. After the COVID-19 outbreak, the market for plant-based burgers and patties is expected to rise at a huge pace. During the outbreak, governments across the world imposed lockdown and strict social distancing norms to stop the spread of the virus. Due to this reason, people stopped buying foods from food retail stores which impacted the market negatively. However, the growing awareness regarding health issues and a healthy diet will help the market to rise rapidly.
The growth in awareness regarding health benefits and a healthy diet is a huge factor that is driving the market for plant-based burgers and patties. Another driving factor is the rise in awareness regarding cruelty-free foods among people has been a major reason for the growth of the plant-based burgers and patties market. However, there is a specific increase in the need for a flexitarian diet which includes vegan and vegetarian food. This increase among the people in the population is expected to drive the plant-based burgers and patties market.
There is a huge growth in awareness regarding the unadvantageous effects of the consumption of animal-based food created a great opportunity for plant-based burgers and patties to get introduced in the plant-based burgers and patties market.
Though there is a huge demand for plant-based burgers and patties due to the rising health concerns among the people, there is very less availability of such products. Various restaurants have still not started selling such plant-based products instead of meat. This is a factor that can hamper the growth of the market immensely.
Along with the various drivers that are helping the plant-based burgers and patties market to grow, there are a few challenges as well which may affect the market immensely. Nowadays, DIY burgers are also growing in popularity. This popularity among the people may also affect the market
The market for plant-based burgers and patties has got some well-known key players which are responsible for launching a new variety of products that can attract customers without compromising on the taste. There are various driving factors in the market that are helping in the surge of the growth rate of the plant-based burgers and patties market. However, at a CAGR of 10.25%, the market for plant-based burgers and patties is expected to reach a high valuation during the forecast period.
Value Chain Analysis
Fast food is very common in countries like the US and the UK. Plant-based burgers and patties are getting very popular nowadays especially among Americans and Europeans due to this reason. The change in the customers’ preference along with certain desires that help to adopt sustainability is the main factor that is responsible for driving the market for plant-based burgers and patties. There are a huge number of consumers who are ready to switch their healthy food diet to plant-based meat alternatives. If people get more involved in plant-based products, then the restaurants that offer plant-based products can introduce various new innovative dishes that can be served as an alternative to meat. This can surge the growth of the market for plant-based burgers and patties.
Based on market analysis, the plant-based burgers and patties market has been segmented into three major divisions which include distribution channel, category, and types of food. Here is a list of the segments along with their sub-segments.
Regional Analysis
The global plant-based burgers and patties market is segmented into five major regions which include Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Among these regions, North America is currently dominating the market. There has been a huge rise in the trend of vegetarian and vegan foods among Americans. This is leading the region of North America to hold the largest market share. Also, North America consists of some well-known key players in this market which are increasing the demand for organic plant-based burger patties. Over 1/5th of the plant-based burgers market is covered by North America globally.
Europe is also growing rapidly and is expected to hold the largest plant-based burgers and patties market share during the forecast period. Countries like Germany and the UK are responsible for contributing a lot to the growth of the market. However, the emergence of various start-ups which are providing a wide variety of products is standing as major opportunities of the market for plant-based burgers and patties.
There are various companies which are playing an important role in the plant-based burger patties market growth. A few of them are Kellog Co., Beyond Meat, Amy’s Kitchen, and Burger King. These companies are mainly concentrating on mergers and acquisitions in order to retain their positions or gain their position over their competitors. They are also launching brand new products that can attract the customers
Recent Developments
Report Outlook
The plant-based burgers and patties market report cover the various factors that are responsible for impacting the growth of the market such as drivers, restraints, opportunities, and challenges. The report outlines a brief overview of the market which includes competitive landscape, regional analysis, and value chain analysis. The recent plant-based burgers and patties market trend is also discussed in this report. The segmentation of the plant-based burgers and patties market is based on a detailed qualitative and quantitative analysis of the market. The names of the top plant-based burgers and patties companies are also mentioned along with their headquarters. This report also covers the impact of the recent outbreak of the COVID-19 pandemic on the market.
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