Global Plant-based Nuggets Market: Overview
In the last few years, the global plant-based nuggets market has been gaining substantial traction amongst the health-conscious population. These nuggets come with texture and taste similar to that to meat-based nuggets. There has been a huge shift in the eating habit of the people with more people opting for vegetarian or plant-based meat items, which is likely to play an important role in the growth of the global plant-based nuggets market over the timeframe of analysis, from 2020 to 2030. There has been a rise in the flexitarian as well as vegan population, which is likely to drive the demand for such plant-based meat products in the years to come.
A rise in the incidences of lactose intolerance is likely to emerge as another growth factor for the market. Incidences of lactose intolerance are pushing many toward adoption of plant-based as substitutes of dairy-based milk items. This factor is likely to support growth of the global plant-based nuggets market over the tenure of projection, from 2020 to 2030.
Distribution channel, source, product type, and region are four vital market factors based on which the global plant-based nuggets market has been classified.
Global Plant-based Nuggets Market: Notable Developments
Some relevant and futuristic developments pertaining to the global plant-based nuggets market have taken place in the last few years.
- In January 2018, Canada-based consumer packaged meats company, Maple Leaf Foods, made acquisition of Field Roast Grain Meat Co. The latter is a plant-based company headquartered in Seattle, the US and produces vegan cheese and grain-based meat food items. With this acquisition, it is expected that Maple Leaf Food will make a leap toward attaining the status of one of the most sustainable protein company. With this more, Maple Leaf Food will also be able to diversify its product portfolio in the years to come.
Some of the prominent companies in the global plant-based nuggets market are mentioned below:
- Kraft Foods, Inc
- Maple Leaf Foods Inc.
- The Vegetarian Butcher
- Beyond Meat
- Tyson Foods, Inc.
- Heura Foods
Global Plant-based Nuggets Market: Key Trends
The global plant-based nuggets market is marked with the presence of the following challenges, promising opportunities, and market drivers.
Growing Awareness about Animal Cruelty and Healthy Lifestyle to Accentuate Demand in the Market
These days, consumers have become more conscious about what to eat and when to eat, what to avoid, and so on. The growing need to lead a healthy and fit lifestyle has gained immense popularity. In addition to that, extensive and repetitive campaigns about animal cruelty have created negative impact about eating meat, which has led many consumers move toward plant-based meat products. These factors are likely to foster growth of the global plant-based nuggets market over the timeframe of assessment, from 2020 to 2030.
Eating vegan and vegetarian food have gained immense popularity as many people consider eating meat as an unhealthy food option. It is widely believed that high-fiber diet is capable of keeping gut lining healthy and strong, which prevents the chances of allergic reactions due to the food ingested. With such benefits, more consumers are expected to make a switch toward plant-based meat products. These factors are estimated to work in favor of the global plant-based nuggets market in the years to come.
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Global Plant-based Nuggets Market: Geographical Analysis
In the global plant-based nuggets market, Europe is likely to come up as one of the leading regions in the market accounting for a sizeable chunk of the market, both in terms of volume and market share. Presence of a huge base of consumers with vegan and vegetarian diets in the region is likely to augur well for the market in Europe. Stringent government regulations toward prevent of animal cruelty is likely to emerge as another important growth factor for the plant-based nuggets market in Europe.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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