Plant-Based Burger: Market Outlook
Consumers are adopting healthy eating mainly due rise in chronic diseases caused by consumption of unhealthy high-calorie foods such as junk foods. The popular junk foods such as pizzas and burgers have low nutritional value but irresistible taste; a strong factor responsible for creating a sizable customer base. With the help of advanced technology, manufacturers are able to create a plant-based burger that has high nutritional value and exceptional taste.
Plant-based burgers are direct competitor to meat burgers since they exhibit the same taste, texture, and feel of meat burgers. The production of meat is on of the major causes of global warming, adversely impacting the biodiversity and eco-system. Rising concerns toward environment and animal welfare is causing the consumers to shift to a vegan or flexitarian diet, thereby creating a potential business opportunity for plant-based burger market players.
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Recommendations from Physicians and Dieticians for Plant Based Diets is Driving the Plant-Based Burger Market
A plant based diet is a nutrient-dense vegetarian food free from processed foods, oils, and dairy products. Leading dieticians and nutritionists emphasize on cutting down the consumption of red meat and poultry and include plant based meals as the base diet. Even physicians have started acknowledging that a plant based diet would help in faster recovery of patients suffering from obesity, diabetes, cardiovascular disease, and high blood pressure.
To treat chronic disease at a faster rate and reduce the heart-related mortality rate, physicians should recommend plant based diets to their patients. Also, the advancements in technology and innovation have made it possible for plant-based foods such as soy, nuts, and peas, etc. to taste like meat or dairy-based food products. Thus, recommendations from the experts and product innovations are some of the core driving factors for the growth of plant-based burger market.
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Climate Awareness and Concern towards Animal Welfare Driving Consumers to Switch to Plant-Based Diet
The production of industrial farm animals emits climate-altering gases causing weather disruptions and a rise in temperature. A report by FASEB (Federation of American Societies for Experimental Biology) stated that the production of plant-based products emit ten times fewer greenhouse gases than the production of animal-based products.
Horrific practices like inhumane handling of domesticated animals and animal slaughter not only causes immense suffering to animals but also to our environment. Adopting a plant-based diet or at least a flexitarian diet, to begin with, would result in a decrease in demand for meat, dairy products, and other animal products, gradually relieving the plight of animals on factory farms around the world.
In terms of nutritional availability, the relative cost of production and preparation, and general health, the plant-based foods have an upper hand over the animal based foods. Also, in terms of land usage, water usage, and greenhouse emissions, the plant based foods rather exhibit minimal requirement and role as compared to its counterpart. Realizing that adopting sustainable dietary patterns would help in protection of environment, the consumers would start switching to plant based diet.
Global Plant-Based Burger: Market Segmentation
Based on Nature, plant-based burger can be segmented as:-
- Organic
- Conventional
Based on Source, plant-based burger can be segmented as:-
- Soy
- Wheat
- Pea
- Quinoa
- Oats
- Beans
- Nuts
Based on Sales Channel, plant-based burger can be segmented as:-
- HoReCa
- Modern Trade
- Specialty Store
- Convenience Stores
- Online Retail
Global Plant-Based Burger: Key Players
Some of the key players manufacturing plant-based burger are as follows – Beyond Meat, Impossible Foods, Kellogg Co., Conagra Brands, Lightlife, Hodo, Sweet Earth, dr. Praeger's, and 365 Everyday Value.
Opportunities for Global Plant-based burger Market Participants:
There has been a rise in funding from venture capitalist, IPOs, and traditional market players in plant based brands and start-ups. The venture capitalist invest with the expectation of development of novel technologies that could stir the market. Venture capitalists like Blue Horizon, New Crop Capital, and CPT Capital believe that investing in plant based foods will guarantee long term value creation, change in the global food system, and would revolutionize the food technology.
Multinational players like Tyson Foods Inc. and Cargill have been investing or are into joint ventures with several plant based companies. Even some of the popular fast-food chains such as McDonald’s, Taco Bell, Pizza Hut, etc. have started selling plant based meals to consumers. The North American and European region demonstrate great business potential for market players followed by the emerging market in South Asia.
COVID-19 Impact:
According to World Organization for Animal Health (OIE), evidence suggest that COVID-19 virus emerged from an animal source. It also stated that animals could also be infected with the virus on close contact with already infected human beings. Even World health organization (WHO) has advised general precautionary measures to be followed when visiting meat market or any other animal products market. During the Pandemic, China had to implement ban of Huanan seafood wholesale market and wildlife meat market to curb the spread of disease. All of these statements indirectly conclude that COVID-19 pandemic could be the dawn for plant based dietary lifestyle.
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