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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.

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.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Plantbased Burger Market

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