Global Plant-Based Chicken Market - 2023-2030

Global Plant-Based Chicken Market - 2023-2030

Global Plant-Based Chicken Market reached US$ 4.5 billion in 2022 and is expected to reach US$ 8.3 billion by 2030 growing with a CAGR of 8.1% during the forecast period 2023-2030. Increased awareness among people about the health benefits of plant-based chicken and rising demand for meat alternatives is driving the global plant-based chicken market growth.

The emerging health concerns increased health awareness among people. The increased adoption of veganism and the growing popularity of vegan chicken has increased the scope of penetration of plant-based chicken due to its health benefits. Also, the increased disposable incomes of the people and rising environmental concerns fuel the market growth.

The growing health expenditure, rising demand for the labels like organic, plant-based, & clean labels, an increasing number of working women, and rapid urbanization enables consumers to buy healthy plant-based chicken. In addition, new product launches drive market expansion. For instance, In July 2023, Beyond Meat, a leader in plant-based meat, announced the expansion of its range introducing two plant-based chicken-style products, including nuggets and tenders.

Market Dynamics

Increasing Veganism Drives the Global Plant-Based Chicken Market Growth.

The various benefits of a vegan diet have increased the vegan population worldwide. With the increasing health concerns, consumers are selectively choosing their diet patterns. There is a rising consumer knowledge about the negative health effects of the diet, including animal-based products. To avoid health issues, consumers are preferring to adopt a plant-based diet.

The plant-based diet has several health benefits. The increased health consciousness drives people towards a vegan diet. The World Animal Foundation estimated that there are around 88 million vegans in the world. The rise in awareness related to animal cruelty and its adverse environmental effect is expected to drive the vegan population, thereby increasing the global plant-based chicken market.

The Rising Demand for the Protein-Rich Foods Drives the Global Plant-Based Chicken Market Growth.

Protein is considered an essential nutrition that is needed for the body’s development and repair. But it is estimated that one billion people worldwide are suffering from protein deficiency. South Asia and Africa are at the top of protein deficiency, mostly among children. To compensate for that, the need for protein-based diet is needed. Due to the rising health concerns regarding animal-based foods, plant-based proteins are considered as the better options. Thus, driving the market.

The new product launches are also increasing the market expansion. For instance, Impossible Foods, a meat substitute provider, announced the launch of three new chicken products in February 2023, to expand its plant-based chicken line. The products like spicy chicken nuggets, spicy chicken patties, and chicken tenders are included in the product line.

The High Costs of Plant-Based Chicken Restrains Market Growth.

The major restraining factor for the plant-based chicken market is the high costs of the product. The higher costs of raw materials and investments in product processing are increasing the final price of the product. There are many developments taking place in the R&D sector to match up the taste and texture to that of regular chicken, adding costs to producers.

The increasing prevalence of soy and wheat allergies is restraining the market for soy-based and wheat-based chicken. The wheat-based chicken has gluten in them. Many people are suffering from gluten intolerance. On the other hand, the increasing prevalence of soy-based chicken allergies is also hindering market growth. For instance, about 0.3 % of the general population is intolerant to soy.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global plant-based chicken market is segmented based on source, product type, distribution channel, and region.

In the Global Plant-Based Chicken Market, the Soy-Based Protein Segment Holds the Largest Market Share.

The global plant-based chicken market has been segmented by source into flaxseed-based, lentil-based, fava-based, pea-based, canola-based, soy-based, chia-based, and others. The soy-based protein segment held the largest plant-based chicken market share of 28.8% in 2022 in the plant-based chicken market analysis report. The various health benefits provided by soy proteins are driving the segment’s growth.

Soy is an excellent source of proteins in all plant-based diets. A total of 40% of the pure protein is present in it. The soy also contains vitamins and fatty acids. With all these nutritional benefits, soy-based proteins help in improving health. The reduction of heart problems, improvisation of bone health, and prevention of cancer are some of the health benefits provided by the soy-based diet, thus driving the segment’s growth.

Geographical Analysis

The North America Region Held the Largest Plant-Based Chicken Market Share.

The global plant-based chicken market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North American plant-based chicken market held the largest market share of 38.6% in 2022 in the plant-based chicken market analysis. The increased health awareness and growing trend of veganism are driving this region’s plant-based chicken market.

Animal Health Foundation found that around 6 % of US population is vegan. The increasing health concerns and rising prevalence of obesity in the region, are increasing the demand for plant-based foods such as plant-based chicken. The increasing veganism among people and rising demand for vegan products is driving the region’s market for plant-based chicken.

Competitive Landscape

The major global players in the market include Ingredion Inc., Atlantic Natural Foods LLC, Beyond Meat Inc., Impossible Foods, Inc., CHS INC, Puris Proteins, LLC, Tyson Foods, Inc, Gardein, Puris Proteins, and Kellogg Company.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

There was a rise in consumer interest in plant-based diets during COVID-19. Household demand witnessed a sudden spike owing to increased in-home food consumption among the population during lockdown periods. The pandemic affected the supply chain phases of plant-based chicken production. The sales were restricted due to high costs.

Why Purchase the Report?
• To visualize the global plant-based chicken market segmentation based on source, product type, distribution channel, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant-based chicken market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Plant-Based Chicken Market report would provide approximately 61 tables, 65 figures and 165 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies