Plant-Based Chicken Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Plant-based chicken Market was valued at more than USD 1.6 Billion in 2021 and is expected to grow at a CAGR of around 7.6% from 2022-2028. Plant-Based Chicken is a food product created to imitate the taste and texture of chicken, to prevent the killing of chickens for food. A culinary product called “plant-based chicken” aims to replicate the flavor and texture of real chicken. Typically, soy, wheat, or vegetable protein is used to make plant-based chicken, which is then formed into patties, nuggets, or roasts. Foods like plant-based chicken are typically regarded as healthier alternatives to meat since they have lower amounts of saturated fat and higher levels of fiber. Most significantly, selecting a plant-based diet as an alternative to meat is a humane one. Every time you eat one, you contribute to improvements in animal welfare. Additionally, factors such as increasing health & wellness, animal welfare, rising environmental concerns, easy availability, and many others are increasing the demand for plant-based chicken in the market. Major companies in the market are collaborating with other players to increase the demand for plant-based chicken products. For instance, in Jan 2022, KFC launched plant-based fried chicken made with Beyond Meat nationwide. To create a meat substitute that mimicked the taste and texture of whole-muscle chicken, like chicken breast, rather than the ground-up consistency of nuggets.

Beyond Meat; Impossible Foods Inc.; Tofurky; Gardein (Conagra, Inc.); Kellogg NA Co.; Lightlife Foods, Inc (Maple Leaf Foods); BlueTribe; Imagine Foods Pvt. Ltd; FIRST PRIDE (Tyson Foods, Inc); Tata Simply Better are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, nuggets category is to dominate the market during the forecast period”

Based on type, the market is segmented into nuggets, tenders, strips, burgers & popcorn, and others. The nuggets category is to dominate the market during the forecast period. This is owing to the increasing popularity of plant-based diets as they are tasty and convenient alternatives to meat. Also, concerns about animal welfare and the environmental impact of meat production are further adding to the growth of the plant-based chicken nugget market. Moreover, many major players are launching products to increase their product portfolio. For instance, in Nov 2022, Beyond Meat launched 2 New Vegan Chicken Products i.e vegan popcorn chicken and chicken nuggets made with a base of faba beans and other plant proteins.

“Amongst distribution channel, hypermarkets/ supermarkets are expected to grow with a significant CAGR during the forecast period”

Based on distribution channel, based on categorized into online stores, and retail stores (hypermarkets/ supermarkets, convenience stores, specialty food stores, and others). Among these, the hypermarkets/ supermarkets are expected to grow with a significant CAGR during the forecast period. This is mainly owing to having dedicated sections or shelves for plant-based products, making it easier for consumers to find and purchase these items. In addition, some supermarkets are even creating their brand of plant-based products, which can often be more affordable than branded products. Furthermore, more people are becoming aware of the health and environmental benefits of plant-based diets, it is likely that supermarkets and hypermarkets will continue to expand their plant-based offerings to meet the demand of consumers.

“APAC is anticipated to grow at a substantial CAGR during the forecast period”

In 2021, APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing awareness of the health and environmental benefits of plant-based diets, as well as growing concerns about food safety and animal welfare. In addition, APAC is home to some of the world’s largest meat-consuming countries, including China and India, where concerns about the environmental impact of meat production and the spread of zoonotic diseases have led to a growing consumption of plant-based chicken alternatives. Many companies in the market offer plant-based chicken across various industries. For instance, in Dec 2022, Another Foods launched India’s First Plant-Based Food-Service-Ready Chicken. It is specifically for food service to support the demands across the hospitality and restaurant industries.

Plant-Based Chicken Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global plant-based chicken market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Plant-Based Chicken Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global plant-based chicken market were the three major steps undertaken to create and analyze the adoption of plant-based chicken in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global plant-based chicken market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the plant-based chicken market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the plant-based chicken market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the plant-based chicken market. Further, we conducted factor analysis using dependent and independent variables such as various type and distribution channel of plant-based chicken. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the plant-based chicken market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global plant-based chicken market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the plant-based chicken market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global plant-based chicken market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global plant-based chicken market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and distribution channel in the global plant-based chicken market.

The main objective of the Global Plant-based chicken Market Study

The current & future market trends of the global plant-based chicken market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the plant-based chicken market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and distribution channel.
• Define and analysis of the regulatory framework for the plant-based chicken
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the plant-based chicken market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the plant-based chicken market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team