Plant-Based Ham Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product (Slices and Strips, Rolls, and Roasts); Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others); and Region/Country
The plant-based ham market was valued at USD 497 Mn in 2021 and is expected to grow at a strong CAGR of around 12.5% during the forecast period (2022-2028) owing to the increasing awareness among customers, the proliferation of IoT in emerging economies, and surging disposable incomes and urbanization. Plant-based ham is a type of food product made from plant-based ingredients that aim to mimic the flavor, texture, and appearance of traditional ham, which is typically made from pork. There are many different types of plant-based hams available, which may be made from a variety of ingredients such as soy, wheat protein, pea protein, or jackfruit. Moreover, with increasing awareness about the need and benefits of plant-based ham products, spending on product development and R&D activities has increased globally. Additionally, the rising investments and product launches in the plant-based ham market are further contributing to the growth of the market. For instance, in July 2022, Shinsegae Food launched plant-based canned ham.
Some of the major players operating in the market include The Hain Celestial Group, Inc.; Tofurky, Lightlife Foods, Inc.; VBites Foods Ltd; Nestlé; Meliora Foods Pty Ltd; Quorn; Gourmet Evoution; WORTHINGTON; mantraplantbased. 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 product, the roasts segment is expected to grow with a significant CAGR during the forecast period”
Based on product, the market is segmented into slices and strips, rolls, and roasts. Amongst these, roasts segment is expected to grow with a significant CAGR during the forecast period. Plant-based ham roast has a tender, smoky flavor, complimented by a sweet, tangy glaze that has high rate of consumption in consumers and increasing consumer interest in plant-based diets that drive the growth of segment.
“Amongst distribution channel, the online retail held the majority share of the market in 2021”
By distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The online retail segment held a major share of the plant-based ham market in 2021. This is mainly due to the surge in the adoption of quick commerce, convenience in shopping, and easy delivery of products.
“North America is expected to grow at the highest CAGR during the forecasted period”
North America is expected to grow at the highest CAGR during the forecasted period. The plant-based food industry has been growing rapidly in recent years, and this trend has been particularly evident in North America. Consumers are increasingly looking for healthier and more sustainable food options, and many are turning to plant-based foods as a result. However, there are also a growing number of companies that are developing plant-based alternatives to other types of meat, including ham. In addition, the rising vegan and flexitarian population in the U.S. and the strong presence of leading plant-based food manufacturing companies are driving market growth. For instance, according to a study done by Vegetarian Times, 9.7 million Americans follow a vegetarian diet, with almost one million of those being vegan. 59% of plant-based food eaters in the United States are female, with 41% being male.
Plant-Based Ham 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 portfolios, 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 ham 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.
Table of Contents
Research Methodology for the Plant-based ham Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global plant-based ham market were the three major steps undertaken to create and analyze the adoption of plant-based ham 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 ham 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 ham 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 ham 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 product, and distribution channels. 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 ham market. Further, we conducted factor analysis using dependent and independent variables such as product, and distribution channels of the plant-based ham market. 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 ham 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 ham 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 ham 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 ham 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 ham market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, and distribution channels in the global plant-based ham market.
The main objective of the Global Plant-based ham Market Study
The current & future market trends of the global plant-based ham 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 ham 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 the product and distribution channel
- Define and analysis of the regulatory framework for the plant-based ham industry
- 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 ham 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 ham 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
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