The plant-based chicken market is expected to record a CAGR of 18.4% from 2023 to 2033, from US$ 2,325.4 million in 2023 to US$ 12,601.0 million by 2033.
The world's increased protein intake is the primary driver of the worldwide plant-based chicken business. Owing to the increased protein consumption, producers are more likely to offer consumers a selection of novel plant-based chicken products as an alternative to actual chicken. Plant-based chicken is gaining popularity since it tastes and looks like chicken pieces, nuggets, and steaks.
Several government restrictions prohibiting animal slaughter in various nations are assisting the global market's growth. The global market for plant-based chickens is advancing due to increased concern over maintaining the ecosystem's equilibrium. Rising per capita and disposable income in developing countries is likely to promote global market growth. Increasing affluence leads to a better quality of life, and in emerging countries, a high level of living has boosted the market consumption of plant-based chicken. As people's health knowledge grows, consumer tastes are shifting away from animal products and towards organic products.
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This shift prompted the plant-based chicken business to broaden its menu and develop new items. Manufacturers have created appealing and eco-friendly food packaging in order to attract customers and expand their consumer base, consequently driving the global market growth.
This plausible link encourages customers to switch from animal products to herbal items. The increased popularity of organic products on social media and other print media is expected to drive the worldwide plant-based chicken market during the forecast period.
Key Points from the Plant-based Chicken Market
- The market is expected to surpass US$ 12,601.0 million by 2033.
- Growing concerns about animal cruelty, combined with the advent of the meat 2.0 revolution, are likely to provide the global plant-based chicken market the most traction in the coming decade.
- Plant-based chicken market is expected to record a CAGR of 18.4% during the forecast period.
- North America dominated the plant-based chicken market.
Key Development in the Plant-based Chicken Market
- July 2019 - Dunkin Donuts announced to serve breakfast sandwiches made with the Beyond Meat brand of meatless sausage products throughout Manhattan, New York.
- October 2020 - Impossible Foods Inc. expanded its presence in the market in Canada with the introduction of its flagship product, the Impossible Burger. The product is offered in about 600 Sobeys family shops as well as through the retailer's online grocery home delivery service.
- September 2020 - Beyond Meat introduced its new product, Beyond Meatballs, in grocery stores across the United States. This product met consumer demand for nutritious and simple-to-prepare plant-based food.
- September 2020 - Planterra Foods inked a three-year relationship with the NFL team Denver Broncos. As a result of this collaboration, the OZO brand was designated as the Denver Broncos' Plant-Based Food Option.
- September 2020 - Beyond Meat Food Co. Ltd., a subsidiary of Beyond Meat, signed a deal with Jiaxing (China) Economic and Technology Development Zone to design and develop manufacturing facilities.
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