North America Meat Substitutes Market- Growth, Trends and Forecast (2020 – 2025)
The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of Meat Substitutes Market on the basis of stating current situation of the industry in 2020.
North America meat substitutes market is anticipated to witness a CAGR of 5.89% during the forecast period (2020 – 2025).
– The rising demand for vegan foods in the country owing to the gradual adoption of veganism is driving the market of meat substitutes.
– A large portion of the regional population is realizing the benefits of plant-based foods over meat products in preventing obesity, and is, therefore, opting for plant-based alternatives of maximum possible food products.
– However, due to the lack of awareness and low disposable income among the smaller economies of the region, the market is likely to witness slower progress.
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North America meat substitutes market is fragmented with the presence of several global as well as domestic players. The major opportunity for the players to grab the market is by launching innovative solutions to cater to the inflated demand for alternatives to various processed meat products, against which health concerns have been rising in the recent times. The taste and the cost also play a major role in laying a heavy brand foundation. The global players have a strong hand due to their brand image and are, therefore, they are indulging in geographical expansions mergers, acquisitions, and partnerships with the local food industries to capture the regional market. The most active players in the market are Beyond Meat, Conagra Brands Inc., Trader Joes, and The Kellogg Company.
Key Market Trends:
The Online Retail Channel is the Fastest Growing Distribution Channel
The North America region is well-developed and the people have a good knowledge of the internet and technology. Due to this, online sales have become a major distribution channel for manufacturers to cater to consumer-friendly shopping demands. Often, new products are being launched through online platforms in the region, which were previously first seen in the supermarkets. Also, as the number of consumers is increasing, online retailers are throwing attractive offers like discounts and free delivery schemes to cut down the hassle of shopping. The concept of digital payment has also helped to increase sales through this channel. Thus, the advantages associated with the distribution channel are expected to drive the market in the near future.
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