The market for plant-based Ham is anticipated to be fueled by a change in consumption patterns, rising interest in plant-based dairy products, rising disposable income, and a growing acceptance of western lifestyles.
The plant-based ham market is expected to experience significant growth in the coming years with a projected value of US$ 557.92 million in 2023. Rising to US$1,877.2 million by 2033 and a CAGR of 12.9% during the forecast period.
The demand for plant-based ham is being driven by several factors, including rising interest in vegan and vegetarian options, as well as concerns about the environmental impact of traditional meat production.
Plant-based ham is made from alternative protein sources such as soy, wheat, or pea protein. It is intended to mimic the flavor and texture of traditional ham while offering a more sustainable and ethical alternative. Many consumers are switching to plant-based meats to reduce their environmental impact, improve their health, or for ethical reasons.
The plant-based ham market is relatively new and emerging, and manufacturers are constantly developing new products to appeal to a wider range of consumers.
The slices and strips is currently one of the promising segments in the market, with a significant proportion of 55.0%. Vegan ham products in slices and strips are a growing segment of the market, made from a combination of soy or pea protein, vegetable oils, and other natural ingredients.
The supermarket/hypermarket, which accounted for a revenue share of more than 50.0%, led the global market in 2021 based on end-user type. The availability of plant-based ham products is leading the indirect sales channel sector, making them easily accessible to consumers.
North America is witnessing strong growth of 4.0% due to the growing trend of natural and organic eating. The region is expected to contribute 38% of the market’s growth during the 2023 to 2033 period.
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Europe has established itself as a significant market for ham slices and strips, rolls, and roasts, with a highly fragmented vegan population driving the market. Meanwhile, Asia Pacific is anticipated to be the most lucrative region due to the high influence of the western diet in the region, with an impressive CAGR of 14.1%.
Manufacturers are investing in aggressive marketing strategies, such as influencer marketing on social media platforms and television, to expand their businesses. The easy availability of the product across offline and online distribution channels is also assisting in the market’s expansion.
Competitive Landscape
For the plant-based ham industry to expand, R&D is essential. The market for vegan ham is growing quickly, particularly in Europe and America. Although, it is still behind several other plant-based food sectors, like the meat and dairy sectors. However, the plant-based ham market is getting more competitive, as manufacturers are investing more money in future research to properly replicate the intricate structure and flavor qualities of cheese.
Though the market is popularizing, modern consumers are concerned about the product’s quality and nutritional value. As a result, full-scale research and development efforts are being made to mimic the properties of traditional meat. Given the growing acceptance of plant-based diets, it is anticipated that plant-based ham consumption may increase dramatically in the near future.
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Feb 04, 2024
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