According to the recent research report titled ‘Plant-Based Meat Market Share, Size, Trends, Industry Analysis Report, By Source; By Product; By Application, By Regions; Segment Forecast, 2020 -2027’, available with Market Study Report, global plant-based meat market is projected to be remunerated at USD 35.4 billion by the year 2027, while recording a robust growth rate  throughout.
 

Global plant-based meat market growth is driven by increasing concern about safety of animal-based meat owing to widespread of COVID-19 pandemic originated from wild animals. Rising vegan population in Europe, increasing cognizance regarding nutritional benefits, and food technology advancements supported by investment firms are all contributing to the demand for plant-based meat.
 

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Veganuary, a non-profit organization in UK introduced Veg Capital, a financing solution for plant-based food enterprises, in June 2020. It will provide funding to plant-based food startups in the range of EUR 50,000 to 2,50,000 (USD 60,382 to 301,912).
 

For those unversed, plant meats contain ingredients derived from plants like soy to imitate the texture of animal meat. Recent developments ensure that the product provides the same cooking and eating experience as conventional animal-based meat. A smaller number of hamburger joints have started selling plant-based patties that are similar in taste to the beef served at the same venue.
 

Consumers, on the other hand, see possible benefits in plant-based foods and correlate them with improved health and nutritional value. According to a 2016 Oxford University report, a healthy diet (i.e. one with less meat) could prevent 5.1 million deaths globally by 2050.
 

Meat-free protein food commodities are no longer limited to a small portion of the population who identify as vegetarians or vegans. Citing an instance, 39% of Americans are currently integrating plant-based foods into their diets, and millennials are driving this trend: 30% consume meat alternatives regularly, and 50% consumer meat alternatives most times a week, positively swaying global plant-based meat market dynamics.
 

Furthermore, strong government intention has moved the use of plant-based meat to the front of the line. Governments are starting to comprehend the impact of diets on climate and the atmosphere. In the latest revision of the US dietary guidelines 2015-2020, expert panel suggested the inclusion of environmentally sustainable diet, augmenting worldwide plant-based meat industry share.
 

On the geographical front, Denmark is debating whether to levy a red meat fee. The Green Party of Sweden introduced a motion in the Swedish parliament in 2016 asking for a carbon tax on food.
 

Major contenders in global plant-based meat market sphere are VBites, Sunfed Ltd., Gold & Green Foods Ltd. Oy, Tofurky, The Vegetarian Butcher, Amy's Kitchen, Quorn Foods, Morningstar Farms, Maple Leaf Foods Inc., Beyond Meat, Garden Protein International Inc., and Impossible Foods Inc.