The plant-based burger patties market size is expected to grow by USD2.13bn from 2021 to 2026, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 41.1% during the forecast period.
North America will account for 52% of the market’s growth over the forecasted timeframe. The main markets in the region for plant-based burger patties are the US and Canada. The market in this region will expand more slowly than markets in other regions. The market for plant-based burger patties in North America will increase due to the rising popularity of online grocery shopping.
The offline segment is significant during the forecast period. The sales of products through specialty stores, including brand-owned stores, multi-brand stores, and grocery stores, provide the offline distribution channel with its revenue. Due to the movement in consumer choice from offline to online purchasing, the revenue of the offline distribution channel has been steadily dropping over the last five years. In order to increase sales through the offline channel, suppliers are growing their physical locations in national and international marketplaces.
The plant-based beverages processing equipment market is estimated to grow at a CAGR of 8.94% between 2022 and 2027. The size of the market is forecast to increase by USD1.32bn. Meanwhile, the plant-based meat market size is projected to increase by USD12.53bn and the market size is estimated to grow at a CAGR of 26.1% between 2022 and 2027.
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