According to The Insight Partners report, “Plant-Based Ham Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Product Type (Slices and Strips, Rolls, and Roasts) and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others),” the global plant-based ham market size is expected to grow from $.494 billion in 2022 to $1.01 billion by 2028; it is estimated to grow at a CAGR of 12.7% from 2022 to 2028. The company says this growth is driven by the environmental impact of livestock industry and acceptance of sustainable food habits.
The COVID-19 pandemic and subsequent lockdowns, travel restrictions and business shutdowns adversely affected the industrial operations and economic growth of various countries in North America, Europe, Asia Pacific, South and Central America and the Middle East and Africa.
The temporary shutdown of manufacturing units disrupted global supply chains, manufacturing activities, delivery schedules and essential and nonessential product sales, thereby hampering the growth of several industries, including food and beverages. Various companies announced possible delays in product deliveries and a slump in product sales in 2020. Further, international travel bans in European, Asian and North American countries compelled companies to temporarily discontinue collaboration and partnership plans. All these conditions restrained the food and beverages industry in 2020 and early 2021, thereby impeding the growth of the global plant-based ham market.
Europe held the largest share of the plant-based ham market in 2021. The market growth in the region is attributed to consumer inclination toward plant-based products owing to the rising awareness regarding animal welfare.
The plant-based ham market is segmented into slices and strips, rolls and roasts. The slices and strips segment held the largest market share in 2021, whereas the roasts segment is expected to register the highest CAGR during the forecast period.
The online plant-based ham retail segment is anticipated to register the highest CAGR during the forecast period.
Key players in this segment include Hain Celestial Canada ULC, Mississauga, Ontario; Tofurky Co., Inc., Hood River, Ore.; Lightlife Foods, Inc., Turner Falls, Mass.; Vbites Foods, Ltd., Corby, England; Nestle SA, Vevey, Switzerland; Quorn Foods Ltd., Stockesley, England; Meliora Foods Pty Ltd., Australia; Mantra Food Thailand Co., Ltd., Thailand; Gourmet Evolution, LLC, Miami; and Worthington Food Inc., Collegedale, Tenn.
