The market for plant-based burger patties is expected to increase by $2.13 billion by 2026, according to a recent market study.
Technavio reported Wednesday that the market will increase at a compound annual growth rate of 41.1%. The two main countries that consume plant-based burgers are the U.S. and Canada, with the U.S. expected to account for 52% of the market's growth.
Other key countries for the plant-based burger market include China, the United Kingdom and Germany.
The study credited online grocery shopping as a key reason for the projected growth.
SURGING EGG PRICES GIVING RISE TO PLANT-BASED ALTERNATIVES
"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," Technavio said in a statement. "In order to increase sales through the offline channel, suppliers are growing their physical locations in national and international marketplaces."
The study cites Amazon.com Inc., Beyond Meat Inc. and Impossible Foods Inc. as a few of the major companies in the fragmented plant-based burger market.
BILL GATES SAYS FAKE MEAT PRODUCTS WILL ‘EVENTUALLY’ BE ‘VERY GOOD’
Technavio also predicted that the plant-based meat market will increase by $12.53 billion between 2022 and 2027, at a compound annual growth rate of 26.1%. They studied plant-based beef, plant-based chicken, plant-based pork and other products.
The same research firm recently predicted that the vegan egg market would grow by over $910 million between 2022 and 2027.
