The plant-based ham market is projected to be valued at USD 557.92 million in 2023 and is expected to rise to USD 1,877.2 million by 2033. The sales of plant-based ham are expected to record a CAGR of 12.9% during the forecast period. Various factors propelling the demand for plant-based ham are:
Plant-based ham products are made from alternative protein sources such as soy, wheat, or pea protein. They are intended to mimic the flavor and texture of traditional ham while offering a more sustainable and ethical alternative.
Plant-based ham comes in a variety of forms, including sliced deli-style ham, ham roasts, and ham substitutes for use in recipes. To create a healthier and more sustainable product, these products are frequently made with natural ingredients and additives.
Fast food outlets, resorts and hotels, cafes, and restaurants started using plant-based ham as an appetizer to satisfy a sizable portion of the population. Additionally, the millennial generation is developing innovative methods for making plant-based ham.
Manufacturers are spending more on aggressive marketing strategies, such as influencer marketing on social media platforms and television (TV). In addition, the easy availability of the product across offline and online distribution channels is assisting in the market's expansion.
The higher cost of plant-based products compared to traditional meat products was one of the challenges confronting the plant-based ham market. However, as demand for plant-based alternatives grows and economies of scale improve, prices are expected to fall, making these products more accessible to a wider range of consumers.
Manufacturers were constantly developing new plant-based ham products to appeal to a wider range of consumers. For example, some companies are creating plant-based ham substitutes for use in recipes, while others were developing plant-based ham roasts for holiday meals.
| Attribute | Details |
|---|---|
| Plant-based Ham Market Estimated Size (2023) | USD 557.92 million |
| Plant-based Ham Market CAGR (2023 to 2033) | 12.9% |
| Plant-based Ham Market Forecasted Size (2033) | USD 1,877.2 million |
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Plant-based Ham market projected a CAGR of 9.2% from 2018 to 2022 with a market valuation of USD 494.17 million in 2022.
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.
Based on historical data, the plant-based ham market has grown significantly in recent years, with several new products entering the market. Moreover, growth in vegan consumers interested in plant-based alternatives. However, the market was still in its infant stage, and there was plenty of room for expansion and development in the coming years.
The food industry is changing quickly as a result of the popularity of veganism and plant-based diets. ‘Clean’ labeling is swiftly gaining popularity as plant-based Ham has become readily available.
For example, in December 2021, ITC Limited, an Indian conglomerate, introduced a new line of plant-based meat products. It aims to meet India's unmet demand for vegan meals and meat substitutes.
Looking ahead to the future, it is likely that the plant-based ham market continue to grow and mature. As more consumers seek out plant-based options and food technology continues to improve. Additionally, as economies of scale improve, the cost of plant-based ham products is likely to decrease, making them more accessible to a wider range of consumers.
Future Market Insights opines the plant-based ham market is projected to remain steady, recording a 12.9% CAGR between 2023 and 2033 and witnessing a revenue size of USD 1,877.2 million by 2033.
The rise of the plant-based ham market is being fueled by elements including the expansion of organized retail locations globally. The opening of supermarkets, hypermarkets, convenience stores, and specialized shops is responsible for this rise. Vendors are heavily dependent on big, organized merchants for efficient product promotion and distribution. Additionally, a lot of big retail companies have started opening additional stores to increase their geographic reach.
Worldwide, organized retailing locations like gas stations, supermarkets, and hypermarkets sell goods like packaged Plant-based Ham. As a result, it is now simpler for newcomers to identify appropriate distribution channels and raise awareness of their items on the market.
Vegan ham products in slices and strips were a growing segment of the plant-based ham market. These products were often made from a combination of soy or pea protein, vegetable oils, and other natural ingredients. Additionally, they were intended to mimic the texture and flavor of traditional deli-style ham slices or bacon strips. Plant-based ham slices offer a soft and tender texture and have a colossal surface area that allows them to warm up quickly. They also release their distinct flavors when used in various food preparations. As a result, they are widely consumed and readily available through multiple distribution channels.
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. Factors such as growing consumer discretionary income levels and willingness to spend on premium items have contributed to a growth in the demand for plant-based products in the B2C market. Supermarkets and hypermarkets are prodigious retail establishments that sell food and beverages, groceries, and other consumer goods. For ease of shopping, products from various brands are organized into separate sections. Furthermore, supermarkets and hypermarkets prioritize product sales in order to increase profit margins. As a result, these stores provide appealing discounts, a variety of payment options, and a better customer experience.
38% of the market's growth over the 2023 to 2033 period is expected to come from the North America region. Growing investments in the plant-based food industry, especially plant-based hams, and frequent product launches are some reasons for this region's expansion. The main drivers fueling the growth of the plant-based ham market in this region are the growing environmental consciousness and the rise in health-conscious consumers.
Europe has established itself as a significant market for ham slices and strips, rolls, and roasts. According to The Smart Protein Project report, plant-based food sales in Germany increased by 97% from 2018 to 2020, while sales volume increased by 80%. Furthermore, as consumer awareness of animal welfare grows, they are increasingly drawn to plant-based products. The shift in consumer preference from animal-based to plant-based diets fueled the demand for plant-based proteins in the United Kingdom. The popularity of these products can be seen in trends in retail chains as well as hotels and resorts in the United Kingdom.
Asia Pacific is anticipated to develop at a transforming CAGR of 14.1% due to the region's consumers' shifting lifestyles and rising veganism awareness. Additionally, a significant section of the population in India has been vegetarian from the beginning of time, which has greatly benefited the demand for plant-based ham. The expansion of consumer disposable income is another factor driving this local market.
The market for plant-based ham products has become increasingly competitive, with several established and new companies vying for market share. Some key players in the plant-based ham market included:
Tofurky: Tofurky is a well-known plant-based meat brand that offers a variety of vegan ham products, including deli slices and roast-style ham.
The Very Good Butchers: The Very Good Butchers is a plant-based meat company based in Canada that offers a range of vegan meats, including ham roast and deli slices.
Lightlife: Lightlife is a United States-based plant-based meat company that offers a range of vegan deli meats, including ham slices.
Yves Veggie Cuisine: Yves Veggie Cuisine is a Canadian company that produces a variety of vegetarian and vegan meat substitutes, including ham slices and deli ham.
Sweet Earth Foods: Sweet Earth Foods is a California-based company that offers a range of plant-based meats, including a vegan ham-style roast.
Quorn: Quorn is a United Kingdom-based company that specializes in producing a range of vegetarian and vegan meat substitutes, including vegan ham slices.
Field Roast: Field Roast is a United States-based company that produces a range of plant-based meats, including a vegan ham-style roast.
These companies are investing in product innovation, and marketing strategies, and expanding their distribution networks to capture an extensive share of the plant-based ham market. As the demand for plant-based meat products continues to grow, the competition in the plant-based ham market is likely to intensify, leading to further innovation and the development of new products.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 12.9% from 2023 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USDKey Segments Covered in the Plant-based Ham Market Report billion and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | By Product Type, By Distribution Channel, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Middle East & Africa; Oceania |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Yves Veggie Cuisine; Tofurky; Lightlife; May Wah; Be Leaf; Loving Hut; Bristol Brand; Prima Della; Hillshire Farm; Farmland; Sweet Earth Foods; Simple Truth. |
| Customization & Pricing | Available upon Request |
North America region generated maximum share of 38% in the global demand in 2022.
The United States is estimated to grow at a significant share through 2033.
The slices and strips segment contributes a maximum share in the global market.
The hypermarkets/supermarkets segment holds a maximum revenue of the global market share.
From 2018 to 2022, the global market exhibited 9.2% CAGR.
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Plant-based Ham Market
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