The plant-based burger patty market expected to grow by over $2 billion at a compound annual growth rate of 41.1%, according to market research firm Technavio.
"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 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.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.
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