plant-based ham Market

The plant-based ham market size is expected to grow from US$ 494.17 million in 2022 to US$ 1,010.45 million by 2028; it is estimated to grow at a CAGR of 12.7% from 2022 to 2028.

People are rapidly switching to plant-based meat products due to the rising awareness about the adverse effects of meat consumption and livestock industry on the environment. Shifting towards plant-based ham products can help minimize carbon footprints, save water and other natural resources, and reduce the overall environmental impact. These factors are primarily driving the growth of plant-based ham market.

Climate change, which has affected the earth's natural ecosystems, is significantly contributing to global warming. It also poses a significant threat to the well-being of the present and future generations. Global population growth and urbanization are among the primary causes of the depletion of natural resources, including water, fossil fuels, and land. On the other hand, the demand for food is continuously surging with the rising population. People are heavily reliant on animal sources to meet their nutritional requirements, which exerts high pressure on the livestock industry. The livestock industry is one of the key contributors to anthropogenic greenhouse gas emissions. According to the Food and Agriculture Organization (FAO) of the United Nations (UN), the global livestock industry emits 7.1 gigatons of carbon dioxide per year, accounting for 14.5% of the total human-caused greenhouse gas emissions.

Based on product type, 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. However, the roasts segment is expected to register the highest CAGR from 2022 to 2028. The sliced form of plant-based ham provides a tender mouthfeel. These slices warm faster due to the large, exposed surface area and release flavors distinctly when used in food preparations. Moreover, due to their wide consumption range, plant-based ham slices and strips are broadly available through various distribution channels. These factors are significantly driving the market growth in the segment.

In terms of region, the plant-based ham market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, Europe held the largest share of the market. However, North America is estimated to register the highest CAGR from 2022 to 2028. Europe has emerged as a significant market for ham slices and strips, rolls, and roasts. According to the "The Smart Protein Project report," the sales value of plant-based food in Germany grew by 97% from 2018 to 2020, while the sales volume increased by 80%. Moreover, consumers are highly inclined toward plant-based products owing to the rising awareness regarding animal welfare. The shift in preference from animal-based diet to plant-based diet propelled the demand for proteins sourced from plants among consumers in the UK. The popularity of these products is evident through trends in retail chains, and hotels and resorts in the UK.

Hain Celestial Canada ULC; Tofurky Co., Inc.; Lightlife Foods, Inc.; Vbites Foods, Ltd.; Nestle SA; Quorn Foods Ltd.; Meliora Foods Pty Ltd.; Zebra Food Ltd.; Gourmet Evoution, LLC; and Worthington Food Inc. are a few key players operating in the plant-based ham market. These players engage in developing affordable and innovative products to meet the rising customer demands and expand their market share.

The overall plant-based ham market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the plant-based ham market.