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As of February 21, 2021, Beyond Meat was the leading company producing alternative protein products, such as plant-based meat, with an estimated market value of **** billion U.S. dollars. The company offers burger patties (among other products) that are intended to replace meat patties. Impossible Foods, which ranks second, is a direct competitor in this market.

The global plant-based meat market

Plant-based meat alternatives are food products made from vegetarian or vegan sources, such as soy, vegetables, seitan, tempeh, or pea proteins. Plant-based meat products are becoming increasingly popular in many countries. In 2020, the market value of plant-based meat worldwide was estimated to be worth approximately *** billion U.S. dollars. The market is forecast to grow steadily during the next few years and reach about **** billion in 2026. Geographically, the region with the largest market share in the plant-based meat market is North America, with a share of approximately ** percent. The region with the second-largest market share is Europe, with approximately ** percent. The other regions each make up no more than **** percent of the global market.

Consumption of plant-based meat alternatives in the U.S.

More than ** percent of U.S. consumers eat plant-based meat alternatives on a daily or weekly basis. The main reason U.S. consumers eat meat-substitutes is because they think that such products are healthier than meat products. Vegetables, such as mushrooms, potatoes, and others, are the most popular alternative protein source. Moreover, grains, such as rice, quinoa, wheat, oat, and others, are also a popular alternative protein source.