Plant-Based Meat Market : A Global Assessment of the Current Trends, Drivers, and Challenges
Plant-Based Meat Market Size was valued at USD 3.99 billion
in 2021. The plant-based meat market industry is projected to grow from USD
4.61 Billion in 2022 to USD 12.69 billion by 2030, exhibiting a compound annual
growth rate (CAGR) of 15.56% during the forecast period (2022 - 2030).
Plant-Based
Meat Market Insights reveal a rapidly growing and transformative
industry, driven by increasing consumer demand for sustainable and cruelty-free
protein sources. With innovations in taste, texture, and nutritional profiles,
plant-based meat products are gaining mainstream acceptance. This market is
poised for continued expansion as more consumers embrace plant-based diets, and
companies invest in research and development to meet evolving preferences and
sustainability goals.
Plant-based meat
comprises meat substitutes made from plant products. There are a variety of
plant-based meat substitutes that hold an important presence in the cuisine of
various regions, such as tofu, seitan, and tempeh in Eastern Asia. These
products have migrated to Western markets in recent years due to the growing
popularity of veganism and the growing awareness among consumers about the
adverse effects of the meat industry on the planet’s ecosystem. The growing
popularity of these products in affluent markets such as North America and
Western Europe is likely to be a major driver for the global plant-based meat
market over the forecast period. The rise of veganism has been prominent in
North America and Europe, where meats comprise an important part of the
traditional diet. Many, especially younger, consumers in these regions are
adopting veganism as a means to support the environment, leading to growing
consumption of vegan products such as tofu and tempeh. This is likely to be a
major driver for the global plant-based meat market over the forecast period.
Growing
innovation and product development is likely to be a key trend in the global
plant-based meat market over the forecast period. Manufacturers are adopting
innovative means to turn plant products into meat substitutes with the same
texture and taste as meats. This has resulted in the increasing availability of
plant-based meat substitutes, especially in North America and Europe. Many new
manufacturers are springing up in these two regions to capitalize on the
increasing plant-based boom. This is likely to result in steady growth of the
plant-based meat market over the forecast period. The growing technological sophistication
in the production of plant-based meats, which has resulted in the production of
identical products that mirror the texture and flavor of meats to a high
degree, is likely to result in increasing popularity of plant-based meat
products in the coming years. This is likely to remain a major driver for the
plant-based meat market over the forecast period.
Competitive Analysis:
Leading players
in the global plant-based meat market include Amy’s Kitchen Inc., Beyond Meat,
Garden Protein International Inc., Blue Chip Group Inc., MorningStar Farms LC,
VBites Foods Ltd., Schouten Europe BV, Cauldron Foods Limited, Impossible Foods
Inc., Maple Leaf Foods Inc., Unilever, House Foods Corporation, Vitasoy
International Holdings Limited, and Eden Foods Inc.
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In December
2019, Beyond Meat announced plans to launch plant-based poultry products in
2020.
The same month,
popular fast food brands Hardee’s and Carl’s Jr. added a new suite of breakfast
meat items made with Beyond Meat products.
In April 2019,
Maple Leaf Foods opened a new meat alternative manufacturing plant in
Shelbyville, Indiana.
Segmentation:
The global
plant-based meat market is segmented on the basis of product type, source,
distribution channel, and region.
By product type,
the global plant-based meat market is segmented into tofu and tofu products,
sausages, seitan, tempeh, and others.
By source, the
global plant-based meat market is segmented into soy, wheat, pea, and others.
Soy is the dominant category in the global plant-based meat market due to the
ease of turning soy protein into meat substitutes.
By distribution
channel, the global plant-based meat market is segmented into store-based and
non-store-based.
Market
Outlook:
The plant-based
meat market outlook continues to experience robust growth as consumer
demand for sustainable and healthier food options remains on the rise. With a
focus on environmental concerns, health-conscious choices, and ethical
considerations, plant-based meat alternatives are increasingly becoming
mainstream. As innovation in the industry continues to drive the development of
more realistic and delicious plant-based products, the outlook for this market
segment appears promising, with a trajectory towards further expansion and
market penetration in the coming years.
Regional Analysis:
Europe holds the
largest share in the global plant-based meat market due to the widespread
acceptance of veganism in the region. Germany and the UK are the leading
regional markets within the Europe market.
Asia Pacific is
also likely to be a major regional market within the global plant-based meat
market over the forecast period due to the widespread popularity of tofu,
seitan, tempeh, and other plant-based meat alternatives in East Asia. The
widespread vegetarian culture in India is also likely to be a major driver for
the plant-based meat market in Asia Pacific, as an increasing number of
consumers are buying plant-based meat products in the country.
Key
Players are:
AMY's Kitchen
Inc, Beyond Meat, Gardein Protein International Inc, Blue Chip Group Inc and
MorningStar Farms L.C.
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