Global Plant-Based Meat Market Size, Share, and COVID-19 Impact Analysis, By Source (Soy, Pea, Wheat), By Product (Burgers, Patties, Sausages, Strips & Nuggets), By Type (Chicken, Pork, Beef), By Storage (Frozen, Refrigerated, and Shelf-Stabled), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Food & Beverages
Global Plant-Based Meat Market Insights Forecasts to 2030
- The Global Plant-Based Meat Market Size was valued at USD 5.23 Billion in 2021.
- The Market is growing at a CAGR of 18.41% from 2022 to 2030
- The Worldwide Plant-Based Meat Market Size is expected to reach USD 20.13 Billion by 2030
- Europe is expected to grow the fastest during the forecast period
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The Global Plant-Based Meat Market Size is expected to reach USD 20.13 Billion by 2030, at a CAGR of 18.41% during the forecast period 2022 to 2030. The plant-based meat market is expected to grow significantly in the forecast period, due to the rising consumer interest in plant-based diets, as well as increased awareness of animal rights through various welfare organizations. Plant-based meat is becoming an essential component of the vegan diet.
Plant-based meat is made from plants. we can make meat more efficiently by skipping the animal and turning plant ingredients directly into meat. Plant-based meat, like animal-based meat, is made up of protein, fat, vitamins, minerals, and water. It is healthier than animal-derived meat when consumed in moderation, such as in sandwiches, burger patties, and other dishes. Plant-based meat is primarily composed of coconut oil, beet juice, and vegetable proteins. Wheat, pea, and blends are also used in plant-based meat products.
Globally increasing vegan and flexitarian populations, as well as increased public awareness of the health benefits of plant-based meat over animal meat, are expected to drive the market. The ongoing expansion of government efforts, as well as substantial investments, are all driving the global market for plant-based meat. According to a research project supported by the National Institutes of Health, plant-based meat products are a good source of folate, iron, fibre, and have less saturated fat than ground beef.
This research report categorizes the market for the global plant-based meat market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the plant-based meat market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the plant-based meat market.
Global Plant-Based Meat Market Report Coverage
|Market Size in 2021:||USD 5.23 Billion|
|Forecast Period 2021-2030 CAGR:||18.41%|
|2030 Value Projection:||USD 20.13 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||190|
|Tables, Charts & Figures:||130|
|Segments covered:||By Source, By Product, By Type, By Storage, By Region, and COVID-19 Impact Analysis|
|Companies Covered:||Conagra Foods , Tofurky , Gold&Green Foods Ltd , Sunfed, Monde Nissin, Impossible Foods Inc. , Maple Leaf Foods , Unilever , Beyond Meat , Kellogg Company , Vegetarian Butcher Conagra, Quorn, VBites Foods Limited, Trader Joe's, Omnipork|
|Pitfalls & Challenges:||Covid-19 Impact Analysis|
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Plant-based meat is gaining popularity because it is much healthier than traditional meat. Plant-based meat is high in fibre and vitamins while being low in saturated fat and cholesterol. It is also environmentally friendly because it requires less water and land to produce. Furthermore, rising health concerns about obesity, diabetes, cardiovascular disease, and other diseases caused by the high-fat content of animal-based meat products are expected to drive demand for plant-based meat in the coming years. This is due to the high protein and low-calorie content of plant-based meat products. Consumer awareness of plant-based non-veg substitutes is rapidly growing, with more customers desiring these goods due to health benefits, such as the avoidance of noncommunicable diseases, digestion issues, and obesity. These are the major factors to boost the market during the forecast period.
Plant-based meat products are more expensive than animal-based meat products due to high production and raw material costs, which will limit the growth of the plant-based meat market. Although companies are attempting to lower the prices of plant-based meat products, the plant-based industry is being hampered by the high prices of plant-based meat over conventional meat.
In comparison to animal meat products, plant-based meat is overpriced, which may limit market penetration in price-sensitive countries such as India and China. Plant-based meat products may contain higher levels of sodium than animal meat, which may limit the market's growth.
The global plant-based meat market share is classified into source, product, type, and storage.
- In 2021, the soy-based meat segment dominated the market, accounting for more than 46.2% of global revenue.
Based on the source, the global plant-based meat market is segmented into soy, wheat, and pea. Among these, the soy-based meat segment dominated the market, accounting for more than 46.2% of global revenue. The reason behind the growth is, soy is a good source of branch amino acids, and it’s the ability to improve exercise performance, recover from strenuous exercise, and build and strengthen muscle mass. It is expected to grow steadily over the forecast period.
Wheat is expected to have the second-largest market share in the plant-based meat market. Several factors contribute to wheat's growing popularity as an alternative meat source. Wheat is one of the most widely consumed cereal grains on a global scale and is high in antioxidants, vitamins, minerals, and fibre.
- In 2021, the strips and nuggets segment is expected to dominate the market during the forecast period.
Based on the product, the global plant-based meat market is segmented into burgers, patties, sausages, strips & nuggets. In 2021, the plant-based strips and nuggets segment is expected to dominate the market during the forecast period, accounting for 31.1% of total revenue. The strips and nuggets segment are expected to dominate growing market share in terms of value in the plant-based meat market. Strips and nuggets are in high demand due to their taste appeal and consumer popularity, particularly in the United States and Europe. aa, the plant-based burgers segment is expected to grow fastest during the forecasted period. These burgers ingredients attempt to mimic the aroma, flavor, and "bleeding" texture of meat.
- In 2021 the chicken segment is expected to hold the highest growth during the forecast period.
On the basis of type, the global plant-based meat market is differentiated into chicken, pork, and beef. Among these, the chicken segment is expected to grow at a significant CAGR during the forecast period. The reason behind the growth is, chicken is a popular meat all over the world and is used to make a variety of strips, nuggets, cutlets, and burger patties. Thus, plant-based meat alternative for chicken is in high demand. Plant-based chicken products have the same protein content, but the other nutrients vary depending on the product.
- In 2021, the frozen segment dominated the market with the largest market share of 52.8% market share.
On the basis of storage, the global plant-based meat market is differentiated into frozen, refrigerated, and shelf-stabled. Among these, the frozen plant-based meat products segment dominated the market and accounted for a 52.8% market share. The reason behind the growth is, the growing demand for innovative vegetarian products has resulted in an increase in new product development across the ambient, chilled, and frozen segments. Furthermore, frozen plant-based meat products have a longer shelf life in the freezer. As a result, consumer demand for frozen products is increasing.
Regional Segment Analysis of the Global Plant-Based Meat Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America holds the largest market share over the forecast period.
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North America dominated the market, accounting for 36.9% of total revenue. North America has the largest market share for plant-based meat. Rising consumer awareness of the risks associated with consuming contaminated meat goods, as well as increased consumption of meatless meat products, are driving market growth in this region. Consumer perceptions of food sustainability and safety are expected to shift further in response to increased consumption of plant-based foods, including plant-based meat. Consumers are increasingly turning to plant-based non-veg products to help prevent cardiovascular diseases such as cancer and diabetes.
Europe is projected to witness the fastest growth rate during the forecast period. The reason behind the growth, the positive consumer outlook on vegetarian and vegan-meat products, together with the practice of stringent regulations against cruelty towards animals, drive the market during the forecast period. To increase their sales in the regional market, key manufacturers are implementing strategic initiatives such as capacity expansion, product innovation, and mergers and acquisitions.
The report offers the appropriate analysis of the key organizations/companies involved within the global plant-based meat ingredients along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Conagra Foods
- Gold&Green Foods Ltd
- Monde Nissin
- Impossible Foods Inc.
- Maple Leaf Foods
- Beyond Meat
- Kellogg Company
- Vegetarian Butcher Conagra
- VBites Foods Limited
- Trader Joe's
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
In January 2022, Beyond Meat collaborated with Pizza Hut; Beyond Italian Sausages Crumble by Beyond Meat has been added as a permanent menu item to meet rising consumer demand.
In October 2022, Beyond Meat announced that it has begun testing its highly anticipated plant-based Beyond Steak and a new variation of Beyond Chicken called Beyond Popcorn Chicken in a limited number of locations in preparation for a wider launch.
In May 2022, Impossible Foods introduced two new products: chicken nuggets and sausage patties made in the United Kingdom. This expansion will allow the company to expand its presence throughout the UK region.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global plant-based meat market based on the below-mentioned segments:
Global Plant-Based Meat Market, By Source
Global Plant-Based Meat Market, By Product
- Strips & Nuggets
Global Plant-Based Meat Market, By Type
Global Plant-Based Meat Market, By Storage
Global Plant-Based Meat Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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