The plant-based meat market size was valued at USD 4.2 billion in 2020 and is projected to reach USD 8.2 billion by 2028, expanding at a CAGR of around 13.9% during the forecast period, 2022 – 2030. The growth of the market is attributed to increasing awareness about health benefits provided by plant-based meat.
Meat derived from plants is known as plant-based meat. It's designed to look, feel, and taste like traditional meat made from animal ingredients. Plant-based meats are usually frozen, but some health food stores include fresh cold cuts in their deli department. Soy is a raw material that contains all the essential amino acids that are required for human growth.
Soy's capacity to improve the end product's texture, anti-oxidation, viscosity, emulsification, solubility, and water absorption is estimated to boost the demand of soy in plant-based meat products during the forecast period. The popularity of various varieties of plant-based meat continues to grow, diversifying and expanding the sector. In addition to plant-based beef, there is a growing demand for plant-based poultry, pork, and shellfish. Over the forecast period, the exponential rise of frozen plant-based meat is expected to continue.
During the COVID-19 pandemic, the food systems have undergone major changes, including product distribution disruption, access to producing locations was limited, and disruptions in crucial input supplies. Despite these constraints, plant-based enterprises have been ready to adjust and expand their product lines and sales. Foodservice channel delivery was severely disrupted, due to pantry stocking and panic buying, leading in a significant boost in retail sales during the previous year.
Market Trends, Drivers, Restraints, and Opportunities
- Rising consumer engagement in plant-based diets, as well as rising awareness of animal protection thru several animal welfare organizations is projected to drive the market.
- Vegan diets, in which people live a vegetarian lifestyle without eating animal products, are increasingly including plant-based meat, which is estimated to fuel the market.
- Extreme consumption of animal-based meat has been related to diet-related disorders such cancer, heart disease, type 2 diabetes, and obesity, which is expected to boost the plant-based meat market.
- Increasing awareness about the benefits offered by plat-based meat and their safety is anticipated to propel the market.
- Plant-based meat has fewer cholesterol, saturated fat, and calories than animal-based meat, which is the major factor driving the market.
- High price of the product is estimated to hamper the market growth during the forecast period.
- High cost of production is projected to impede the market growth.
Scope of Plant Based Meat Market Report
The report on the global plant-based meat market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Plant-based Meat Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2019–2020
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Forecast Period
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2022 – 2030
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Segmentation
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Products (Burgers, Grounds, Nuggets, Tenders & Cutlets, Patties, Sausages, and Others), Sources (Wheat, Pea, Soy, and Others), Types (Fish, Beef, Pork, Chicken, and Others), Storage (Shelf-stable Plant-based Meat, Frozen Plant-based Meat, and Refrigerated Plant-based Meat), End-users (HORECA (Hotel/Restaurant/Café) and Retail)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Dr. Praeger's Sensible Foods; No Evil Foods; OmniFoods; GoodDot; LikeMeat GmbH; Eat JUST Inc.; Moving Mountains; Ojah B.V.; Marlow Foods Ltd. (Cauldron); Yves Veggie Cuisine (The Hain-Celestial Canada, ULC); Trader Joe's; Lightlife Foods, Inc.; Kraft Foods, Inc.; VBites Foods Limited; Sunfed; Gold&Green Foods Ltd.; Tofurky; Amy's Kitchen, Inc.; Quorn; Kellogg NA Co. (MorningStar Farms); Conagra, Inc. (Gardein Protein International); Vegetarian Butcher; Maple Leaf Foods (Field Roast & Maple Leaf); Impossible Foods Inc.; and Beyond Meat
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Plant Based Meat Market Segment Insights
The burgers segment held major market share in 2021
Based on products, the market is segregated into burgers, grounds, nuggets, tenders & cutlets, patties, sausages, and others. The burgers segment held major market share in 2021. These burgers' ingredients try to replicate the scent, flavor, and "bleeding" feel of meat. The Impossible Burger, is manufactured with a genetically altered type of heme-iron that reflects the actual heme-iron found in animals, providing it a genuine meaty flavor. The plant-based sausages are designed to resemble traditional pig sausage in appearance, texture, sizzle, and delight. Key companies' increasing investment in developing new and inventive flavors such as spinach pesto, sweet Italian, and hot Italian for their plant-based sausages is expected to boost demand.
The soy segment accounted for more than 48% of the total market share in 2021
On the basis of sources, the market is fragmented into wheat, pea, soy, and others. The soy segment accounted for more than 48% of the total market share in 2021. It is a great example of branch amino acids (BCAAs) and is estimated to grow substantially during the projected period due to its capability to improve muscle mass and rejuvenation after a workout. Soy-based meat products reduce the production cost as well as have low carbon footprint. Demand is increasing as a result of its better eating features, such as microwave ability and slice ability.
The chicken segment dominated the market in 2022
In terms of types, the market is divided into fish, beef, pork, chicken, and others. The chicken segment dominated the market in 2022. Chicken is the primary ingredient in a variety of conventional meat products, including nuggets, patties, and sausages since it is high in animal protein, cholesterol, and fats. Plant-based chicken products, on the other hand, contain roughly the same amount of protein, although other nutrients differ by product.
The frozen plant-based meat segment is expected to grow at a rapid pace during the forecast period
Based on storage, the market is segregated into shelf-stable plant-based meat, frozen plant-based meat, and refrigerated plant-based meat. The frozen plant-based meat segment is expected to grow at a rapid pace during the forecast period. The increased demand for creative vegetarian goods has resulted in a large increase in new product development across all segments, including frozen, chilled, and ambient. As a result, consumers have access to a wider selection of products and brands, allowing plant-based meat products to obtain greater reputation and shelf space. Frozen plant-based meat products also have a shelf life in the freezer, lasting five to eight months.
The HORECA (hotel/restaurant/café) segment held more than 58% of the total market share in 2021
On the basis of end-users, the market is bifurcated into HORECA (hotel/restaurant/café) and retail. The HORECA (hotel/restaurant/café) segment held more than 58% of the total market share in 2021, owing to increasing popularity of flexitarian and vegan diets, several fast-food chains, casual dining venues, and restaurants are devoting a segment of their menu to "meat-free" options, which is expected to fuel the segment. Consumer preferences are changing, and there is a growing demand for more personalized and customized service, which are creating immense opportunities for market players. Furthermore, fast-food restaurant companies are embracing products like strips, nuggets, and burger patties.
North America dominated the global plant-based meat market in 2021
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the global plant-based meat market in 2021, owing to increasing consumer awareness of the dangers of consuming tainted meat, as a result increased consumption of vegetarian meat substitutes. Consumer attitudes toward food safety and sustainability are expected to change. as a result of increased usage of plant-based foods.
Segments
The global plant-based meat market has been segmented on the basis of
Products
- Burgers
- Grounds
- Nuggets
- Tenders & Cutlets
- Patties
- Sausages
- Others
Sources
Types
- Fish
- Beef
- Pork
- Chicken
- Others
Storage
- Shelf-stable Plant-based Meat
- Frozen Plant-based Meat
- Refrigerated Plant-based Meat
End-users
- HORECA (Hotel/Restaurant/Café)
- Retail
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Dr. Praeger's Sensible Foods
- No Evil Foods
- OmniFoods
- GoodDot
- LikeMeat GmbH
- Eat JUST Inc.
- Moving Mountains
- Ojah B.V.
- Marlow Foods Ltd. (Cauldron)
- Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
- Trader Joe's
- Lightlife Foods, Inc.
- Kraft Foods, Inc.
- VBites Foods Limited
- Sunfed; Gold&Green Foods Ltd.
- Tofurky; Amy's Kitchen, Inc.
- Quorn; Kellogg NA Co. (MorningStar Farms)
- Conagra, Inc. (Gardein Protein International)
- Vegetarian Butcher
- Maple Leaf Foods (Field Roast & Maple Leaf)
- Impossible Foods Inc.
- Beyond Meat
Competitive Landscape
Key players competing in the plant-based meat market include Dr. Praeger's Sensible Foods; No Evil Foods; OmniFoods; GoodDot; LikeMeat GmbH; Eat JUST Inc.; Moving Mountains; Ojah B.V.; Marlow Foods Ltd. (Cauldron); Yves Veggie Cuisine (The Hain-Celestial Canada, ULC); Trader Joe's; Lightlife Foods, Inc.; Kraft Foods, Inc.; VBites Foods Limited; Sunfed; Gold&Green Foods Ltd.; Tofurky; Amy's Kitchen, Inc.; Quorn; Kellogg NA Co. (MorningStar Farms); Conagra, Inc. (Gardein Protein International); Vegetarian Butcher; Maple Leaf Foods (Field Roast & Maple Leaf); Impossible Foods Inc.; and Beyond Meat. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
For instance,
- Beyond Meat announced the acquisition of a new production unit in Enschede, Netherlands, to increase its production capacity in Europe, by establishing a new co-manufacturing facility in Zoeterwoude, the Netherlands, in collaboration with Zandbergen World's Finest Meat.
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