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Plant Based Meat Market Size, Industry Trends Report | 2031
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Plant Based Meat Market Size, Industry Trends Report | 2031

Segments - Plant-based Meat Market by 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), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030

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Author : Anuradha B. More
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Fact-checked by : Vaibhav Chandola
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Editor : Shruti Bhat

Upcoming | Report ID :FB-4004 | 4.5 Rating | 85 Reviews | 152 Pages | Format : PDF Excel PPT

Report Description


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.

Global Plant Based Meat Market Summary

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.

  • 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.

Attributes

Details

Report Title

Plant-based Meat Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2019–2020

Forecast Period

2022 – 2030

Segmentation

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)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

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

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.

Global Plant Based Meat Market Product

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.

Global Plant Based Meat Market Source

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.

Global Plant Based Meat Market End Users

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.

Global Plant Based Meat Market Region

Segments

The global plant-based meat market has been segmented on the basis of

Products

  • Burgers
  • Grounds
  • Nuggets
  • Tenders & Cutlets
  • Patties
  • Sausages
  • Others

Sources

  • Wheat
  • Pea
  • Soy
  • Others

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.
Global Plant Based Meat Market Share

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Plant-based Meat Market Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Plant-based Meat Market Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Plant-based Meat Market Market - Supply Chain
  4.5. Global Plant-based Meat Market Market Forecast
     4.5.1. Plant-based Meat Market Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Plant-based Meat Market Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Plant-based Meat Market Market Absolute $ Opportunity
5. Global Plant-based Meat Market Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Plant-based Meat Market Market Size and Volume Forecast by Types
     5.3.1. Fish
     5.3.2. Beef
     5.3.3. Pork
     5.3.4. Chicken
     5.3.5. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Plant-based Meat Market Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Plant-based Meat Market Market Size and Volume Forecast by End Users
     6.3.1. HORECA (Hotel/Restaurant/Café)
     6.3.2. Retail
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Plant-based Meat Market Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Plant-based Meat Market Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Plant-based Meat Market Demand Share Forecast, 2019-2026
8. North America Plant-based Meat Market Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Plant-based Meat Market Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Plant-based Meat Market Market Size and Volume Forecast by Types
     8.4.1. Fish
     8.4.2. Beef
     8.4.3. Pork
     8.4.4. Chicken
     8.4.5. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Plant-based Meat Market Market Size and Volume Forecast by End Users
     8.7.1. HORECA (Hotel/Restaurant/Café)
     8.7.2. Retail
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Plant-based Meat Market Demand Share Forecast, 2019-2026
9. Latin America Plant-based Meat Market Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Plant-based Meat Market Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Plant-based Meat Market Market Size and Volume Forecast by Types
     9.4.1. Fish
     9.4.2. Beef
     9.4.3. Pork
     9.4.4. Chicken
     9.4.5. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Plant-based Meat Market Market Size and Volume Forecast by End Users
     9.7.1. HORECA (Hotel/Restaurant/Café)
     9.7.2. Retail
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Plant-based Meat Market Demand Share Forecast, 2019-2026
10. Europe Plant-based Meat Market Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Plant-based Meat Market Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Plant-based Meat Market Market Size and Volume Forecast by Types
     10.4.1. Fish
     10.4.2. Beef
     10.4.3. Pork
     10.4.4. Chicken
     10.4.5. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Plant-based Meat Market Market Size and Volume Forecast by End Users
     10.7.1. HORECA (Hotel/Restaurant/Café)
     10.7.2. Retail
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Plant-based Meat Market Demand Share Forecast, 2019-2026
11. Asia Pacific Plant-based Meat Market Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Plant-based Meat Market Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Plant-based Meat Market Market Size and Volume Forecast by Types
     11.4.1. Fish
     11.4.2. Beef
     11.4.3. Pork
     11.4.4. Chicken
     11.4.5. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Plant-based Meat Market Market Size and Volume Forecast by End Users
     11.7.1. HORECA (Hotel/Restaurant/Café)
     11.7.2. Retail
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Plant-based Meat Market Demand Share Forecast, 2019-2026
12. Middle East & Africa Plant-based Meat Market Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Plant-based Meat Market Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Plant-based Meat Market Market Size and Volume Forecast by Types
     12.4.1. Fish
     12.4.2. Beef
     12.4.3. Pork
     12.4.4. Chicken
     12.4.5. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Plant-based Meat Market Market Size and Volume Forecast by End Users
     12.7.1. HORECA (Hotel/Restaurant/Café)
     12.7.2. Retail
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Plant-based Meat Market Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Plant-based Meat Market Market: Market Share Analysis
  13.2. Plant-based Meat Market Distributors and Customers
  13.3. Plant-based Meat Market Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Dr. Praeger's Sensible Foods
     13.4.2. No Evil Foods
     13.4.3. OmniFoods
     13.4.4. GoodDot
     13.4.5. LikeMeat GmbH
     13.4.6. Eat JUST Inc.
     13.4.7. Moving Mountains
     13.4.8. Ojah B.V.
     13.4.9. Marlow Foods Ltd. (Cauldron)
     13.4.10. Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
     13.4.11. Trader Joe's
     13.4.12. Lightlife Foods, Inc.
     13.4.13. Kraft Foods, Inc.
     13.4.14. VBites Foods Limited
     13.4.15. Sunfed; Gold&Green Foods Ltd.
     13.4.16. Tofurky; Amy's Kitchen, Inc.
     13.4.17. Quorn; Kellogg NA Co. (MorningStar Farms)
     13.4.18. Conagra, Inc. (Gardein Protein International)
     13.4.19. Vegetarian Butcher
     13.4.20. Maple Leaf Foods (Field Roast & Maple Leaf)
     13.4.21. Impossible Foods Inc.
     13.4.22. Beyond Meat

Methodology

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