What is the Size of Global Plant Based Meat Industry?
Global Plant Based Meat market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Plant Based Meat Market is largely driven by growing flexitarian and vegan populations as well as rising animal welfare initiatives.
Customers often search for high-quality products with reliable flavour and texture. Due to growing awareness of environmental and health issues, customers have recently begun to demand more nutrient-dense, clean-label, and sustainable products. Although plant-based meat substitutes offer nutritional advantages compared to those of animal meat, the main drawback is the taste and texture of the substitute.
Various cultural views have been dominated by animal welfare. According to several theological traditions, animals have the same levels of sensibility, consciousness, and feeling as people. As a result, eating animal meat has been strongly discouraged, and numerous jurisdictions have passed harsh laws outlining the killing of animals.
Furthermore, the food industry experienced substantial fluctuations as a result of the COVID-19 pandemic, including disruptions in the transportation of goods and the availability of crucial materials. Despite these limitations, plant-based meat companies adapted and launched new products and increased sales up-to a certain extent.
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Global Plant Based Meat Market By Type
The Global Plant Based Meat market is segmented by Type into Chicken, Pork, Beef and Fish. The chicken segment held the largest share in the global Plant-based Meat Market in 2022.
The over-slaughtering and depletion of animal sources are being caused by the rising demand for chicken meat, the growing population, and consumer preferences for meat products. As a result, especially among millennials and Gen Xers, sustainability is becoming increasingly important as a deciding factor when making purchases, in turn promoting the growth of the Plant-based Meat Market.
Global Plant Based Meat Market by source
The Global Plant Based Meat Market is segmented by Source into Soy, Pea, Wheat and Others. The soy source segment held the largest market share in the global Plant-based Meat Market in 2022.
Branch amino acids (BCAAs), which are abundant in soy, improve the body’s capacity to exercise, develop and strengthen muscle mass, and recover from a strenuous workout. Comparing soy-based meat products to traditional animal- and dairy-based food items, it not only has lower formulation costs but also has a lower carbon footprint.
Growing consumer demand for the product due to its qualities such as improved microwave-ability and slice-ability is anticipated to fuel market expansion.
Global Plant Based Meat Market By Product
The Global Plant Based Meat market is segmented by Product into Burgers, Patties, Sausages, Strips & Nuggets and Others. Burger patties product segment held the largest share in the global Plant-based Meat Market in 2022. Burger-producing companies are adopting ingredients that replicate the flavor, aroma and feel of meat which is pushing up the plant-based burger patties market in places across the globe. For example, The Impossible Burger, a product of Impossible Foods, has a characteristic meaty flavor since it is created with a genetically engineered form that mimics the natural heme-iron found in animals.
Global Plant Based Meat Market By Geography
The Global Plant Based Meat market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Europe accounted for the largest market share in 2022 within the total Global Plant-based Meat Market.
The growing vegan trend in Europe, particularly in the UK, is anticipated to boost demand for plant-based meat alternatives. To boost their sales in the local market, major manufacturers are pursuing strategic initiatives such as capacity development, product innovation, and mergers and acquisitions.
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Key Topics Covered in the Report
- Snapshot of the Global Plant-based Meat Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Plant-based Meat Market
- Historic Growth of the Overall Global Plant-based Meat Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Plant-based Meat Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Plant-based Meat Market
- Future Market Forecast and Growth Rates of the Total Global Plant-based Meat Market and by Segments
- Market Size of Source / Type Segments with Historical CAGR and Future Forecasts
- Analysis of the Plant-based Meat Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the Report
- Beyond Meat
- Impossible Foods Inc.
- Starbucks Corporation
- Tofurky
- Kraft Foods, Inc.
- Lightlife Foods, Inc
- Maple Leaf Foods
- Sunfed
- VBites Foods Limited
- Trader Joe’s
- Ojah B.V.
Notable Emerging Companies Mentioned in the Report
- Daring Foo Daring Foods Inc.
- ICL Food Specialties
- Burke Corporation.
- Plant & Bean
- Vivera
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Plant-Based Meat Manufacturers
- FMCG Companies
- HoReCa
- Ghost Kitchen Operators
- Food Safety Authorities
- Advertising Companies
- F&B Marketing Agencies
- Dietary Supplement manufacturers
- F&B Research Institutes
- Entrepreneurs in Vegan Food Industry
- Government Departments for Food Standards
- Online Retail Platforms
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
For more insights on the market intelligence, refer to the link below:-
Global Plant-based Meat Market
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