The Plant Based Meat Market Is Estimated To Record a CAGR of Around 4.41% During The Forecast Period
Market Highlights
The Global Plant Based Meat market is projected to be valued at USD 607.2Billion by 2033, recording a CAGR of around 4.41% during the forecast period. The portion of the food industry dedicated to manufacturing and marketing food items generated from plants as opposed to animal sources is known as the “plant-based food market.” The goal of these goods is to meet the increasing demand for plant-based solutions due to a variety of issues, including health, environmental concerns, ethical considerations, and lifestyle choices, by offering alternatives to traditional animal-based diets.
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The market for plant-based foods has been impacted by the COVID-19 epidemic in both positive and negative ways. The epidemic has increased people’s interest in wellness and health, which has led many shoppers to look for plant-based food options that are well-known for their health advantages. Because plant-based diets have a smaller environmental impact, the epidemic has brought attention to the connection between human health and the environment. This has encouraged more people to embrace plant-based diets. The demand for plant-based solutions in restaurants and foodservice establishments may have been impacted by lockdowns and limitations. Even if the supply chains for plant-based foods were largely stable, occasional disruptions nevertheless occurred that had an impact on distribution and manufacturing.
Segmental Analysis
The global Plant Based Meat market has been segmented based on Type and Sales channel
Based on Product Type, the Plant Based Food Market is segmented into Chicken, Pork, Beef, Fish and Others. In 2022, the market leader and largest revenue contributor worldwide was the plant-based chicken sector, with 33.57% of total revenue. Because it is high in animal fats, cholesterol, and protein, chicken is the main ingredient in many classic meat products, including patties, cutlets, and nuggets.
Based on Sales channel, the global Plant Based Food Market has been divided into Store based and Non-Store-Based. The store-based segment dominated the market and is projected to be the faster-growing segment. The huge number of supermarkets and hypermarkets has enhanced overall product sales.
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Regional Analysis
The Plant Based Meat market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. North America holds a dominant position in the Plant Based Meat Market. The market for plant-based foods has been significantly influenced by North America, mainly by the United States and Canada. Demand for plant-based meat substitutes, dairy substitutes, and other plant-based products has increased significantly in the area. Growth-promoting factors include environmental concerns, a surge in vegetarian and flexitarian diets, health consciousness, and the existence of well-known plant-based food firms. The market for plant-based foods has grown significantly in Europe as well. The use of plant-based diets and lifestyles has increased significantly in nations like Sweden, Germany, and the United Kingdom. Concerns about animal welfare, sustainability, and the effects of animal husbandry on the environment all have an impact on the European market. The Asia-Pacific region has indeed emerged as the fastest-growing market for the Plant Based Meat industry. The market for plant-based foods faces both potential and difficulties in the Asia-Pacific area. Largely populated nations like China and India are seeing an increase in health-conscious consumers. Since tofu and other traditional plant-based meals have been a staple of Asian diets for generations, the development of contemporary plant-based choices has had a solid foundation. Growing interest in plant-based diets and sustainable food options has been observed in Latin America. Options that are plant-based are becoming more widely available in nations like Mexico, Argentina, and Brazil. Because local plant-based foods like quinoa, lentils, and beans are already a staple of many diets, the area is open to plant-based dietary options.