The global Plant-based meat market size is projected to reach approximately USD 19 billion by 2032, at a CAGR of 21.1% from 2022 to 2032. Plant-based meat is gaining huge popularity and becoming a crucial component in a vegan diet, followed by people living a vegetarian lifestyle free of animal-based food. Veganism is a developing trend in modern society for ethical and medical reasons, and thus, vegetarian ingredients are more in demand as they help to avoid animal cruelty and for the consumption of maintainable beverages and food. This rise in veganism is anticipated to boost the sales growth of the global plant-based meats market during the forecast period.
COVID-19 Impact Analysis
The Plant-Based Meat Market has suffered from the consequences of the COVID-19 epidemic. As the global supply chain was disturbed, the manufacturing and growth of the Market were endangered. For a small of time, when the early phase of the pandemic hit, the Market faced a slowdown and waning in Market revenue. However, as the market revived and people went back to acquiring essentials, the growth prospects of the Market also augmented.
During the pandemic, people became extra health-conscious than before. This presented an opportunity for growth for corporations selling leaner Plant-Based Meat. Thus, the pandemic had a positive impact on the Market in an entire way.
The market is being driven rising vegan and flexitarian population across the world, and increasing awareness about the health benefits of plant-based meat products over animal-meat products and an Upsurge in Consumers’ Focus on Meat Alternatives will provide an opportunity for the plant-based protein market.
- The Growing Veganism Singularities is Stimulating the Demand for Vegan Meat
The key driver of the Plant-Based Meat Market that supports the growth of the market is the growth of a sustainable, environment-friendly mindset that leads to the acceptance of a vegan lifestyle for people. People are spinning to vegans, and the biggest roadblock to that is their attention to meats. Since meats are not easily swapped, companies are now offering innovative Plant-Based Meat that transports both meat-like taste and nutrients. The growth of the vegan mindset as a leading social lifestyle is a key driver of the Market.
- Higher Price of Products in Comparison to Animal Meat
There are some restraints under which the Plant-Based Meat Market functions is the disparity of prices between plant-based meats and animal-based regular meat. While animal-based meats are low-priced and easily available, plant-based meats are not readily available to every fellow of the population. The price of vegan meat is more than regular meat, which is why most people get disheartened from buying Plant-Based Meat regularly. Moreover, there is an adverse perception of Plant-Based Meat as packaged meat which people do not prefer over fresh animal meat. The Market has to function around these limits for its continued growth.
- Increase in Consumers’ Focus on Meat Alternatives
The most substantial opportunity for the Market is the population that struggles with meat-based allergies. Many people fight with meat allergens that are found in general animal-based meats like chicken, mutton, etc. These people want to enjoy the taste of meat without the problem of an allergic reaction. The Plant-Based Meat Market can regularly supply such people and create more profits. As alternative meat, Plant-Based Meats have more potential for use within the population.
Based on the Source,
Based on the source, the Plant-based meat market is segmented based on soy, wheat, peas, and others. The soy segment is projected to occupy the highest market share during the forecast period. Soy is a nutrient-dense legume that is a substitute for meat sources. Traditionally, the consumption of soy and soy products is related to the Asian population, and it is widely used compared to corn and wheat. However, the fear associated with soy is that it is a recognized allergen in a significant population.
Based on Product, the Plant-based meat market is segmented based on burger patties, sausages, strips & nuggets, meatballs, and Others. The burger patties segment accounts for the peak market share in 2022. The plant-based burger patties are made from grains, legumes, and various vegetables. Beyond Meat (US), one of the main players in the market supplies its burger patty to different food service locations in the US and has also partnered with Dot Foods (US), which is the largest nutrition redistributor in the US.
Based on application, the Plant-based meat market is segmented based on Retail Outlets, Foodservice, and E-commerce. The food retail segment is projected to account for the largest market share in the global plant-based meat market and is anticipated to grow at a significant CAGR. The companies operating in the market are founding partnerships with retail outlets to distribute their products. The plant-based meat products are one of the key drivers of sales in the grocery sector in food retail channels.
Global Plant-based meat market Share, by Segmentation
The global Plant-based meat market has been segmented into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to be the market leader in the adoption of plant-based meat, followed by Europe and the Asia-Pacific region.
North America Market
Based on region, North America conquered the market and accounted for the largest revenue share of 38.6% in 2021. The growth of the market in this region is attributed to increasing consumer awareness of the risks associated with consuming contaminated meat goods, along with the growing consumption of meatless meat products. In 2020, Starbucks supplementary a sandwich to its breakfast menu in most of its locations in the U.S. The sandwich holds plant-based sausage to meet consumer demand.
The market in Europe is expected to witness the fastest growth rate over the forecast period on account of a positive consumer attitude toward vegetarian and vegan-meat products, together with the practice of stringent regulations against cruelty towards animals. Key manufacturers are implementing strategic initiatives such as product innovation, capacity expansion, and mergers and acquisitions to upsurge their sales in the regional market. For instance, in June 2020, Beyond Meat declared the expansion of its production capacity in Europe by acquiring a new production unit in the Netherlands, Enschede, and by opening a new co-manufacturing facility with Zandbergen World’s Finest Meat in Zoeterwoude, the Netherlands.
- The market comprises tier-1, tier-2, and resident players. The tier-1 and tier-2 players have touched across the world with diverse product portfolios. Companies such as Dr. Praeger’s Sensibel Foods, No Evil Foods, GoodDot, LikeMeat GmbH, Eat JUST Inc., Ojah B.V., Marlow Foods Ltd., Marlow Foods Ltd. (Cauldron), Yves Veggie Cuisine, and Lightlife Foods Inc. dominate the global Plant-based meat market due to strategic developments and diversified regional presence. The players are accepting various strategies, such as product promotions, expansion, and partnerships, to strengthen their market position and capture a large customer base.
- Dr. Praeger’s Sensibel Foods
- No Evil Foods
- LikeMeat GmbH
- Eat JUST Inc.
- Ojah B.V.
- Marlow Foods Ltd.
- Marlow Foods Ltd. (Cauldron)
- Yves Veggie Cuisine
- Lightlife Foods Inc.
- In January 2021, taco Bell partnered with Gold & Green Pulled Oats to launch a brand-new range of plant-based fillings for their iconic tacos. The new veggie contribution will be perfect for consumers looking to go meat-free.
- In September 2020, Beyond Meat launched its new product, Beyond Meatballs, which will start being offered in grocery stores across the US. This product will satisfy the consumer demand for nutritious and easy-to-prepare products made from plant-based ingredients.
Scope of the Report
Global Plant-based meat market, By Source
Global Plant-based meat market, By Product
- Burger Patties
- Strips & Nuggets
Global Plant-based meat market, By Application
- Retail Outlets
Global Plant-based meat market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2030: $ 19 Billion|
|CAGR||21.1% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Source, Product, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||Dr. Praeger’s Sensibel Foods, No Evil Foods, GoodDot, LikeMeat GmbH, Eat JUST Inc., Ojah B.V., Marlow Foods Ltd., Marlow Foods Ltd. (Cauldron), Yves Veggie Cuisine, Lightlife Foods Inc.|
|Key Market Opportunities||Increase in Consumers’ Focus on Meat Alternatives|
|Key Market Drivers||The Growing Veganism Singularities is Stimulating the Demand for Vegan Meat|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Plant-based meat market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Plant-based meat market historical market size for the year 2020, and forecast from 2021 to 2032
- Plant-based meat market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Plant-based meat market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Frequently Asked Questions (FAQ)
- What is the study period of this market?
- The study period of the global Plant-based meat market is 2020 – 2032
- What is the growth rate of the global Plant-based meat market?
- The global Plant-based meat market is growing at a CAGR of ~ 1% over the next 7 years
- Which region has the highest growth rate in the global Plant-based meat market?
- Europe is expected to register the highest CAGR during 2022 – 2032
- Which region has the largest share in the global Plant-based meat market?
- North America holds the largest share in 2021
- Who are the key players in the global Plant-based meat market?
- Praeger’s Sensibel Foods, No Evil Foods, GoodDot, LikeMeat GmbH, Eat JUST Inc., Ojah B.V., Marlow Foods Ltd., Marlow Foods Ltd.(Cauldron), Yves Veggie Cuisine, Lightlife Foods Inc.
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- Yes we offer 16 hours of analyst support to solve the queries
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- Yes, we provide regional as well as country-level reports. Other than this we also provide a sectional report. Please get in contact with our sales representatives.