Market Overview
Plant-Based Meat is an alternative to conventional Meat. It is derived from vegan sources but is similar in taste to the Meat. The purpose of developing plant-based Meat is to minimise the environmental impact caused by the meat industry and prevent cruelty towards animals.
Plant-Based Meat Market Report Size was valued at USD 3.99 billion in 2021. The plant-based meat market industry is projected to grow from USD 4.61 Billion in 2022 to USD 12.69 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.56% during the forecast period (2022 - 2030).
Rising adoption of veganism by the people for environmental and ethical reasons, growing awareness about the health benefits of plant-based Meat over animal meat and campaigns by many organisations favouring a vegan diet are the main factors driving the growth of this market. Increasing investments in the plant-based meat industry and government initiatives to promote plant-based Meat are also boosting the growth of this market.
Higher costs of plant-based meat products than animal meat products act as a major restraining factor for this market. In addition, allergy to plant sources such as soy and wheat among a large section of the population is also a restraining factor. Doubts regarding the taste of plant-based Meat also pose a challenge to this market's growth.
Market Segmentation
On the basis of source, the global plant-based meat market is divided into soy, wheat, mycoprotein, gluten, pea and others. Soy held 48.1% of the market share in 2021 and is projected to dominate the market in the forecast period. Soy-based Meat is highly popular because it increases muscle mass, enhances the ability to perform exercises and hastens recovery from heavy workouts due to branch amino acids.
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On the basis of type, the global plant-based meat market is divided into chicken, pork, beef, fish, tofu, seitan and others. Plant-based chicken has the same proteins and nutrients as conventional chicken and is widely used in burgers, nuggets, cutlets, etc. Chicken accounted for 34.1% of the revenues in 2021 and continues to be the largest segment in the forecast period.
On the basis of end-user, the global plant-based meat market is divided into hotels/restaurants/cafes or HORECA, households and the food industry. HORECA segment holds the largest market share, accounting for 58.6% of the revenues in 2021. This is because restaurants and other dining outlets are including Meat-free options in their menus, given the rising popularity of veganism worldwide.
The plant-based meat market trend continues to witness a remarkable trend in recent years, driven by growing consumer awareness of the environmental and health benefits of plant-centric diets. With an increasing number of people opting for meat alternatives made from ingredients like pea protein, soy, and mushrooms, this market segment has seen a surge in product innovation and investment. Major food companies are introducing a diverse range of plant-based meat products, from burgers and sausages to chicken nuggets and seafood substitutes, catering to the evolving tastes and preferences of a broader demographic. As sustainability and health-consciousness become more integral to consumers' choices, the plant-based meat market trend is poised for continued growth and expansion.
Regional Classification
On the basis of regions, the global plant-based meat market is divided into North America, Europe, Asia Pacific, South America and Middle East and Africa.
North America is the dominant market for plant-based meat products. This region accounted for 38.6% of the revenues in the year 2021. The rising demand for vegan products and the presence of multiple plant-based meat manufacturers fuel the growth of this market in this region.
Industry News
In October 2020, plant-based meat manufacturer Impossible Foods Inc. launched Impossible Burger in the Canadian market
Key Players are:
AMY's Kitchen Inc, Beyond Meat, Gardein Protein International Inc, Blue Chip Group Inc and MorningStar Farms L.C.
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