The globalplant-based meat marketis estimated to be valued at USD 7.9 billion in 2022. It is projected to reach USD 15.7 billion by 2027, with a CAGR of 14.7%, in terms of value between 2022 and 2027. There is a growth in the vegan and flexitarian population, a rise in awareness about the health benefits of plant-based meat over animal-based meat products, an increase in investment by government bodies and RD activities, and investment of the major food industry giants in plant-based meat products. These factors together are propelling the plant-based meat market.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=44922705
Drivers: Growth in government initiatives and significant investment
Government bodies across various countries are promoting the consumption of plant-based meat substitutes, owing to the health benefits offered by these products and the environmental concerns associated with animal-based meat. Also, government bodies are actively investing in research and product development activities for plant-based meat.
In latest development in August 2022, the US Department of Agriculture (USDA) has said that the market for Plant based meat is growing. Researchers at Germanys TU Berlin and Karlsruhe Institute of Technology (KIT) are working on production methods for plant-based meat in a project named Texturing Mechanisms in the Wet Extrusion of Soy and Pea Protein.
By source, the wheat segment is estimated to hold the second-largest share of the plant-based meat market in 2022
Based on the source, the wheat segment is estimated to occupy the second-largest market share in the plant-based meat market. Various factors are responsible for the significant popularity of wheat as an alternative meat source. Wheat is among the most consumed cereal grains at a global level and is a source of antioxidants, vitamins, minerals, and fiber.
It is a vegetarian meat substitute and ingredient in various plant-based meat products, such as burgers, sausages, nuggets, and deli slices. Thus, leading players in the market are incorporating wheat as an ingredient in their plant-based products, making it one of the most popular sources in the market.
By type, the chicken segment is expected to grow at a significant CAGR in the plant-based meat market
Based on the type, the chicken segment is expected to grow at a significant CAGR by 2027 in terms of value. Chicken is popular meat globally and is a major ingredient in various strips, nuggets, cutlets, and burger patties. Thus, plant-based meat alternative for chicken is in high demand. Therefore, products developed by many food companies offer plant-based chicken in various forms, such as strips, nuggets, cutlets, and burger patties, which further cater to the rising demand for plant-based chicken meat. One of the major reasons for high chicken consumption is its protein constitution. The protein content in plant-based meat chicken products is about the same, while the other nutrients may vary, making it the perfect substitute for vegan consumers.
Request Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=44922705
Europe region holds the largest share in the plant-based meat market
The European plant-based meat market accounted for the largest market share in 2020. This dominance is attributed to the rising health concerns among consumers regarding meat products and the exponentially growing veganism trend in the region. Furthermore, European plant-based meat manufacturers focus on developing innovative products backed by appropriate research and development facilities available in the region. Several European retailers and supermarkets have added plant-based meat products to their product range to cater to the rising demand for plant-based meat products across the region.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Beyond Meat (US), Kellogg Company (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Unilever (UK), Conagra Foods (US), Tofurky (US), GoldGreen Foods Ltd (Finland), Sunfed (New Zealand), and Monde Nissin (Philippines).
