Global Plant-Based Meat Market Is Estimated To Witness High Growth...

Global Plant-Based Meat Market Is Estimated To Witness High Growth Owing To Health Conscious Consumers & Expansion of Retail Distribution Channels

Posted 2023-08-16 05:22:37

The global Plant-Based Meat Market is estimated to be valued at USD 5.06 billion in 2021 and is expected to exhibit a CAGR of 19.3% over the forecast period of 2022-2030.

A) Market Overview:

The plant-based meat market refers to meat substitutes that are made entirely from plant-based ingredients. These products aim to mimic the taste, texture, and appearance of conventional meat products while providing a cruelty-free and environmentally sustainable alternative. Plant-based meats are gaining popularity among health-conscious consumers, vegetarians, and vegans due to their nutritional benefits and reduced environmental impact. They offer a viable solution to the growing concerns over animal welfare, climate change, and global food security. Major players in the market include Beyond Meat, Impossible Foods Inc., and Maple Leaf Foods.

B) Market Dynamics:

The plant-based meat market is driven by two main factors, namely the increasing demand from health-conscious consumers and the expansion of retail distribution channels. Health-conscious consumers are actively seeking meat alternatives that are lower in saturated fat, cholesterol, and calories. Plant-based meats offer similar levels of protein but without the negative health effects associated with traditional meat consumption. Additionally, the rising awareness about the environmental impact of animal agriculture is encouraging consumers to adopt more sustainable dietary choices.

The expansion of retail distribution channels has significantly contributed to the growth of the Plant-Based Meat Market. Major supermarkets and foodservice chains are increasingly incorporating plant-based meat products into their portfolios to cater to the growing demand. This trend is further supported by the rising number of collaborations between plant-based meat manufacturers and mainstream food industry players. For example, Beyond Meat has partnered with fast-food chains such as KFC and Dunkin' to offer plant-based menu options.

C) Segment Analysis:

The plant-based meat market can be segmented based on the source of ingredients, including soy, wheat, pea, and others. Among these, soy-based plant-based meats dominate the market due to their high protein content and ability to mimic the texture of conventional meat. Soy-based plant-based meats are widely used in various applications, including burgers, sausages, nuggets, and meatballs.

D) PEST Analysis:

Political: Governments around the world are implementing stringent regulations to promote sustainable agriculture and reduce greenhouse gas emissions. This factor is expected to drive the demand for plant-based meat products.

Economic: The increasing disposable income of consumers in developing economies is fueling the demand for plant-based meat products, as they are perceived as premium and healthier alternatives to conventional meat.

Social: The growing consciousness about animal welfare, environmental sustainability, and personal health is driving the adoption of plant-based diets, leading to an increased demand for plant-based meat products.

Technological: Advances in food processing technology are enabling manufacturers to develop plant-based meat products with improved texture, taste, and nutritional profiles, further driving market growth.

E) Key Takeaways:

- The global plant-based meat market is expected to witness high growth, exhibiting a CAGR of 19.3% over the forecast period, due to increasing demand from health-conscious consumers and the expansion of retail distribution channels.

- The North America region is the fastest-growing and dominating market for plant-based meat, driven by the growing number of vegetarians and vegans, as well as the presence of major market players.

- Key players operating in the global plant-based meat market include Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Vegetarian Butcher, Conagra, Inc., Kellogg NA Co., Quorn, Amy's Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe's, Yves Veggie Cuisine, Marlow Foods Ltd., Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, and Dr. Praeger's Sensible Foods.

In conclusion, the global plant-based meat market is positioned for significant growth in the coming years.