The global Plant Based Meat Market is estimated to be valued at US$ 7.2 Bn in 2023 and is expected to exhibit a CAGR of 19.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:-

·         Strength: Plant-based meat offers various health benefits such as being low in fat, calories and cholesterol. It is also perceived as more sustainable and ethical option compared to animal meat.

·         Weakness: Plant-based meat products are currently more expensive than regular meat which is a major limitation to mass adoption. Taste and texture of some plant-based meat products still lacks authenticity of animal meat.

·         Opportunity: Growing health, environmental and ethical concerns are increasing the target market for plant-based meat significantly providing immense opportunities for growth. Rising investments and collaborations in the sector will help address current product and price limitations.

·         Threats: Established meat industry players can potentially enter the plant-based meat space and increase competition. Environmental factors such as global recession can negatively impact the industry growth in the short-term.

Key Takeaways:-

The Global Plant-Based Meat Market Growth is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing health consciousness among consumers. Plant-based meat is perceived as a healthier option compared to regular meat.

North America dominates the global plant-based meat market currently due to growing vegan and flexitarian population. However, Asia Pacific is expected to emerge as the fastest growing regional market in the coming years led by countries like China, India and Japan. Rising incomes and shifting dietary preferences of people will drive significant growth.

Key players operating in the plant-based meat market are 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, Dr. Praeger's Sensible Foods. Major players are investing in R&D to enhance product portfolio and focusing on strategic partnerships.

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