Plant-based meat, also known as meat alternatives, meat substitutes, or mock meats, are products that mimic the taste, texture, and appearance of meat but are made from plant-based ingredients. They are typically made from soy, wheat, or pea protein and can be processed into forms that closely resemble chicken, beef, or pork. Some examples of plant-based meat products include burger patties, sausage links, chicken strips or nuggets, and ground meat crumbles. As consumers become more health-conscious and focused on sustainability issues, plant-based options have grown in popularity in recent years.

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 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing consumer preference for healthy and sustainable food options is a major driver fueling growth of the plant-based meat market. Plant-based meats are generally lower in saturated fat, cholesterol and calories compared to animal meat. They are also perceived as more environmentally friendly since plant-based meat production requires less land and water use and emits fewer greenhouse gases. Additionally, plant-based meat manufacturers are continuously innovating and improving their product formulation, taste, texture and distribution channels. For instance, the introduction of blended plant-based meats that use a mixture of plant proteins are making them more appealing to carnivores. This growing product diversity is also expanding the market reach.

SWOT Analysis

Strength: Plant-based meat products offer similar taste and texture to animal meat with fewer health and environmental risks. They provide a sustainable and ethical alternative to consumers concerned about animal welfare and greenhouse gas emissions. The plant-based meat industry is innovating new product lines and improving taste profiles to appeal to more customers.

Weakness: Plant-based meats require significant marketing spends compared to conventional meat to educate customers. Their prices are also generally higher than animal meat which restricts mass appeal. Maintaining taste, texture and cooking experience identical to animal meat remains a challenge for most manufacturers.

Opportunity: Growing health awareness and focus on sustainable food choices present a large market potential. Younger consumers especially are increasingly adopting vegan or flexitarian diets. The market opportunity is expected to grow further with expansion to new regions and product categories like plant-based seafood and dairy.

Threats: The conventional meat industry is responding with their own meat-alternative products. regulations over plant-based meat labels and marketing claims pose issues in some jurisdictions. Manufacturing processes must address sustainability of ingredient sourcing to retain consumer trust.

Key Takeaways

The global Plant-Based Meat Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 7.2 Billion by 2024. 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 6.9% over the forecast period 2023 to 2030.

North America currently dominates the market across production and consumption. The United States is the largest regional market accounting for over 30% of the global sales currently led by companies like Beyond Meat and Impossible Foods. Europe is the second largest and fastest growing regional market for plant-based meat supported by positive consumer sentiment and new product launches. Germany, UK and France contribute over half of the European market currently.

The Asia Pacific region presents significant growth opportunities for plant-based meat producers. With rising health awareness and environmental concerns, the market is booming in countries like China, India and Japan. Local food companies are launching new product lines customised for Asian palates. Rapid urbanisation and expansion of retail outlets also support broader availability in the region.

Key players:

 Key players operating in the plant-based meat market include Beyond Meat, Impossible Foods, Maple Leaf Foods (Field Roast & Lightlife), Conagra Brands (Gardein), QUORN, Kellogg's (Incogmeato), Amy's Kitchen, Tofurky and Meatless Farm. These companies dominate production and product innovation globally whilst expanding into new markets and categories.

For more insights, read- https://www.pressreleasebulletin.com/plant-based-meat-market-trends-size-and-share-analysis/

For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html