The Global Plant-Based Meat Market Size is valued at 8.65 billion in 2022 and is predicted to reach 30.57 billion by the year 2031 at a 15.25% CAGR during the forecast period for 2023-2031.
Products made from pure plants that are plant-based meat alternatives to animal meat. Avoiding using animals to turn vegetation into meat is the fundamental idea here. The components in animal meat, such as fat, protein, minerals, vitamins, and water, are also present in organic goods.
Modern technology has produced a new variety of plant-based meat that resembles animal meat in terms of flavor, appearance, and texture. Even while there have been conversations regarding plant alternatives for decades, they have only recently picked up steam because of the efforts of numerous national and international organizations to raise awareness of the advantages of converting to plant-based foods in general. In contrast to animal meat, the absence of exogenous antibiotics in these meat products is one of the crucial components of their manufacture.
Additionally, antimicrobial superbugs are predicted to develop due to excessive antibacterial use, leading to the demise of efficient antibiotics. Therefore, it is critical to consider alternatives to limit the use of antibiotics significantly. The increased public awareness of the harmful effects of meat-eating on the ecosystem is expected to fuel plant-based meat market growth.
Furthermore, many individuals are consciously deciding not to use or consume any items made from animals to protect the environment, which will eventually aid in raising the use of plant-based meat. The possibility of future pandemics or other terrible diseases that pass from animals to humans will be eliminated if all use of animals in food production is discontinued. As a result of ongoing virus mutation, most of these diseases are more deadly and dangerous since they lack effective treatments.
Recent Developments:
- In 2020-By purchasing a new production facility in Enschede, the Netherlands, and constructing a new co-manufacturing plant with Zandbergen World's Finest Meat in Osterode, the Netherlands, Beyond Meat stated that it would be increasing its production capacity in Europe.
- In 2020-most U.S. stores, Starbucks included a sandwich on its breakfast menu. To satisfy consumer demand, the sandwich has vegan sausage.
Competitive Landscape:
Some of the plant-based meat market players are:
- Amy's Kitchen, Inc
- Beyond Meat
- Bites Foods Limit
- Conagra, Inc. (Garden Protein International)
- Praeger's Sensible Foods
- Eat JUST Inc.
- Garden Protein International
- Gold Green Foods Ltd
- Greenwise
- Impossible Foods Inc
- Kellogg NA Co.
- Kraft Foods, Inc
- Light life Foods, Inc
- Like Meat GmbH
- Maple Leaf Foods (Field Roast & Maple Lea
- Marlow Foods Ltd. (Cauldron)
- Morningstar Farms
- Moving Mountains
- No Evil Foods
- Novameat
- Okah B
- Omni Foods
- Omnipork
- Quorn Foods
- Sunfed
- SunFest
- The Vegetarian Butcher
- Tofurky
- Trader Joe's
- V2food
- VBites
- Vegetarian Butcher
- Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
- Zikooin
Market Segmentation:
The plant-based meat market is segmented based on source, product, type, storage and distributional channel. Based on the source, the plant-based meat industry is divided into soy, wheat, pea, mycoprotein, and gluten. The market is segmented by product: pork, beef, chicken and fish. By type, the market is segmented into burger patties, sausages, strips and nuggets, meatballs and others. Based on distributional channels, the market is segmented as food retail, food services and E-commerce. Based on storage, the market is segmented as frozen, refrigerated and shelf-stable
Based On Storage, The Frozen Segment Is A Major Contributor To The Plant-Based Meat Market
The frozen category is expected to hold a major share of the global plant-based meat market in 2022. The development of new products in the ambience, chilling, and frozen markets have increased significantly due to the rising demand for inventive vegetarian food. As a result, consumers have access to a wide variety of items and brands, which helps plant-based meat alternatives become more well-known and earn shelf space. Additionally, the extended shelf life of frozen plant-based meat products is five to eight months in the freezer. This, in turn, is increasing consumer demand for frozen goods.
The Soy Segment Witnessed Growth At A Rapid Rate
The soy segment is projected to grow rapidly in the global plant-based meat market. Because it can improve athletic performance, speed up recovery after a challenging workout, and build and strengthen muscle mass, soy is a rich source of branch amino acids (BCAAs). Its market is expected to rise steadily during the projection period. Compared to traditional animal- and dairy-based food items, soy-based meat products have lower formulating costs and a lower carbon impact. The device's rising popularity due to its better-eating properties, such as improved microwave ability and slice ability, is anticipated to fuel market expansion.
The North American Plant-Based Meat Market Holds A Significant Regional Revenue Share
The North American plant-based meat market position is expected to register the highest market share in revenue soon. The expansion of the regional market is attributed to the rising popularity of meatless meat products and consumers' growing awareness of the potential dangers of ingesting unclean meat products. In addition, the Asia Pacific region is projected to grow rapidly in the global plant-based meat business. Because consumers have a positive outlook on vegan meat and vegetarian cuisine and because there are tight regulations against animal cruelty.
Important manufacturers are implementing tactical measures to increase their trade in the local market, including mergers and acquisitions, capacity expansion, and product improvement. Favorable public policies, rising disposable income across Asia, and technical advancements in the food and beverage industry, particularly in China, India, and Japan, are primarily responsible for plant-based meat market expansion.
Plant-Based Meat Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 8.65 Bn |
|
Revenue forecast in 2031 |
USD 30.57 Bn |
|
Growth rate CAGR |
CAGR of 15.25% from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (Tons) and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Source, Product, Type, Storage And Distributional Channel |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Beyond Meat; Impossible Foods Inc.; Maple Leaf Foods (Field Roast & Maple Leaf); Vegetarian Butcher; Conagra, Inc. (Garden Protein International); Kellogg NA Co. (Morningstar Farms); Quorn; Amy's Kitchen, Inc.; Tofurky; Gold Green Foods Ltd.; Snuffed; Bites Foods Limited; Kraft Foods, Inc.; Light life Foods, Inc.; Trader Joe's; Yves Veggie Cuisine (The Hain-Celestial Canada, ULC); Marlow Foods Ltd. (Cauldron); Okah B.V.; Moving Mountains; Eat JUST Inc.; Like Meat GmbH; Godot; Omni Foods; No Evil Foods; DR. Praeger’s Sensible Foods |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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