Plant-based Meat Market touched a value of USD 5,652 million in 2020 and is expected to reach USD 16,200 million by 2028, expanding at an annual rate of 14.2% over the analysis period. The rapid surge in the obesity rate and growing demand for plant proteins is the primary factor for the growth of the global plant-based meat market.
Plant-based meat products are produced from plant products to mimic the properties of natural meat and are regarded as a perfect alternative to meat. Plant-based meat offers consumers a more viable and eco-friendly line from meat substitutes than meat products. The plant-based trend continues to grow and has persuaded people to consume more plant-based items. Massive consumption of animal-based meat may result in several diet-related issues, such as type-2 diabetes, obesity, cancer, and heart problems. Thus, the increasing awareness about health benefits offered by plant-based meats has bolstered the plant-based meat market size.
In addition, the increasing concern towards animal welfare and protection has offered a boost to the demand for meat alternatives. This is further encouraged by the massive awareness campaigns initiated by various animal welfare organizations. Apart from this, the market is also driven by the product customization offered by the leading market players and the accelerating income levels.
The evolution of the coronavirus disease has positively influenced the global plant-based meat market. This is majorly because of the growing drift towards veganism guided by the growing awareness about the health advantages offered by vegan foods. Also, several leading market players, such as Congara have entered into a strategic partnership to sustain the situation of COVID-19.
However, the lower product penetration in under-developed nations is a major factor restraining the plant based meat market share. Price is another restraining factor within the plant-based meat market. The meat is uneconomical over animal-based meat, which has impacted various price-sensitive markets, such as India and South Africa.
Various notable players operating in the market include Royal Wessanen, Tyson Foods Inc., Beyond Meat Inc., Marfrig Global Foods S.A., Pinnacle Foods Inc., MorningStar Farms Impossible Foods Inc., VBites, Orkla Foods (Brand name is Naturli), Maple Leaf Foods Inc., Nestle S.A., Sunfed Ltd., and Quorn Foods, Amy’s Kitchen.
By source type, the soy segment is anticipated to seize the highest share over the forecast period. This is attributed to its texture and meaty taste with the higher fiber content of soy. Also, soy-based meat products have high protein and lower saturated fat, thus making them more prominent. The pea segment, on the other hand, is anticipated to experience significant growth because it is seen as a clean-label ingredient with added benefits of being gluten-free, lactose, and soy-free.
The plant-based meat burgers patty segment will dominate the overall market during the forecast period. This is because of its low calories and cholesterol-free nature compared to beef. The burger patty has gained immense prominence among several fast-food restaurant chains such as White Castle, Burger King, Subway, MacDonald’s, and Dunkin’s Donuts. These leading companies have launched several plant-based products to target health-conscious customers.
HoReCa segment captured the largest share in the overall market and is anticipated to maintain its supremacy over the coming years. The increasing collaboration of plant-based meat producers with restaurants chains to promote their plant-based meat products. The big restaurant chains, such as White Castle, Burger King, MacDonald’s, Subway, and Dunkin’s Donuts, have started providing new products based on plant-based meat to cater a substantial share amongst the health-conscious customers.
North America region is likely to witness faster growth over the forecast period. The surge in vegetarian and flexitarian populations and increasing incidences of cardiovascular diseases resulting from higher consumption of processed meat have strengthened the market growth. Consumers have shifted towards healthier diets, and plant-based products, which taste more like meat and have the same protein content, will further steer the plant based meat industry growth.
Plant-based Meat Market Segmentation:
Segmentation by Source Type
Segmentation by Product
• Burger patty
• Ground Meat
Segmentation by End-Users
Segmentation by Region:
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.