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The Global Meat-Free Foods Market size is estimated to reach $8,450 million by 2027. Furthermore, it is poised to grow at a CAGR of 9.9% over the forecast period of 2022-2027. Meat-free foods are considered plant-based foods that include vegetables, fruits, nuts, beans, herbs, spices, and grains and are mostly consumed by vegetarians. Plant-based meat is increasingly becoming a part of a vegan diet, in which people live a vegetarian lifestyle free of animal products. Plant-based diets are high in fiber and phytonutrients, and they include all of the required protein, fats, carbs, vitamins, and minerals for optimal health. Pea protein is a great plant-based protein for people who have dairy or soy allergies or intolerances. Mycoprotein is a protein-rich, sustainable dietary source generated from fungi that helps to lower total cholesterol levels, especially in people with hyperlipidemia. Meat-free products include cottage cheese that contains plenty of fresh herbs and is used as a dip for vegetables or bread. One of the most appealing reasons for vegetarians’ interest in soy and soy cuisine is the protein quality of soybeans. Meat-free goods provide a full meat gourmet experience without the use of any animals. Owing to the transformation of eating habits, the demand for plant-based or meat-free products is growing to provide new avenues to market growth. Changing patterns of consuming food among consumers and the growing trend of avoiding animal-based food gives rise to the need for meat-free products are some of the factors driving the Global Meat-Free Foods Industry forward in the projected period of 2022-2027.
Global Meat-Free Foods Market Segment Analysis- By Source
The global meat-free foods market based on the source can be further segmented into Soy, Pea, Wheat, and Others. Soy held a dominant market share in the year 2021. Soy is a great source of branch amino acids (BCAAs) and is expected to expand steadily over the projected period owing to its capacity to improve exercise performance, rehabilitation from a tough workout, or develop and strengthen muscle mass. In comparison to traditional animal- and dairy-based food items, soy-based meat products not only cut formulation costs but also have a lower carbon footprint. The overall soya segment is projected to rise owing to its excellent eating features, like improved microwave-ability and slice-ability. Soy products such as tofu, soy milk, edamame, and many more are used for human food products and the consumption of soy is increased at a rate of 7% in 2020.
However, Pea is estimated to be the fastest-growing, with a CAGR of 10.1% over the forecast period of 2022-2027. It is owing to the rapid growth in consumption of pea-based meat products attributed to many properties such as high protein content, likeness in texture as well as consistency to meat, easy availability, and quick cooking. Pea protein also helps to build muscle, is easy to digest, and benefits heart health. Furthermore, it is a good source of iron which gives rise to the demand for pea protein. In the bakery sector, the sales of pea protein roses by 9% in 2021 as the demand for bakery food increases among the vegan population owing to its meat-free properties.
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Global Meat-Free Foods Market Segment Analysis- By Product
The global meat-free foods market based on end-users can be further segmented into Plant-based Burgers, Plant-based Patties, Plant-based Sausages, and Others. Plant-based burgers held a dominant market share in the year 2021. Plant-based burger ingredients replicate the scent, flavor, and “bleeding” texture of meat. The plant-based burger is created with a genetically modified version of heme-iron that helps restore heme-iron found in animals, giving it a characteristic meaty flavor. As the demand for fast food products grows among vegans, various companies are introducing notable plant-based burgers.
However, Plant-based sausages are estimated to be the fastest-growing, with a CAGR of 10.5% over the forecast period of 2022-2027. The plant-based sausages are made to look, feel, sizzle, and satisfy in the same way that traditional sausage does. Companies’ increasing investment in introducing new and novel flavors to their plant-based sausages, such as hot Italian, sweet Italian, and spinach pesto, is expected to boost product demand.
Global Meat-Free Foods Market Segment Analysis- By Geography
The global meat-free foods market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 39% in the year 2021 as compared to its other counterparts. It is owing to increasing investment among companies in plant-based products. Moreover, among consumers, the awareness of risks in eating meat products is growing which in turn is giving rise to the demand for meat-free products. Also, consumers are preferring food that is safe and healthy for their health which in turn soars demand for meat-free products. For instance, in 2020, Starbucks added plant-based sausage sandwiches to its breakfast menu to meet consumer demand for meat-free foods.
Global Meat-Free Foods Market Drivers
Growing Awareness about the Health Benefits of Meat-Free Foods has Readily Aided the Market Growth
People are eating more fruits, vegetables, legumes, nuts, and seeds as a result of the meat-free food or plant-based trend. Plant-based goods also have a variety of health benefits, which consumers are becoming more aware of recently. Obesity, type 2 diabetes, heart disease, and some malignancies are all linked to excessive intake of animal-based meat. According to World Health Organization, in 2020 more than 1.9 billion adults are suffering from obesity owing to the consumption of excessive animal-based foods. Plant-based meat products, such as burgers, sausages, and nuggets, are rapidly replacing conventionally processed meat products. Saturated fat, cholesterol, and calories are all lower in plant-based meat than in animal-based meat. Micronutrients like zinc, iron, and calcium are frequently found in higher concentrations in them. Owing to its benefits, the consumption of meat-free foods soars among the population.
Increasing Number of Vegan Population Gives Rise to the Demand of Meat-Free Foods Which is Set to Drive the Market Growth
Vegan diets are increasing in popularity owing to the growing vegan population. Nowadays, people are shifting to plant-based diets so, they always looking for meat-free options when they grocery shop and go out to eat. The vegan retail food business rose by 11.4 percent in March 2020, according to the Plant-Based Foods Association (PBFA). About 14% of the world’s population are vegans and consumed only meat-free products. Owing to this, manufacturers are focusing on innovating products that are free from animal-based.
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Global Meat-Free Foods Market Challenges
The high Cost of Meat-Free Foods is one of the factors impeding the market growth
Plant-based meat is more costly than traditional meat. Owing to trade barriers, disruptions in the supply of raw materials, and inefficient distribution networks caused by COVID-19, plant-based meat prices are anticipated to rise even more. The global market’s expansion is projected to be hampered by the scarcity and high cost of raw materials, as well as high production expenses. In 2020, the average price of a meat replacement sold in a grocery store’s meat department in the United States was $9.87 per pound which is expensive and thus hampering the market growth.
Global Meat-Free Foods Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Global Meat-Free Foods Market. The top 10- Global Meat-Free Foods Market companies are-
Recent Developments
In October 2020, Impossible Foods Inc. expanded its presence by developing plant-based burgers. The company’s product is sold in around 600 Sobeys family shops as well as through the retailer’s online grocery home delivery service.
In September 2020, Planterra Foods had partnered with the NFL team Denver Broncos. This cooperation has earned OZO the designation of Denver Broncos’ Plant-Based Food Choice. This technique allows the company to promote its brand and raise client awareness.
In August 2020, Beyond Meat launched a new e-commerce site to make its plant-based meat products more accessible to consumers. The website helps to give consumers easy access to the vast portfolio of plant-based meat products and makes it more convenient for them to experience Beyond Meat.
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Key Takeaways
Geographically, North America held a dominant market share in the year 2021. It is owing to increased consumer awareness of the hazards of consuming poisoned meat products, as well as the high consumption of vegetarian meat products. In reaction to the increased consumption of plant-based foods, particularly plant-based meat, consumers’ perceptions of food sustainability and safety are projected to shift even more. Starbucks added a breakfast sandwich to its menu in the majority of its U.S. stores in 2020. To suit consumer demand, the sandwich includes plant-based sausage.
Growing awareness about the benefits of meat-free products and an increasing vegan population are some of the factors driving the Global Meat-Free Foods Market. However, the high cost of meat-free products is one of the factors impeding the market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Global Meat-Free Foods Market Report.
Relevant Titles
A. Meat Substitute Market
https://www.industryarc.com/Report/7489/meat-substitutes-market.html
B. Soy Protein Market
https://www.industryarc.com/Report/7445/soy-protein-market-analysis.html
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