Plant-Based Meat is an alternative to conventional Meat. It is derived from vegan sources but is similar in taste to the Meat. The purpose of developing plant-based Meat is to minimise the environmental impact caused by the meat industry and prevent cruelty towards animals.
The value of the global plant-based meat market stood at USD 4.03 billion in 2020, which increased to 5.06 billion in 2021. This value is projected to increase to USD 12.49 billion by 2028. The CAGR of this market in the forecast period 2021-2028 is estimated to be 14.6%.
Rising adoption of veganism by the people for environmental and ethical reasons, growing awareness about the health benefits of plant-based Meat over animal meat and campaigns by many organisations favouring a vegan diet are the main factors driving the growth of this market. Increasing investments in the plant-based meat industry and government initiatives to promote plant-based Meat are also boosting the growth of this market.
Higher costs of plant-based meat products than animal meat products act as a major restraining factor for this market. In addition, allergy to plant sources such as soy and wheat among a large section of the population is also a restraining factor. Doubts regarding the taste of plant-based Meat also pose a challenge to this market’s growth.
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The Plant-Based Meat Market has a diverse competitive landscape with many key stakeholders. The competitive landscape has been evolving as new competitors are entering the Market space. The key producers and marketers of Plant-Based Meat are-
AMY’s Kitchen, Inc.
Garden Protein International, Inc
Blue Chip Group, Inc.
MorningStar Farms L.C.
On the basis of source, the global plant-based meat market is divided into soy, wheat, mycoprotein, gluten, pea and others. Soy held 48.1% of the market share in 2021 and is projected to dominate the market in the forecast period. Soy-based Meat is highly popular because it increases muscle mass, enhances the ability to perform exercises and hastens recovery from heavy workouts due to branch amino acids.
On the basis of type, the global plant-based meat market is divided into chicken, pork, beef, fish, tofu, seitan and others. Plant-based chicken has the same proteins and nutrients as conventional chicken and is widely used in burgers, nuggets, cutlets, etc. Chicken accounted for 34.1% of the revenues in 2021 and continues to be the largest segment in the forecast period.
On the basis of end-user, the global plant-based meat market is divided into hotels/restaurants/cafes or HORECA, households and the food industry. HORECA segment holds the largest market share, accounting for 58.6% of the revenues in 2021. This is because restaurants and other dining outlets are including Meat-free options in their menus, given the rising popularity of veganism worldwide.
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On the basis of regions, the global plant-based meat market is divided into North America, Europe, Asia Pacific, South America and Middle East and Africa.
North America is the dominant market for plant-based meat products. This region accounted for 38.6% of the revenues in the year 2021. The rising demand for vegan products and the presence of multiple plant-based meat manufacturers fuel the growth of this market in this region.
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