Plant-Based Meat Market

Plant-Based Meat Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Plant Based Meat Market grew at a CAGR of 13.4% between 2017-2021 and is estimated to be US$ 4,765.9Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 15.1% and is expected to reach a valuation of US$ 19,449.0Mn by 2032 end.

The market is anticipated to be driven by rising consumer interest in plant-based diets and increased awareness of animal rights thanks to numerous welfare organizations. As more people adopt a vegetarian diet free of animal-based items, plant-based meat is increasingly a staple of the vegan diet. While some customers choose vegetarian ingredients to avoid animal cruelty and to consume sustainable food and beverage products, others are moving toward veganism for ethical and health reasons.

Market Dynamic

GOVERNMENT’S PUSH FOR MARKET GROWTH & INVESTMENT

Due to the health advantages these products offer and the environmental issues with meat derived from animals, governments in many nations are urging the use of plant-based meat alternatives. Additionally, government organizations heavily fund plant-based meat research and commercial development efforts.

The US Department of Agriculture (USDA) has recently said that the market for plant-based meat is expanding. “Texturing Mechanisms in the Wet Extrusion of Soy and Pea Protein” is a study carried out by scientists at the TU Berlin and Karlsruhe Institute of Technology (KIT) in Germany to develop ways for producing plant-based meat.

HIGH PRICE OF PRODUCTS IN COMPARISON TO TRADITIONAL MEAT

One of the main barriers to the market for plant-based meat is price. Plant-based meat is less cost-effective than animal-based meat, which is likely to limit its expansion in price-sensitive regions like India, China, and South Africa. Companies that provide plant-based meat substitutes are attempting to lower prices since their high cost hampers the fast-expanding plant-based industry compared to conventional meat.

CONSUMERS’ ADOPTION OF MEAT ALTERNATIVES

Given the rising health consciousness among consumers, which is predicted to increase demand for plant-based meat products, many food items, such as beef patties and sausages, are being substituted by plant-based/plant-infused meat products.

In 2018, “22 million UK people now identify as being a ‘flexitarian,’ considered not a fad diet, but instead, a permanent lifestyle choice, particularly most popular among very influential millennials,” said The Food Science and Health Database Organization. Therefore, during the forecast period, the growing vegan and flexitarian population represents a significant business opportunity for plant-based meat producers.

Market Segments Covered in Report

By Product:

• Burgers
• Sausages
• Patties
• Nuggets, Tenders & Cutlets
• Grounds
• Others

By Type:

• Chicken
• Pork
• Beef
• Fish
• Others

By Source:

• Soy
• Pea
• Wheat
• Others

By End-User:

• Retail
• HORECA (Hotel/Restaurant/Café)

By Storage:

• Refrigerated Plant-based Meat
• Frozen Plant-based Meat
• Shelf-stable Plant-based Meat

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Which source is the most preferred?

The soy-based meat category was the market leader and source of more than 48.5% of global sales. Branch amino acids (BCAAs) may be found in soy, a rich source. Because soy can improve exercise performance, speed up recovery after a strenuous workout, and build and strengthen muscle mass, it is expected to rise steadily over the projection period.

Comparing soy-based meat products to traditional animal- and dairy-based food items, they have lower formulation costs and a lower carbon footprint. Growing consumer demand for the product due to its better eating characteristics, such as improved microwave ability and slice-ability, is anticipated to fuel market expansion.

Which end-user segment is increasing in demand in the anticipated period?

The market for plant-based meat was headed by the hotel/restaurant/café (HORECA) segment, which had the highest revenue share of 59.7%. Many restaurants, fast food chains, and casual dining establishments are devoting a section of their menu exclusively to “meat-free” options in response to the growing popularity of vegan and flexitarian diets, which is expected to fuel market expansion.

Major participants in the sector are profiting from changing consumer preferences and increasing demand for a more individualized, customized level of service. For instance, the establishment of a third plant-based and vegan-friendly “Amy’s Drive-Thru” restaurant in Walnut Creek, California, was announced by Amy’s Kitchen Inc., a US-based manufacturer of vegetarian and vegan meals, in April 2019.

Which type is the top-selling type?

The sector of plant-based chicken dominated the market and accounted for 34.1% of total sales. Due to its abundance in animal fats, cholesterol, and protein, chicken is the main ingredient in many traditional meat industries, including nuggets, patties, and cutlets. While the other nutrients can differ from one plant-based chicken product to the next, the protein content is roughly the same.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• North America controlled most of the market with a 39.8% revenue share. Rising consumer awareness of the dangers of consuming tainted meat products and increasing the usage of meatless meat products are both credited with driving market growth in this area.
• The European market is predicted to experience the quickest growth rate over the forecast period due to consumers’ favorable attitudes toward vegetarian and vegan meat products and the application of strict laws against animal cruelty.

Competition Analysis

The small number of competitors in the market for plant-based meat is one of its defining features. Players in the market are concentrating on R&D efforts and portfolio diversification to introduce novel and unique alternative meat products that resemble the flavor and texture of exotic meats, such as lobster and veal. For the distribution of their fake meat goods, major market participants are distinguished by a strong sales channel with restaurants and retail chains worldwide.

The recent developments in the Global Plant Based Meat Market:

• In January 2022, Beyond Meat (US) and Pizza Hut (Canada) worked together to create Beyond Italian Sausages Crumble, which was added as a permanent menu item to satisfy rising consumer demand.
• In May 2021, the food technology firm ENOUGH and Unilever partnered to develop new plant-based meat products. ENOUGH’s technology employs a novel zero-waste fermentation technique to produce a high-quality protein. Natural fungi are fed by wheat and corn, which results in ABUNDA mycoprotein, a complete food element. This protein will be ideal for The Vegetarian Butcher, a rapidly expanding meat substitute brand from Unilever.

A list of some of the key suppliers present in the market are:

• Beyond Meat
• Impossible Foods Inc.
• Maple Leaf Foods (Field Roast & Maple Leaf)
• Vegetarian Butcher
• Conagra, Inc. (Gardein Protein International)
• Kellogg NA Co. (MorningStar Farms)
• Quorn
• Amy’s Kitchen, Inc.
• Tofurky
• Gold&Green Foods Ltd.
• Sunfed
• VBites Foods Limited
• Kraft Foods, Inc.
• Lightlife Foods, Inc
• Trader Joe’s

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.