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Global Plant-Based Meat Market – Industry Trends and Forecast to 2030

Food & Beverage

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Global Plant-Based Meat Market – Industry Trends and Forecast to 2030

  • Food & Beverage
  • Upcoming Report
  • Dec 2023
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Plant-Based Meat Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 9,820.00 Million
Diagram Market Size (Forecast Year) USD 27,620.00 Million
Diagram CAGR %

Major Markets Players

  • Beyond Meat
  • Impossible Foods
  • Maple Leaf Foods
  • Unilever
  • Conagra Brands

Global Plant-Based Meat Market, By Source (Soy, Wheat, Pea, Mycoprotein, Gluten, Others),  Type (Pork, Beef, Chicken, Fish, Tofu, Tempeh, Quorn, Mushroom, Seitan, RTC/RTE, Natto, Others), Product Type (Burger Patties, Sausages, Strips and Nuggets, Meatballs, Tenders and cutlets, Grounds, Others), Process (Grinding, Mixing, Blending, Forming/Shaping, Freezing Systems, Storage), Distribution Channel (Online platforms, Offline platforms), Storage (Refrigerated plant-based meat, Frozen peas based meat, Shelf stable plant-based meat), End User (Households, Food Industry, HORECA) - Industry Trends and Forecast to 2030.

Plant-Based Meat Market

Plant-Based Meat Market Analysis and Size    

Plant-based meat is becoming a more critical part of the vegan diet as more people switch to a vegetarian diet devoid of animal-based foods. Others are switching to veganism for ethical and health reasons, while some consumers choose vegetarian ingredients to prevent animal cruelty and to consume sustainable food and beverage products. People worldwide are choosing plant-derived alternatives to meat because of the environmental impact and ethical violations associated with animal husbandry and meat production which act as a driver for the plant-based meat market during forecast period of 2023 to 2030.

Data Bridge Market Research analyzes that the global plant-based meat market was valued at USD 9,820 million in 2022 and is expected to reach the value of USD 27,620 million by 2030, at a CAGR of 14.74% during the forecast period of 2023 to 2030.  “Soy” segment is expected to dominate the market as people worldwide are choosing plant-derived alternatives to meat because of the environmental impact and ethical violations associated with animal husbandry and meat production. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

CBase Year

2022

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

By Source (Soy, Wheat, Pea, Mycoprotein, Gluten, Others),  Type (Pork, Beef, Chicken, Fish, Tofu, Tempeh, Quorn, Mushroom, Seitan, RTC/RTE, Natto, Others), Product Type (Burger Patties, Sausages, Strips and Nuggets, Meatballs, Tenders and cutlets, Grounds, Others), Process (Grinding, Mixing, Blending, Forming/Shaping, Freezing Systems, Storage), Distribution Channel (Online platforms, Offline platforms), Storage (Refrigerated plant-based meat, Frozen peas based meat, Shelf stable plant-based meat), End User (Households, Food Industry, HORECA)

Countries Covered

U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa

Market Players Covered

Beyond Meat. (U.S.), Impossible Foods Inc. (U.S.), Maple Leaf Foods. (canada), Unilever. (Netherlands), Conagra Brands, Inc U.S.), Kellogg Co. (U.S.), Tofurky (U.S.), Valio Oy(Finland), Sunfed (New Zealand), VBites Foods Ltd (U.K), The Kraft Heinz Company. (U.S.), Yves Veggie Cuisine (U.S), Ojah B.V. (Netherlands), Moving Mountains Foods (U.S.), Eat Just, Inc. (U.S.), LIVEKINDLY Collective (Germany), Gooddot (India), No Evil Foods (U.S.)

Market Opportunities

           

  • The increasing vegetarian population has led to a shift in consumer preference
  • Increase in consumers of vegan food

Market Definition

Plant-based meat products are made to mimic properties found in natural meats and are considered to be meat substitutes. Plant-based products offer the consumer the main component in a more sustainable and environmentally friendly line than meat products. Using plants and other non-animal products makes them taste, look, and desire like meat. The main components of plant-based meat are soybeans, wheat berries, lentils, tofu, yuba, tempeh, and a spread of nuts.

 Global Plant-Based Meat Market Dynamics

Drivers

  • Soy's demand and benefits

All standard (nine) amino acids necessary for the development of the human body are present in soy when it is raw. The demand for soy in plant-based meat products will likely increase over the coming years due to its capacity to improve the finished product's water absorption, solubility, emulsification, viscosity, anti-oxidation, and texture. The popularity of various plant-based meat alternatives keeps rising, expanding, and diversifying the category. Along with plant-based beef, there is a growing demand for plant-based chicken, pork, and seafood. Over the forecast period, the exponential growth of chilled plant-based meat will likely continue. It reflects a change in the plant-based industry's approach to product innovation and marketing tactics.

  • Increasing knowledge attracts more customers

Consumer knowledge of plant-based non-veg substitutes is rapidly increasing. Customers want these goods due to their health advantages, such as avoiding non-communicable illnesses, digestion issues, and being overweight. Plant-based meat products are rich in essential nutrients and taste and are identical to animal-derived products. Thus, proteins can easily be consumed by vegetarians, which helps them maintain a healthy lifestyle and desired nutritional values.

Opportunity

  • Increasing vegetarian population

The ability of these products to mimic animal-based meat products is a significant factor driving the growth of the plant-based meat market. These goods, for instance, imitate the texture, flavor, aroma, and appearance of animal meat products. The plant-based meat alternatives have lower levels of saturated fat than ground beef and are a great source of fiber, iron, and folate. The plant-based meat substitutes are made of coconut oil, beet juice, and vegetable protein extract. In the upcoming years, it is anticipated that the popularity of the plant-based meat industry will increase due to the shift in consumer preferences toward meat alternatives made possible by the rise in the vegetarian population and the flexitarian diet.

Restraint/Challenge

  • The price of the product is higher in comparison to traditional meat

One of the leading market restraints is price. The lack of economic viability of plant-based meat compared to animal-based meat will likely limit its growth in price-sensitive markets. Because the current situation's high cost is preventing the market from expanding, manufacturing facilities are attempting to offer plant-based meat alternatives to reduce the price.

Recent Development

  • In 2022, Beyond meat, Inc., a pioneer in plant-based meat, introduced beyond steakTM. This innovative product combines the juicy, supple, and mouth-watering bite of seared steak tips with plant-based meat's added health and environmental benefits

Global Plant-Based Meat Market Scope

The plant-based meat market is segmented on the basis of source, type, product type, process, distribution channel, storage, and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Source

  • Soy
  • Wheat
  • Pea
  • Mycoprotein
  • Gluten
  • Others

Type

  • Pork
  • Beef
  • Chicken
  • Fish
  • Tofu
  • Tempeh
  • Quorn
  • Mushroom
  • Seitan
  • RTC/RTE
  • Natto
  • Others

Product Type

  • Burger Patties
  • Sausages
  • Strips and Nuggets
  • Meatballs
  • Tenders and Cutlets
  • Grounds
  • Others

Process

  • Grinding
  • Mixing
  • Blending
  • Forming/Shaping
  • Freezing Systems
  • Storage

Distribution Channel

  • Online Platforms
  • E-Commerce
  • Company Owned Websites
  • Offline Platforms
  • Retail Outlets
  • Food Services

Storage

  • Refrigerated Plant Based Meat
  • Frozen Peas Based Meat
  • Shelf Stable Plant Based Meat

End User

  • Households
  • Food Industry
  • HoReCA
  • Hotels
  • Restauranst
  • Cafe

Global Plant-Based Meat Market Regional Analysis/Insights

The plant-based meat market is analysed and market size insights and trends are provided by country, source, type, product type, process, distribution channel, storage and end user are as referenced above.

The countries covered in the plant-based meat market report are U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa.

Asia-Pacific is expected to dominate the market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the region’s dominance are the popularity of plant-based meat products among consumers.

North America is expected to show significant growth during the forecast period due to the rapid shift in consumers' diets from meat consumption to vegan or vegetarian products. In addition, in the U.S., people are more forced towards environmental, health, and ethical consideration, thus, they are switching to alternatives like plant-based meat.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Plant-Based Meat Market Share Analysis

The plant-based meat market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to plant-based meat market.

Some of the major players operating in the plant-based meat market are:

  • Beyond Meat. (U.S.)
  • Impossible Foods Inc. (U.S.)
  • Maple Leaf Foods. (canada)
  • Unilever. (Netherlands)
  • Conagra Brands, Inc U.S.)
  • Kellogg Co. (U.S.)
  • Tofurky (U.S.)
  • Valio Oy(Finland)
  • Sunfed (New Zealand)
  • VBites Foods Ltd (U.K)
  • The Kraft Heinz Company. (U.S.)
  • Yves Veggie Cuisine (U.S)
  • Ojah B.V. (Netherlands)
  • Moving Mountains Foods (U.S.)
  • Eat Just, Inc. (U.S.)
  • LIVEKINDLY Collective (Germany)
  • Gooddot (India)
  • No Evil Foods (U.S.)


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FREQUENTLY ASK QUESTIONS

The Plant-Based Meat Market size will be worth USD 27,620 million during the forecast period by 2030.
The Plant-Based Meat Market growth rate is 14.74% during the forecast period.
Increasing knowledge attracts more customers, Soy's demand and benefits are the growth drivers of the Plant-Based Meat Market.
The source, type, product type, process, distribution channel, storage, and end user are the factors on which the Plant-Based Meat Market research is based.
Major companies in the Plant-Based Meat Market are Beyond Meat. (U.S.), Impossible Foods Inc. (U.S.), Maple Leaf Foods. (canada), Unilever. (Netherlands), Conagra Brands, Inc U.S.), Kellogg Co. (U.S.), Tofurky (U.S.), Valio Oy(Finland), Sunfed (New Zealand), VBites Foods Ltd (U.K), The Kraft Heinz Company. (U.S.), Yves Veggie Cuisine (U.S), Ojah B.V. (Netherlands), Moving Mountains Foods (U.S.), Eat Just, Inc. (U.S.), LIVEKINDLY Collective (Germany), Gooddot (India), No Evil Foods (U.S.).
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