According to MarketsandMarkets, the global Plant-based Meat Market size is estimated to be valued at USD 7.9 billion in 2022 and is projected to reach USD 15.7 billion by 2027, recording a CAGR of 14.7% in terms of value. Plant-based meat products are derived from plant-based ingredients to mimic animal-derived meat and are designed to be indistinguishable from their animal-based equivalents. The most commonly available products in the market that have incorporated plant-based ingredients include nuggets, sausage, meatballs, and burger meat patties. Factors such as growing health awareness, environmental concerns, and shifting consumers' preferences toward vegan and plant-based diets lead to the growth of the plant-based meat market. Furthermore, the rising number of animal-borne illnesses and prevailing coronavirus outbreak is expected to propel the demand for clean-label products.
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Europe accounted for the largest market share in the global plant-based meat market. The region is also projected to witness significant growth due to the presence of several local and key players in the region. The increased consumption of plant-based meat products and rising focus and awareness about animal cruelty have resulted in the growth of the plant-based meat market in the region.
Based on the source, soy accounted for the largest market share in the overall plant-based meat market. Growing health concerns associated with the consumption of animal protein-sourced foods and the adoption of flexitarian and vegetarian diets are expected to drive the consumption of soy as a source in the global plant-based meat market.
Amongst types, the beef segment dominates the plant-based meat market with the largest market share in 2022. Leading players in the plant-based meat market are offering plant-based product lines as meat alternatives that have a taste and texture similar to beef.
Based on product, the burger patties segment dominates the plant-based meat market as it is quite popular amongst consumers. Leading players in the market Impossible Foods (US) and Beyond Meat (US) are offering plant-based burgers and it is backed by a robust distribution network to cater to the growing demand.
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Based on the distribution channel, the food retail segment is projected to hold the largest share during the forecast period. According to the Plant-Based Foods Association (PBFA) and The Good Food Institute (GFI), plant-based meat sales via the food retail channel doubled the conventional meat sales in 2020.
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