The global Plant Based Meat Market is estimated to be valued at US$ 7.2 Bn in 2023 and is expected to exhibit a CAGR of 19.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Plant-based meat products are plant-derived food products that mimic the sensory qualities of animal meat such as texture, flavor and appearance. These products are primarily made from soy, wheat and pea proteins. Plant-based meat products provide several advantages over animal meat including being a sustainable and environment-friendly alternative with lower carbon footprint. They are also high in proteins, vitamins and minerals but low in saturated fats and cholesterol content. With growing health and environmental concerns, plant-based meat products are gaining higher consumer acceptance.
Market key trends:-
One of the key trends driving the growth of plant-based meat market is the rising flexitarian and vegetarian population globally. According to estimates, around 10% of the US population now follows a vegetarian or vegan diet indicating a significant market potential for plant-based meat products. Another major trend is the development of various plant-based meat analogs that closely resemble animal meat in taste, appearance and texture, thus offering a similar eating experience to consumers. Continuous product innovations and launch of wide variety of plant-based burger patties, sausages, nuggets, fillets etc. by key players is significantly boosting the market growth.
Porter’s Analysis:-
- Threat of new entrants: The plant based meat industry requires high capital investment for R&D, production facilities, and brand building. Additionally, established players have strong brands and distribution networks making entry difficult for new players.
- Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and substitutes in the plant based meat market. However, convenience of packaged products increases switching costs for buyers.
- Bargaining power of suppliers: Suppliers of raw materials like soy, wheat etc have moderate to high bargaining power due to limited availability of specialized ingredients for plant based meat. Suppliers can impact costs for manufacturers.
- Threat of new substitutes: Threat from substitutes like meat, seafood etc is moderate due to consumer preference for healthier and sustainable options. However, imitation meat is yet to fully mimic taste and texture of animal meat.
- Competitive rivalry: The global plant based meat market is consolidating with top players competing intensely on product development, branding and expansion.
Key Takeaways:-
The Global Plant Based Meat Market Demand is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing health consciousness, focus on animal welfare and sustainability factors.
North America dominated the global market in 2023, accounting for over 40% of overall sales, driven by consumer demand for vegan options as well as presence of major producers. However, Asia Pacific is expected to be the fastest growing regional market fueled by growing health awareness in countries like China and India.
Key players operating in the plant based meat market are Beyond Meat, Impossible Foods Inc., Maple Leaf Foods , Vegetarian Butcher, Conagra, Inc., Kellogg NA Co., Quorn, Amy's Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe's, Yves Veggie Cuisine, Marlow Foods Ltd., Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, Dr. Praeger's Sensible Foods. These players are focusing on new product development and expansion in distribution channels to strengthen their market presence.
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