The global plant-based meat market 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 during the forecast period. Plant-based meat products serve as an alternative to animal meat. The rise in consumption of plant-based meat is either due to medical reasons or lifestyle changes.
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Key Highlights the Plant-based Meat Market
some key highlights of the plant-based meat market:
- Rapid Growth: The plant-based meat market has experienced exponential growth in recent years, driven by increasing consumer demand for healthier, sustainable, and ethical food options.
- Diverse Product Range: Companies have expanded their offerings beyond burgers to include plant-based alternatives for sausages, chicken nuggets, meatballs, and more, catering to various consumer preferences.
- Health and Sustainability Focus: Consumers are drawn to plant-based meat due to its perceived health benefits, such as lower cholesterol and saturated fat content, as well as its reduced environmental impact compared to traditional meat production.
- Investment and Innovation: Significant investments from both food giants and startups have spurred innovation in the industry, leading to improved taste, texture, and nutritional profiles of plant-based meat products.
- Expanding Market Reach: Plant-based meat products are increasingly available in restaurants, fast-food chains, and grocery stores, reflecting a shift in consumer behavior towards adopting plant-based options.
- Regulatory and Labeling Challenges: Regulatory frameworks and labeling standards are evolving to accommodate this growing market, aiming to ensure transparency and accuracy in product labeling.
Plant-based Meat Market Drivers:
- Growing vegan and flexitarian population across the world
- Rising awareness about the health benefits of plant-based meat products over animal-meat products
- Growth in government initiatives and significant investments
- Major food industries investing in plant-based meat products
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Top Companies in Plant-based Meat Market
- Beyond Meat (US)
- Kellogg Company (US)
- Impossible Foods Inc. (US)
- Maple Leaf Foods (Canada)
- Unilever (UK)
- Conagra Foods (US)
- Tofurky (US)
- Gold&Green Foods Ltd (Finland)
- Sunfed (New Zealand)
- Monde Nissin (Philippines)
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