Plant-based meats, also known as meat alternatives, are foods that mimic the sensory qualities of conventional animal meat products. They simulate the flavor, texture, and appearance of conventional meat products, including beef, pork, poultry, and fish, but are made primarily from plant ingredients like soy, pea, wheat, or other grains. Plant-based meat products are increasingly being preferred as they do not require animal slaughter and offer environmental benefits with smaller land use and carbon footprints. They provide high protein content without the fat and cholesterol contents present in conventional meat. The Global Plant Based Meat Market Size is estimated to be valued at US$ 8.3 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growth of the Meat Alternatives Industry
The opportunity for meat alternatives in the global meat industry is enormous. With growing preference for vegetarian and vegan diets for health and ethical concerns, the demand for plant-based meat is increasing rapidly. The plant-based meat sector offers innovation and technological advances to closely mimic the taste and texture of meat derived from animals. This allows meat-eaters to transition toward a plant-based diet more easily. The availability of a variety of meat substitutes with different flavors and textures across retail channels is further fueling consumption. As consumer awareness about the benefits of plant-based diets continues to spread, the meat alternatives segment is poised for high growth over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements for starting a new plant-based meat business poses a moderate threat. However, established players hold strong brand recognition and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, growing health and environmental concerns are increasing buyer preference for plant-based meat products.
Bargaining power of suppliers: Suppliers of key plant-based meat ingredients like soy and wheat have low to moderate bargaining power due to the fragmented nature of the supply base.
Threat of new substitutes: Alternatives like lab-grown meat pose a moderate threat, while traditional animal meat remains a strong substitute.
Competitive rivalry: Intense as major players vie for market share through product innovation, branding, and expanding distribution.
SWOT Analysis
Strengths: Growing health and environmental consciousness. Varied product portfolio and realistic meat textures.
Weaknesses: High costs compared to animal meat. Limited brand awareness in developing nations.
Opportunities: Expanding flexitarian and vegan demographics. Penetration in new geographies and foodservice channels.
Threats: Challenges of taste and nutrition parity with animal meat. Potential overregulation of production processes.
Key Takeaways
The global Plant Based Meat Market is expected to witness high growth.
North America currently dominates the market due to strong consumer preference for vegan and vegetarian diets in the region. However, Asia Pacific is expected to be the fastest growing market owing to rising health consciousness and immense growth potential in populous nations like China and India.
Key players operating in the plant-based meat market are Abbott Laboratories, ACON Laboratories Inc., Nipro Corporation. Abbott Laboratories is the global leader in plant-based meat products, offering a wide range of vegan burgers and sausages. The company has successfully commercialized several innovations to closely mimic the taste and texture of conventional meat.
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