Plant based Meat Market Outlook:
The Global plant based meat Market is valued at around USD 7.92 billion in 2022 and is expected to reach USD 9.86 Billion by the year 2030 registering a CAGR of 5.9% over the forecast period.
Plant-based meat is increasingly becoming a cornerstone of the vegan diet as more individuals transition to a vegetarian lifestyle free from animal-based foods. Some are embracing veganism due to ethical and health considerations, while others opt for vegetarian ingredients to combat animal cruelty and support sustainable food choices. This growing trend underscores a shift towards more compassionate and environmentally conscious consumption patterns.
Plant-based meat products are crafted to emulate the characteristics of natural meats, serving as substitutes for traditional meat products. These alternatives offer consumers a more sustainable and environmentally friendly option compared to conventional meats by utilizing plants and other non-animal ingredients
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Market Growth Factors:
The ability of plant-based meat products to closely resemble animal-based meat is a key driver behind the growth of the plant-based meat industry. These products mimic the look, texture, taste, and scent of traditional meat derived from animals. Additionally, plant-based meat substitutes typically contain lower levels of saturated fat compared to ground beef, and they offer a rich source of fibre, iron, and folate, as highlighted by a study supported by the US National Institutes of Health. Common ingredients in plant-based meat substitutes include beet juice, coconut oil, and vegetable protein extracts.
In contrast to animal meat, plant-based meat substitutes may lack important nutrients such as protein and omega-3 fatty acids, among others. Furthermore, some plant-based meat alternatives have reduced nutritional value due to high processing and additive content. Significant amounts of artificial colour, flavour, texture, and other additives are commonly used in plant-based meat products to replicate the texture, colour, and taste of animal-based meat products.
Market trends:
Growing awareness of nutritional content: Growing awareness of nutritional content and a growing desire to reduce animal slaughter are driving an increase in the market share of plant-based meat.
The capacity to mimic animal-based Meat: The flavour, texture, appearance, and aroma of plant-based alternatives to traditional meat are very similar. This meat substitute is rich in iron, fibre, and folate and frequently contains less saturated fat than ground beef.
Population growth of vegetarians: In the years to come, it's expected that the plant-based meat industry will become even more well-known. It can be attributed to a shift in consumer preferences toward meat substitutes, which has been sparked by a rise in vegetarianism and the popularity of flexitarian diets, which limit meat intake.
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Market Segmentation:
Based on the product type
- Chicken
- Pork
- Beef
- Fish
- Others
Based on the end-use type:
- Retail
- HORECA (Hotel/Restaurant/Café)
Based on the application type:
- Refrigerated Plant-based Meat
- Frozen Plant-based Meat
- Shelf-stable Plant-based Meat
Market Geographically Analysis:
Over the duration of the projected period, the US region is anticipated to propel market growth. Throughout the course of the projected period, the region's food industry is expected to benefit from the expanding technical improvements in the field. Over the course of the projected period, Europe is expected to grow at a robust rate. The industry is predicted to increase at a significant rate in the Asia Pacific area as well.
Key Players Include in this Report are:
Beyond Meat; Impossible Foods Inc.; Maple Leaf Foods (Field Roast & Maple Leaf); Vegetarian Butcher; Conga, Inc. (Garden Protein International); Kellogg NA Co. (Morningstar Farms); Quorn; Amy's Kitchen, Inc.; Turkey; Gold Green Foods Ltd.; Snuffed; Bites Foods Limited; Kraft Foods, Inc.; Light life Foods, Inc.; Trader Joe's; Yves Veggie Cuisine (The Hain-Celestial Canada, ULC); Marlow Foods Ltd. (Cauldron); Ojai B.V.; Moving Mountains; Eat JUST Inc.; Like Meat GmbH; Godot; Omni Foods; No Evil Foods; DR. Prager’s Sensible Foods
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