Meticulous Research®, a premier global market intelligence firm, has released its latest report titled, “Plant-based Meat Market by Type (Tofu, TVP, Tempeh, Seitan, Meatballs, Burger Patties, Nuggets, Crumbles), Source (Soy, Wheat, Pea), Distribution Channel (B2B, B2C [Convenience Store, Online Retail, Specialty Store]), and Geography - Global Forecast to 2030.”
Key Findings:
According to this new publication, the global plant-based meat market is set to reach an impressive $24.01 billion by 2030, exhibiting a robust CAGR of 13.9% from 2023 to 2030. This significant growth is primarily driven by an increasing preference for plant-based food products, a rising vegan population, heightened focus on animal welfare, and a surge in demand for alternative proteins. Additionally, advancements in food technology and continuous product innovations by manufacturers of plant-based foods and alternative proteins are anticipated to fuel further market expansion. However, the growth trajectory may face challenges due to consumer preferences for soy and gluten-free products and a notable inclination towards animal-based products.
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Market Competitiveness:
The global plant-based meat market is characterized by moderate competition, with numerous global, regional, and local players. Leading companies in this market include:
Beyond Meat Inc. (U.S.), Impossible Foods Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever Plc (U.K.), Kellogg Company (U.S.), Lightlife Foods, Inc. (Part of Maple Leaf Foods Inc., Canada), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Taifun-Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBites Food Ltd (U.K.), Sunfed Meats (New Zealand), Quorn Foods (U.K.), Ojah B.V. (Netherlands), The Kraft Heinz Company (U.S.)
Market Segmentation:
The report provides a detailed analysis of market data from 2021 and 2022, with projections extending to 2030. Key market segments include:
Type: Tofu, textured vegetable protein (TVP), burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, and other plant-based meats.
Source: Soy, wheat, pea, and other sources.
Distribution Channel: Business to business (B2B) and business to consumer (B2C) [modern groceries, convenience stores, specialty stores, online retail, others].
Geography: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Segment Insights:
Type: In 2023, the tofu segment is expected to dominate the global plant-based meat market due to its cost-effectiveness, easy availability, and high protein content with essential amino acids. The growing health and wellness trend is likely to further propel the demand for tofu.
Source: The pea segment is projected to register the highest CAGR during the forecast period, driven by its high protein content, increasing investments to boost pea protein production, and its allergen-free, gluten-free, and lactose-free properties.
Distribution Channel: The business-to-consumer (B2C) segment is expected to lead the market in 2023, bolstered by the rise of e-commerce, higher sales of plant-based foods in established supermarkets and hypermarkets, and increasing consumer spending on vegan products.
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Region: North America is anticipated to hold the largest market share in 2023, attributed to high awareness of protein-ricsh diets, consumer concerns over contaminated meat products, and significant investments in the plant-based meat industry.
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