As per Business Intelligence Insights (BII) study, the global Plant-Based Meat Market attained revenue growth of 4,519.5 million in 2021 and it is projected to reach around USD 12,712.4 million by 2030, growing at a 13.8% CAGR.

The market is likely to be driven by rising consumer interest in plant-based diets, as well as increased awareness of animal rights through various welfare organizations. Plant-based meat is becoming an essential component of a vegan diet, in which people live a vegetarian lifestyle free of animal-based foods. Veganism is becoming more popular for health and ethical reasons, while vegetarian ingredients are becoming more popular to avoid animal cruelty and to consume sustainable food and beverage goods. For those who do not wish to consume meat or meat-based products, this type of meat provides a similar nutritious composition to the original meat choice. Soy or gluten-based products are used to make a substantial share of plant-based meat products.

Additionally, soy as a raw material has all of the standard (nine) amino acids that are required for human growth. Its capacity to improve the end product's water absorption, solubility, emulsification, viscosity, anti-oxidation, and texture is expected to promote soy demand in plant-based meat products in the coming years. Diverse plant-based meat kinds are becoming increasingly popular, diversifying and expanding the market. In addition to plant-based beef, demand for plant-based poultry, hog, and shellfish is increasing. Over the forecast period, the exponential expansion of chilled plant-based meat is expected to continue. It indicates a shift in the plant-based industry's product innovation and merchandising methods. The demand for plant-based meat in the United States has increased in recent years as customers become more aware of the health benefits of veganism. In the United States, there is a growing desire for vegetarian foods that are high in fiber, vitamin C, and iron and low in processed saturated fats. Furthermore, producers' round-the-clock attempts to offer a product with a longer shelf life, better texture and flavour, and superior nutritional profiles are expected to drive market expansion in the United States.

Plant-Based Meat Market: Companies Mentioned

•  Beyond Meat (US)
•  Impossible Foods Inc. (US)
•  Maple Leaf Foods (Canada)
•  The Vegetarian Butcher (Netherlands)
•  Gardein Protein International (Canada)
•  Morningstar Farms (US)
•  Quorn Foods (US)
•  Amy’s Kitchen (US)
•  Tofurky (US)
•  Gold&Green Foods Ltd. (Finland)
•  Sunfed (New Zealand)
•  VBites Food Limited (UK)
•  Alpha Foods (US)
•  Planterra Foods (US)
•  Before the Butcher (US)
•  No Evil Foods (US)
•  Like Meat (Germany)
•  The Meatless Farm Co. (England)
•  Hooray Foods (US)
•  Yves Veggie Cuisine (Canada)

Key Highlights of the Report

•     In 2021, the soy-based meat sector topped the market, accounting for more than 48.3 percent of global revenue. Soy is a good source of branch amino acids (BCAAs) and is expected to expand steadily over the projection period due to its capacity to improve exercise performance, recover from a strenuous workout, and develop and strengthen muscle mass. Soy-based meat products not only have lower formulation costs but also have a reduced carbon footprint than a traditional animal- and dairy-based food items. Growing demand for the product due to increased eating attributes such as microwave-ability and slice-ability is expected to drive overall market growth.

•     In 2021, the plant-based burgers segment topped the market, accounting for 29.2 percent of total sales. These burgers' ingredients attempt to mimic the scent, flavor, and "bleeding" feel of flesh. Impossible Foods' Impossible Burger is created with a genetically engineered form that mimics the natural heme-iron found in animals, giving the burger a characteristic meaty flavor. Kellogg NA Co., Quorn, Amy's Kitchen, Inc., VBites Foods Limited, Kraft Foods, Inc., Yves Veggie Cuisine, and Beyond Meat are among the firms that provide notable plant-based burgers. Companies' increasing investment in introducing new and novel flavors to their plant-based sausages, such as hot Italian, sweet Italian, and spinach pesto, is expected to drive product demand. Marlow Foods Ltd., Impossible Foods Inc., and Moving Mountains are three key companies in the plant-based sausages market.

•    North America dominated the market, accounting for 38.6 percent of total sales in 2021. Rising consumer awareness of the risks associated with consuming tainted meat goods, as well as increased use of meatless meat products, are driving market expansion in this region. Consumer perceptions of food sustainability and safety are projected to evolve further as plant-based foods, especially plant-based meat, become more popular. Starbucks added a sandwich to its morning menu in most of its US locations in 2020. The sandwich features plant-based sausage to meet consumer demand.

•    The report contains qualitative and quantitative research on the global Plant-Based Meat Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

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Revenue-generating Segment Highlights

By Source
•  Soy
•  Wheat
•  Pea
•  Other sources (quinoa, oats, beans, nuts, and seeds)

By Product
•  Burger patties
•  Strips & nuggets
•  Sausages
•  Meatballs
•  Other products (slices, fillets, cutlets, slides, fingers, and crumbles)

By Type
•  Beef
•  Chicken
•  Pork
•  Fish
•  Other types (lamb and turkey)

By Region
•  North America
o  U.S.
o  Canada
•  Europe 
o  Germany
o  U.K.
o  France
o  Italy
o  Spain
o  Rest of Europe
•  The Asia Pacific 
o  China
o  India
o  Japan
o  Rest of Asia Pacific
•  Latin America 
o  Brazil
o  Mexico
o  Rest of Latin America
•  The Middle East and Africa 
o  UAE
o  South Africa
o  Rest of the Middle East and Africa (MEA)

Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Plant-Based Meat market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –

•  What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
•  What is the current trend taking place in the market space?
•  What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
•  What market drivers, restraints, and challenges are influencing market demand and growth?
•  In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?

The Plant-Based Meat Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Plant-Based Meat Market Forecast Report 2022- 2030 - Order Now!

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