Plant-Based Meat Market By Source (Soy, Wheat, Pea, and Other sources (quinoa, oats, beans, nuts, and seeds)). By Product (Burger patties, Strips & nuggets, Sausages, Meatballs, and Other products (slices, fillets, cutlets, slides, fingers, and crumbles)). By Type (Beef, Chicken, Pork, Fish, and Other types (lamb and turkey))

Plant-Based Meat Market Overview

Rising consumer interest in plant-based diets, as well as growing awareness of animal rights through various welfare organizations, are expected to drive the market. Plant-based meat is quickly becoming an integral component of a vegan diet, in which people follow a vegetarian diet free of animal products. Veganism is growing in popularity for health and ethical reasons, while vegetarian ingredients are growing in popularity to prevent animal cruelty and consume sustainable food and beverage products.

If you don't want to eat meat or meat-based products, this form of meat has a similar nutritional makeup to the original meat alternative. Soy or gluten-based ingredients are used to make a substantial share of plant-based meat products.

The rise in vegan and flexitarian populations around the world is a major driving element in the plant-based meat market. Furthermore, the increased awareness of the health benefits of plant-based meat over animal meat, as well as major government initiatives and expenditures, are likely to drive the overall demand for the plant-based meat market over the forecast period. Additionally, major food industries investing in and introducing plant-based meat products, as well as an increase in the health consciousness trend, are likely to serve as primary drivers for the worldwide plant-based meat market.

Furthermore, the growing vegan population and rising demand for organic food products are driving the expansion of the plant-based meat market. Furthermore, the alternative option to fulfill the growing demand for animal meat products, as well as attractive marketing and proper positioning of plant-based meat, are likely to create new opportunities for the plant-based meat market throughout the forecast period.
 

Market Size

According to Business Intelligence Insights "Global Plant-Based Meat Market is expected to grow from USD 4,519.5 million in 2021 to USD 12,712.4 million by 2028, at a CAGR of 13.8% to  during the forecast period 2022-2030

Covid -19 Impact Analysis

The COVID-19 pandemic has had a substantial impact on the demand and expansion of the plant-based meat business. It is the result of a disruption in crucial raw material supplies, restricted access to industrial locations, and disrupted distribution systems. Foodservice channel distribution was severely damaged, and pantry stockpiling and panic buying were at an all-time high across all retail sales during the pandemic's initial phase. Furthermore, the installation of complete or partial lockdown across many nations in the region has pushed consumers to purchase products through online channels, motivating distributors to shift to the online distribution channel. The epidemic has raised consumer awareness about the significance of maintaining good eating habits and lifestyles, which has increased the demand for healthy food substitutes such as plant-based meat products.
 

Market Dynamics

Drivers

• Global vegan and flexitarian population growth
• Increasing understanding of the health advantages of plant-based meat versus animal meat

Restraints

• People who are sensitive to plant-based meat sources like soy and wheat
• Product prices are higher as compared to regular beef.
   

Segmentation Insights

By Source

Soy category dominated the market with more than 48.3% of the market share

Soy is a good source of branch amino acids (BCAAs), and its consumption is predicted to rise significantly during the forecast period due to its ability to improve exercise performance, recuperate from difficult workouts, and develop and strengthen muscle mass. Soy-based meat products offer lower formulation costs as well as a lower carbon footprint than a traditional animal- and dairy-based meat products. Growing product demand due to improved eating characteristics such as microwave ability and sliceability is likely to fuel overall market expansion.

 

By Product

Burger patties category dominated the market with more than 29.2% of the market share

 

The components in these burgers are meant to simulate the fragrance, flavor, and "bleeding" sensation of flesh. The Impossible Burger from Impossible Foods is made using a genetically modified form that replicates the natural heme-iron present in animals, giving the burger a distinct meaty flavor. Among the companies that make notable plant-based burgers are Kellogg NA Co., Quorn, Amy's Kitchen, Inc., VBites Foods Limited, Kraft Foods, Inc., Yves Veggie Cuisine, and Beyond Meat. Product demand is likely to be driven by companies' increased investment in providing new and creative flavors to their plant-based sausages, such as hot Italian, sweet Italian, and spinach pesto. Three major players in the plant-based sausages market are Marlow Foods Ltd., Impossible Foods Inc., and Moving Mountains.
 

Segmentation

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

Key Players

• 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)
   

Regional Insights

North America dominated the market with more than 38.6% of the market share

North America is likely to expand at a high rate over the projection period because of the increasing movement in consumer diets from meat consumption to vegan or vegetarian products. North America is the plant-based meat market's epicenter, thanks to start-ups like Impossible Foods Inc. (US) and Beyond Meat (US), which pioneered the development of plant-based meat products. Demand for plant-based meat products is expected to rise in the coming years, owing to rising consumer health concerns about animal-based protein sources, ethical concerns, and environmental concerns.
 

Table

Report Attributes	Details
Market Size Value in 2021	USD 4,519.5 million
Market Size Value in 2030	USD 12,712.4 million
Growth Rate	13.8%
Base Year	2021
Forecast Period	2022-2030
Historical Data	2018-2020
Forecast Units	(USD Billion)
Countries Covered	North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE
Segments Covered	By Source, By Product, By Type, By Region
Competitive landscape	Leading companies, Competitive strategies and Consumer engagement scope
Customization is available	If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions

 

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