The GMI Research predicts that the Plant-based Meat Market will perceive growth in demand over the forecast period. This is mainly because of the surging consciousness about the health benefits imparted by plant-based meat, ongoing investment by leading market players, and increasing product launches.
Introduction of the Plant-based Meat Market
The global plant-based meat market report states that the Plant-based meat refers to meat that is made from plants. It is primarily designed and engender to look, taste, and cook like traditional meat. The meat comes in a variety of nuggets, burger patty, or crumbles and sausages.
Key Players of Market:
- Pinnacle Foods Inc. (Subsidiary of Conagra Brands, Inc.)
- Beyond Meat Inc.
- Royal Wessanen
- Sunfed Ltd.
- Tyson Foods Inc.
- Marfrig Global Foods S.A.
- Nestle S.A.
- Impossible Foods Inc.
- MorningStar Farms (Division of Kellogg Company)
- Orkla Foods (Brand name is Naturli)
- Maple Leaf Foods Inc.
- Quorn Foods
- VBites
- Amy’s Kitchen
Plant-based Meat Market Dynamics
The accelerating number of vegetarians and flexitarians as a result of the increasing consciousness towards health and drift towards healthier diets is fuelling the demand for a global plant-based meat market. In addition, the growing apprehension towards health and protection from climate change has inclined several consumers towards plant-based meat, which is thus strengthening the market growth. Also, the surging distress towards animal welfare and greenhouse gas discharge is bolstering the plant-based meat market share. Besides this, plant-based meat has all the important amino acids, vitamins, and components identical to luscious taste and texture.
Further, the appearance of leading giants such as Tyson Foods and Smithfield in the market is bringing enormous growth opportunities for growth. For example, the Global livestock industry reports for nearly 15% of the total discharge of global greenhouse gas and is contemplated to rise as meat consumption increases. Moreover, as per the plant-based meat market analysis, lawmakers in countries such as Germany, Denmark, and Sweden are advancing an up-gradation on value-added tax on animal-based meat items. Thus, all this together is supplementing the market growth.
Source Type Segment Drivers
On the basis of source type, Soy is predicted to capture the highest share during the forecast period. This is attributed to its fleshy taste and consistency with high fibre, as well as the aggravating production of soybean. Also, these products contain more protein and less saturated fat that makes them a suitable choice of raw material.
Regional Drivers
As per the geographical area, North America is forecasted to expand at a faster rate because of an acceleration in vegetarian and flexitarian populations. Further, the soaring incidences of obesity & cardiovascular diseases linked to the consumption of processed meat drive consumers away from meat. Thus, persuading them to switch towards healthier diets and plant-based products, which taste like meat with the same protein content, thereby multiplying the plant-based meat market size. Additionally, Europe is likely to increase at a higher CAGR because of the elevating health awareness concerned with the benefits of vegan products, massive accessibility across grocery stores, and cultural switch towards organic ingredient-based food habits.
Plant-based Meat Market Segmentation:
Segmentation by Source Type
- Soy
- Wheat
- Pea
- Others
Segmentation by Product
- Burger patty
- Sausage
- Nugget
- Ground Meat
- Others
Segmentation by End-Users
- HoReCa
- Household/Retail
Segmentation by Region:
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- RoW
- UAE
- Brazil
- South Africa
- Saudi Arabia
About GMI Research
Aimed to provide business information and market research reports to various small, medium, and large-scale companies, GMI is a research and consulting enterprise. The team of seasoned experts collect all the appropriate information using both internal and external databases. The concentration of our organisation is to penetrate our clients with the approaching opportunities and challenges. The team further helps to perceive the influence of share, drivers, size, growth opportunities, and other market aspects.
