Global Plant-based Meat Market

Plant-based Meat Market: Insights

Plant-based meat is a substitute made of naturally cultivated products, like soy, potato, mung bean, peas, wheat, rice, and many other plants. It is similar to animal protein in taste, texture, and nutritional value. Consumers are becoming more aware of the negative effects of eating animal meat as awareness of animal rights issues grows.The growing population, coupled with the shift of consumer preference towards vegan options, is the main driving force leading this market towards growth. Moreover, doctors’ preferences also play a key role in this market growth. By consuming animal meat, many heart-related problems can occur in the human body. To tackle this problem, doctors nowadays advise heart patients to consume plant-based meat because it is high in protein and also contains different amino acids, manganese, phosphorus, vitamins, etc. However, the high cost of this plant-based meat is restraining the market to some extent. Also, the penetration of awareness about consumption of plant-based meat is still very low in the developing countries, where most of the core demographic population reside. But in the coming years, this penetration issue as well as the high-cost issue is expected to be solved through technical interventions and more production of organic meat, which is anticipated to raise the market demand as well as revenue of this market.

Plant-based Meat Market: By Source

According to the sources from which the plant-based meat is produced, the market for the same can be divided into several categories, such as soy, pea, wheat, and others. However, among these, the segment of soy is the most popular one and it is expected to be the dominant market holder during the forecast period. Soy milk and soy chunks are extremely nutritious and have a significantly lower carbon footprint value.These are also very delicious and aid in the development of strong muscle mass in the human body.

Peas, on the other hand, are expected to have the highest CAGR and become the fastest-growing segment.Over time, even more, substitutes for animal meat are becoming available, and pea is one of the latest and most popular among these. It is packed with essential nutrients and is very easily producible. Vitamin K, Vitamin C, fiber, manganese, among others, are very important for human bodies, which are present in peas. Moreover, pea patties and other products can easily substitute chicken, pork, and beef-based food. These characteristics of easy availability and meat-like consistency are expected to be major factors in the market's growth.

Plant-based Meat Market: By Product

According to the products prepared by this plant-based meat, the market is divided into several categories, namely burgers, patties, grounds, sausages, nuggets, tenders, cutlets, and others. The segment of burgers is expected to be the most popular one and is expected to acquire the largest section of the market. Burgers are one of the most popular food items in the world and are highly consumed by people from every country. Plant-based meat is used in a wide amount to substitute the traditional animal meat in the burger. Many companies have also started serving only plant-based meat burgers.

On the other hand, the segment of sausage is expected to acquire the largest growth rate during the forecast period. The plant-based sausages are available in various flavors and taste like sweet Italian, hot Italian, with pepper, or spinach pesto, etc. Sausages are demanded heavily all over the world as they are one of the main breakfast protein-based foods consumed. And with the awareness about consuming more plant-based meat, these sausages are expected to experience rapid growth during the forecast period.

Plant-based Meat Market: By Type

According to the type of meat that is substituted by plant-based meat, the market for plant-based meat can be segmented into several divisions, like chicken, beef, pork, fish, and others. However, due to the widest consumption of chicken as a basic animal protein all over the world, this segment is expected to acquire the largest share in terms of revenue during the next five years. Chicken is also one of the most important ingredients in many traditional foods in several countries. It is nutritious and tasty as well. This is why plant-based meat is expected to outnumber chicken by the greatest margin. Sources such as soy and peas are high in similar types of nutrition levels, texture, and consistency after cooking. Plant-based meats can easily be substituted in place of chicken, which is anticipated to be the most vital factor in the growth of this particular segment during the forecast period.

Plant-based Meat Market: By End-User

According to the end-users of this plant-based meat, the market can be segmented into two main divisions, hotel/restaurant/cafes (HORECA), and retail. However, while the retail segment is rapidly growing as many consumers replace their traditional animal meats with these plant-based meats due to raising awareness about the consumption of non-animal foods, the other segment of hotel restaurants and cafes, in short, HORECA, is expected to acquire the majority of the global market of plant-based meat in terms of revenue and demand.Many restaurants and fast-food chains exclusively serve plant-based meat productsall over the world, especially in the North American and European regions. Aside from that, many consumers are demanding non-animal vegan products in a variety of restaurants and dining establishments which is eventually leading to skyrocketed sales of plant-based meat.

Plant-based Meat Market: By Storage

According to the storage systems of these plant-based meat products, the global market of plant-based meat can be divided into three segments, i.e., refrigerated, shelf-stable, and frozen. Among these, the segments of frozen plant-based meat are expected to account for the largest portion of the global revenue during the forecast period. Characteristics, like easy to store and easy to prepare, are the main contributors of the frozen segment to grow rapidlyin this market.

On the other hand, shelf-stable products are also growing rapidly and it is expected to become the fastest-growing segment during the forecast period. Because of the emergence of the pandemic in the year 2020, many consumers started to purchase these products in bulk and store them because of the temporary shutdowns of shops and stores. This has raised the demand for these shelf-stable plant-based meat products and it is expected to grow increasingly during the forecast period.

Plant-based Meat Market: By Region

As per the geographical analysis, the market can be classified into North America (the United States, Canada, and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore, and Rest of Asia Pacific), Europe (Germany, United Kingdom, Italy, France, Spain, Netherlands, and Rest of Europe), Middle East & Africa (Saudi Arabia, United Arab Emirates, and Rest of the Middle East & Africa) and Central South America (Brazil, Argentina, and Rest of Central and South America). The North American and European regions are anticipated to be the most significant ones in this market in terms of revenue. On the other hand, the Asia Pacific region is anticipated to be growing significantly.

Plant-based Meat Market: Share & Competitor Analysis

Beyond Meat, Maple Leaf Foods, Impossible Foods Inc., Conagra, Inc., Vegetarian Butcher, Kellogg NA Co., Amy's Kitchen, Inc., Quorn, Tofurky, Sunfed, Gold&Green Foods Ltd., VBites Foods Limited, Lightlife Foods, Inc., Kraft Foods, Inc., Trader Joe's, Marlow Foods Ltd., Yves Veggie Cuisine, Moving Mountains, LikeMeat GmbH, Ojah B.V., Eat JUST Inc., OmniFoods, Dr. Praeger's Sensible Foods, Gooddot, No Evil Foods are some of the main companies producing these plant-based meat products in the whole world.

Please note: This is not an exhaustive list of companies profiled in the report.