The global plant-based meat market size is projected to reach USD 13.8 billion by 2027 expanding at a CAGR of 19.4%, according to a new report by Grand View Research, Inc. Growing adoption of vegan lifestyle and diet among health-conscious consumers, especially in developed economies are expected to drive the market growth over the forecast period. Growing concerns regarding animal welfare and Greenhouse Gas (GHG) emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products. Plant-based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector.
Key companies in the industry are collaborating with fast-food joints and restaurant chains to promote the adoption of their products. For instance, fast-food joints, such as Burger King, MacDonald’s, and Subway, are launching new vegan meat products to capitalize on the industry dominated by health-conscious customers. Plant-based meat burgers are likely to exhibit steady growth over the coming years on account of rising consumer concerns regarding conventional meat products in the wake of the coronavirus pandemic. These types of burgers have low gluten and fat contents, which make them a highly favored product among health-conscious individuals.
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North America dominated the market and accounted for over 39.0% of the global revenue share in 2019. The growth of the regional market is accredited to the growing consumption of meatless meat products, coupled with rising consumer awareness regarding the potential risk of consuming contaminated meat foods.
The traditional meat market in the U.S. is facing the adverse effects of the coronavirus pandemic, with major companies shutting down their production units. However, grocery store sales of faux meat products increased amidst the pandemic. The demand for plant-based foods is projected to increase further on account of shifting perceptions of consumers around food sustainability and safety.
Industry players are focusing on research & development activities and on diversifying their portfolio to launch new and innovative alternative meat products, which mimic the taste and texture of exotic meats, including lobster and veal. Major players in the market are characterized by a robust sales channel with restaurants and retail chains worldwide for the distribution of their products. For example, in February 2020, Gold&Green Foods Ltd. launched its product, Pulled Oats, in the U.S. foodservice industry via Sysco, a marketer and distributor of food products to healthcare & educational facilities, and restaurants.
Some of the prominent players in the plant-based meat market include: Beyond Meat, Impossible Foods Inc., Maple Leaf Foods (Field Roast & Maple Leaf), Vegetarian Butcher, Conagra, Kellogg NA Co. (MorningStar Farms), Quorn, Amy’s Kitchen, Tofurky, Gold&Green Foods Ltd., Sunfed Ltd., VBites Foods Limited, S Kraft Foods, Lightlife Foods, Trader Joe’s, Yves Veggie Cuisine (The Hain-Celestial Canada, Marlow Foods Ltd. (Cauldron), Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, Gooddot, OmniFoods, No Evil Foods, Dr. Praeger’s Sensible Foods, Inc. (Gardein Protein International), Inc., Inc., Inc., ULC)
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