Market Overview:
The global plant-based meat market size is expected to reach USD 38,273.9 Million by 2032, exhibiting a CAGR of 19.8% during the forecast period.
The plant-based meat market has experienced significant growth in recent years, driven by increasing consumer interest in health, environmental sustainability, and animal welfare. Plant-based meats are designed to mimic the taste, texture, and appearance of traditional animal meat, offering alternatives for consumers seeking to reduce or eliminate meat consumption.
Plant-Based Meat Market Drivers:
- Health Awareness: Growing awareness of the health risks associated with excessive consumption of red and processed meats has led consumers to seek healthier alternatives.
- Environmental Concerns: The environmental impact of livestock farming, including greenhouse gas emissions and land use, has prompted consumers to consider plant-based diets.
- Technological Innovations: Advancements in food technology have enabled the development of plant-based products that closely resemble animal meat in taste and texture.
Plant-Based Meat Market Trends:
- Product Diversification: Manufacturers are expanding their product portfolios to include a variety of plant-based meat options, such as burgers, sausages, and nuggets.
- Retail Expansion: Plant-based meat products are increasingly available in supermarkets, restaurants, and fast-food chains, enhancing consumer accessibility.
- Investment and Partnerships: The market has seen significant investments and collaborations aimed at scaling production and distribution of plant-based meat products.
Plant-Based Meat Market Challenges:
- Taste and Texture: Achieving a taste and texture that closely resembles animal meat remains a challenge for manufacturers.
- Pricing: Plant-based meat products are often more expensive than traditional meat, which can deter price-sensitive consumers.
- Regulatory Hurdles: Navigating varying international regulations regarding labeling and safety can be complex for producers.
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Key Companies in Plant-Based Meat Market:
- Impossible Foods Inc.
- Conagra Brands, Inc.
- Beyond Meat Inc.
- Kellanova
- Quorn Foods
- Amy’s Kitchen Inc.
- Maple Leaf Foods Inc.
- Unilever
- Tofurky
- Sunfed
- VBites Foods Limited
- Eat JUST
Market Segmentation:
The Plant-Based Meat Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Plant-based Meat, Source Outlook (Revenue – USD Million, 2019 – 2032)
- Soy
- Wheat
- Peas
- Other Sources
Plant-based Meat, Product Outlook (Revenue – USD Million, 2019 – 2032)
- Burger Patties
- Sausages
- Strips & Nuggets
- Meatballs
- Other Products
Plant-based Meat, Distribution Channel Outlook (Revenue – USD Million, 2019 – 2032)
- Retail Outlet
- Foodservice
- E-commerce
Plant-Based Meat Market Recent Developments:
- In November 2022, v2food entered into a partnership with Leading Chinese food manufacturers.
- In June 2022, Gardein, a brand of Conagra Brands, Inc., launched a new Pea & Wheat Plant-Based Chicken line to broaden its variety of plant-based products.
- In May 2022, Maple Leaf Foods announced its investment in a start-up called Evolved Meats to accelerate the development of its cultivated meat platform and scale up production processes.
- In April 2022, Drew Barrymore announced its partnership with Quorn to make plant-based meat more affordable.
- In February 2022,NOVAMEAT raises USD 6M in Pre-Series A to stimulate the whole cut plant-based steak.
- In December 2021, Amy’s Kitchen announced its plan to open 25 to 30 new drive-thru concepts by 2027.
The plant-based meat market is poised for continued growth, supported by ongoing product innovation, expanding consumer acceptance, and increasing investment. Manufacturers focusing on improving product quality, reducing costs, and expanding distribution channels are likely to gain a competitive edge in this evolving market landscape.