The global plant-based meat market, expected to grow at a compound annual growth rate (CAGR) of 14.7% during the forecast period, is projected to increase from USD 7.9 billion in 2022 to USD 15.7 billion by 2027. The plant-based meat market is being propelled by several factors, including the growing vegan and flexitarian population, increased awareness of the health benefits of plant-based meats compared to animal-based products, substantial investments from government bodies and R&D activities, and significant investments by major food industry giants in plant-based meat products.
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By source, the wheat segment is estimated to hold the second-largest share of the plant-based meat market in 2022
Based on the source, the wheat segment is estimated to occupy the second-largest market share in the plant-based meat market. Various factors are responsible for the significant popularity of wheat as an alternative meat source. Wheat is among the most consumed cereal grains at a global level and is a source of antioxidants, vitamins, minerals, and fiber.
It is a vegetarian meat substitute and ingredient in various plant-based meat products, such as burgers, sausages, nuggets, and deli slices. Thus, leading players in the market are incorporating wheat as an ingredient in their plant-based products, making it one of the most popular sources in the market.
The food retail segment among distribution channels is estimated to have the largest market
Based on the distribution channel, the food retail segment is estimated to account for the largest share of the plant-based meat market in 2022. Food retail refers to operating retail, supermarkets, hypermarket stores, and other stores where various products, such as grocery items, vegetables, uncooked meat, and frozen products, are made available to consumers. The distribution channel is already popular among consumers worldwide due to the wide availability of various products. Therefore, this distribution channel is being used by established plant-based meat companies and startups to increase the penetration of their products in the market, making it the largest segment during the forecast period in the plant-based meat market.
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Europe region holds the largest share in the plant-based meat market
The European plant-based meat market accounted for the largest market share in 2020. This dominance is attributed to the rising health concerns among consumers regarding meat products and the exponentially growing veganism trend in the region. Furthermore, European plant-based meat manufacturers focus on developing innovative products backed by appropriate research and development facilities available in the region. Several European retailers and supermarkets have added plant-based meat products to their product range to cater to the rising demand for plant-based meat products across the region.
Plant-based Meat Market Report Segments
This research report categorizes the plant-based meat market based on source, type, product, distribution channel, storage, and region.
By Source
Soy
Wheat
Blendss
Pea
Other sources (quinoa, oats, beans, nuts, and seeds)
By Products
Burger patties
Strips & nuggets
Sausages
Meatballs
Other products (slices, fillets, cutlets, slides, fingers, and crumbles)
By Distribution Channel
Food retail
Food services
E-commerce
By storage
Frozen
Refrigerated
Shelf-stable
Top Companies in the Plant-based Meat Market
Key players in this market include Beyond Meat (US), Kellogg Company (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Unilever (UK), Conagra Foods (US), Tofurky (US), Gold&Green Foods Ltd (Finland), Sunfed (New Zealand), and Monde Nissin (Philippines).
Beyond Meat (US), a Delaware Corporation is one of the biggest alternative protein brands offering a portfolio of plant-based meats. The company markets the plant-based product via three categories: beef, pork, and poultry. Beyond Meats range of plant-based meat products can be categorized into four segments: Beyond Burgers, Beyond Sausage, Beyond Beef, and Beyond Beef Crumbles. The company has a wide presence in the US. Its factories are in Columbia and Missouri of the US.
Impossible Foods Inc., (us), manufactures plant-based products by observing animal products at the molecular level and selects specific proteins and nutrients from greens, seeds, and grains to recreate meat and dairy products. Impossible Foods Inc. has its first large-scale food manufacturing site located in Oakland, California. The countries where the company has its presence include the US, Canada, Hong Kong, Macau, and Singapore.
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