Plant-based Meat Market Outlook:
Plant-based Meat Market is projected to grow at a CAGR of 18% during the forecast period 2022-2029.
Plant-based meat is a meat substitute derived from plant and other non-animal products to mimic natural meat in flavor, texture, and all other properties. These products are majorly designed to be used as an effective alternative to chicken meat, pork, and beef. These plant-based meat products are considered a sustainable solution to environmental concerns. Retail stores across the western countries are focusing on the sale of these products to cater to the demand from the growing vegan and vegetarian population.
Europe is expected to dominate the global plant-based meat market during the forecast period
The European market accounted for the largest share in 2020. In Europe, the growing vegan trend, especially in the UK, is expected to increase the demand for plant-based meat products. Key manufacturers are implementing strategic initiatives, such as capacity expansion, product innovation, and mergers & acquisitions, to increase their sales in the regional market.
On the other hand, North America is the hub for the plant-based meat market, as the region is backed by start-ups such as Impossible Foods Inc. (US) and Beyond Meat (US); which initiated the development of plant-based meat products. Plant-based food products in the Asia Pacific are gaining popularity owing to the adaptation of healthy lifestyles, urging consumers to opt for natural ingredients. This is expected to boost sales of plant-based meat. Furthermore, the demand for plant-based meat products is expected to increase in the coming years, owing to the growing health concerns among consumers
Market Dynamics:
Growing demand for meat coupled with a rising population
The growing demand for meat coupled with rising population and consumer preferences towards meat products is resulting in over slaughtering and depletion of animal sources. This is resulting in evolution of sustainability as a key purchasing factor among population particularly in millennials and GenX. Consumer concern towards environment and animal welfare are driving the demand for meat substitutes. Furthermore, stringent regulations laid by several state and federal governments towards raising and slaughtering of meat animals is boosting the growth of plant-based meat market.
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Market Segmentation:
Burger is the largest segment of the market owing to the established consumer base for burgers across the globe
The plant-based burgers segment led the market and accounted for more than a YY% share of the global revenue in 2020. Ingredients in these burgers strive to imitate the aroma, flavor, and texture of meat. Impossible Foods’ product, Impossible Burger, is made with a genetically modified form, mimicking the natural heme-iron present in an animal, which gives their burger a distinctive meaty flavor. Kellogg NA Co., Quorn, Amy’s Kitchen, Inc., and Beyond Meat are some of the companies offering distinguished plant-based burgers.
With a share of over 30%, soy evolved as the major plant source of meat owing to wide range of application for soy-based meat in preparation of sausages, burgers, and meatballs. Wheat, oats, pea, and beans are also holding significant share on the market. The growing production of soy across the globe is also attributing to the growth of soy-based meat market. According to The United States Department of Agriculture, soybean production for 2020 totaled 4.14 billion bushels, up 16% from 2019. Beyond Meat uses pea protein for producing meat alternatives, lending a chewy, meat-like texture to their products. Beyond Meat’s veggie burger consists of pea as one of the key ingredients. The company is joined by Lightlife Foods, which, in 2019, expanded its plant-based meat product offerings with the launch of a veggie burger with pea as one of the key ingredients. By distribution channel, indirect sales hold the major share in terms of value owing to the rising retail channel in developing countries. Indirect channel includes sales through supermarkets, hypermarkets, and specialty food stores.
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Geographical Penetration
related to animal-based protein sources, ethical concerns, and environmental concerns.
COVID-19 Impact: The pandemic had a positive impact on the plant-based meat market
As consumers became more health conscious during the pandemic, the demand for plant-based meats has increased. With the ongoing pandemic of COVID-19, which is suspected to be originated from animal, the shift of consumer from meat products to plant-based meat is inevitable. The conventional meat industry in the U.S. is in a tailspin. Owing to the risk of infection and country-wise serious lockdown, then the meat packing plants in the U.S. are closed.
Competitive Landscape:
The global plant-based meat market is highly competitive with large number of global players focusing on expanding business operations in high potential plant-based meat market. Some of the key players in the market are Conagra Brands, Inc., Beyond Meat, Impossible Foods Inc., Tofurky, VBites Foods Limited, and MorningStar Farms.
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