Global Plant-Based Meat Market

Plant-Based Meat products are made to mimic properties found within natural meats and are considered to be meat substitutes. Compared to meat products, plant-based meats offer consumers a more sustainable and environmentally friendly lineup of meat alternatives. They’re usually made from extracted plant protein or whey protein, spices, and binding ingredients. While they typically are higher in sodium, plant-based meat is similar to real meat in terms of calories and has more fiber and less cholesterol. Hence rising consumer base demanding plant-based meat products owing to either medical reasons or a healthy lifestyle drives the market towards growth. Additionally, constant efforts in research & development by plant-based meat manufacturers, in terms of better nutritious profiles, better aroma &texture, and longer shelf life, are projected to escalate the growth of the global plant-based meat market in the coming years. Also, rising consumer awareness on animal rights & consciousness with the help of global welfare organizations such as PETA and Animal Aid has encouraged people to adopt vegetarian diets. Hence driving the market towards growth. Moreover, the rising vegan population across the globe further drives market growth. As per European Commission in 2017 vegetarians and vegans represented 9% of the population in Germany, 7% in the UK, 5% in France. These people not only include vegetarian foods in their diet but also have replaced their meat consumption with plant proteins. Furthermore, the Spread of the COVID-19 virus across the globe provides a significant boost to the Plant-based meat market. As the disease has a Zoonotic origin, the fear of animal-borne illnesses among consumers has risen. Thus, shifting a major share of the population towards plant-based meat products. Further, the pandemic has also stirred the demand for clean label and natural products which are fulfilled by plant-based meat products. Thus, increasing its demand during the forecast period. However, allergies associated with plant-based protein sources such as soy and wheat are likely to hamper the market growth.

Global Plant-Based Meat Market is valued at approximately USD 3.08 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 17 % over the forecast period 2019-2026 and is estimated to reach USD 9.24 billion by 2026.

The regional analysis of the global Plant-Based Meat market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing vegan population along with the extended shelf and storage space for plant-based meat products in the Retail chains in the region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2026. Factors such as rising health consciousness along with increasing awareness regarding the health benefits of plant-based meats would create lucrative growth prospects for the market across the Asia-Pacific region.

Major market players included in this report are Impossible Foods Inc. (US), Beyond Meat (US), Garden Protein International Inc. (US), Morningstar Farms (US), Quorn Foods (UK), Amy’s Kitchen (US), Maple Leaf Foods Inc. (Canada), The Vegetarian Butcher (The Netherlands), Tofurky (US), and Gold & Green Foods Ltd Oy (US)

The detailed segments and sub-segment of the market are explained below:
By Raw Material: Soy, Wheat, Pea
By Product: Burger Patties, Sausages, Strips & Nuggets, Meatballs
By Distribution Channel: Retail Outlets, Foodservice, E-commerce

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Bizwit Research & Consulting LLP