Burlingame, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The global plant based meat market was valued at US$ 5.06 Bn in 2022 and is expected to surpass US$ 20.76 Bn by 2030 exhibiting a CAGR of 19.3% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Plant Based Meat Market:
During the forecast period, the growing plant based meat market in emerging economies is expected to drive the demand of plant based meat in the market. Increasing the consumption of easy fast food such as sandwiches, hamburgers, pizzas, and appetizers can helps to boost the plant based meat market growth.
Due to the wide variety of product types and tastes plant based meat has seen essential growth in the plant based meat market in forecast period. Food manufacturers are continuously incorporating plant based meat in a variety of processed foods which will helps to boost the sales of plant based meat products in the coming years.
The increasing number of new startups offering plant based meat products and the expansion of food service industry will further drive the plant based meat market growth in the upcoming years. Furthermore, in June 2020, Fitday, a nutraceutical startup announced to launch the new plant based meat product, ‘Fitday Vegan Meat’ in India to increase the sales of plant based meat product.
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Key Market Takeaways
The global plant based meat market is expected to exhibit a CAGR of 19.3% over the forecast period (2022-2030). In China, the plant base meat market is anticipated to expand at a robust pace over the next ten years, due to the increasing number of plant-based alternative startups and rising consumer demand for healthy and organic products.
Competitive Landscape:
Major players operating in the global plant based meat market include Beyond Meat, Impossible Foods Inc., Maple Leaf Foods , Vegetarian Butcher, Conagra, Inc. , Kellogg NA Co. , Quorn, Amy's Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe's, Yves Veggie Cuisine, Marlow Foods Ltd. , Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, Dr. Praeger's Sensible Food.
Major players are using different strategies such as mergers, acquisitions, and capacity expansion, owing to rising demand for plant based market. For instance, in 2020, Danone, a plant based meat manufacture company acquired Whitewave Foods Company for US$ 12.5 Million, Whitewave Foods Company is specialized in the production of silk soymilk, horizon organic milk, and international delight coffee creamers. Furthermore, in March 2022, Grub Market, a plant based meat manufactures company acquired SunFed, a high tech food produce company that provides good quality of foods, vegetables, and dry goods that are generated by growers across the 30 different locations including 15 Mexican regions.
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Market Segmentation:
- Global Plant Based Meat Market, By Source
- Soy
- Wheat
- Pea
- Blends
- Global Plant Based Meat Market, By Storage
- Frozen
- Refrigerated
- Shelf-Stabled
- Global Plant Based Meat Market, By Product Types
- Burger Patties
- Sausages
- Meatballs
- Strips & Nuggets
- Global Plant Based Meat Market, By Types
- Beef
- Pork
- Chicken
- Global Plant Based Meat Market, By Distribution Channels
- Offline
- Supermarket
- Hypermarket
- Online
- Offline
- Global Plant Based Meat Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- South Korea
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Country:
- Middle East
- Africa
- By Country:
- North America
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