Chicago, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Plant-based meat refers to food products that mimic the taste, texture, and appearance of traditional animal-based meat but are made entirely from plant ingredients. These alternatives are designed to provide a similar culinary experience to meat but are produced without using animal products.
The primary ingredients in plant-based meat products often include legumes, grains, soy, peas, mushrooms, and other plant-derived proteins. These ingredients are combined and processed in various ways to create products like burgers, sausages, meatballs, and more. Additionally, plant-based meat may incorporate other elements such as fats, flavorings, and colorings to enhance its resemblance to traditional meat. The global plant-based meat market is estimated to be valued at USD 7.9 billion in 2022. It is projected to reach USD 15.7 billion by 2027, with a CAGR of 14.7%, in terms of value between 2022 and 2027.
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Top Companies in Plant-based Meat Market
- 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)
- Monde Nissin (Philippines)
Uses and Applications of Plant-based Meat Market
The plant-based meat market has witnessed significant growth and diversification, with various uses and applications across different sectors. Here are some key uses and applications of plant-based meat:
Consumer Products:
- Retail: Plant-based meat products are widely available in grocery stores and supermarkets, allowing consumers to purchase alternatives to traditional animal-based meats for home consumption.
- Ready-to-Eat Meals: Plant-based meat is incorporated into various ready-to-eat meals, such as frozen dinners, pre-packaged sandwiches, and convenience foods.
Foodservice Industry:
- Restaurants and Cafes: Many restaurants and cafes offer plant-based meat options on their menus to cater to the increasing demand from customers following vegetarian, vegan, or flexitarian diets.
- Fast Food Chains: Some fast-food chains have introduced plant-based burgers, nuggets, and other items to provide plant-based alternatives to their customers.
Food Manufacturing:
- Ingredient for Food Products: Plant-based meat serves as a key ingredient in the manufacturing of a wide range of food products, including sandwiches, wraps, salads, and more.
- Processed Foods: Processed foods, such as plant-based sausages, meatballs, and patties, are manufactured for distribution to retail and foodservice outlets.
Culinary and Home Cooking:
- Home Use: Consumers use plant-based meat as a substitute for traditional meat in home-cooked meals, experimenting with recipes to create vegetarian or vegan versions of their favorite dishes.
- Culinary Innovation: Chefs and home cooks alike use plant-based meat to explore new culinary possibilities, creating innovative and delicious plant-based dishes.
Health and Fitness:
- Protein Source: Plant-based meat is often marketed as a high-protein alternative for individuals seeking plant-derived protein sources for muscle building, recovery, and overall health.
- Athlete Nutrition: Plant-based meat products are sometimes included in the diets of athletes and fitness enthusiasts looking for protein-rich options.
Specialized Diets:
- Vegetarian and Vegan Diets: Plant-based meat is a staple for individuals following vegetarian or vegan diets, providing them with a source of protein and a meat-like experience.
- Flexitarian Diets: Those practicing a flexitarian diet, which involves occasional meat consumption, may incorporate plant-based meat as part of their efforts to reduce overall meat intake.
Environmental and Ethical Considerations:
- Sustainable Choices: Consumers concerned about the environmental impact of traditional meat production choose plant-based meat as a more sustainable option.
- Ethical Reasons: Individuals motivated by ethical considerations, such as animal welfare, opt for plant-based meat to align with their values while still enjoying a meat-like experience.
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Plant-based Meat Market Growth Insights:
Drivers: Growth in government initiatives and significant investment
Government bodies across various countries are promoting the consumption of plant-based meat substitutes, owing to the health benefits offered by these products and the environmental concerns associated with animal-based meat. Also, government bodies are actively investing in research and product development activities for plant-based meat.
In latest development in August 2022, the US Department of Agriculture (USDA) has said that the market for Plant based meat is growing. Researchers at Germany’s TU Berlin and Karlsruhe Institute of Technology (KIT) are working on production methods for plant-based meat in a project named “Texturing Mechanisms in the Wet Extrusion of Soy and Pea Protein.”
Opportunities: Increase in consumers’ focus on meat alternatives
Various food products such as meat patties and sausages are being replaced by plant-based/plant-infused meat products, considering the growing health awareness among consumers, which is expected to drive demand for plant-based meat products. According to The Food Science and Health Database Organization, in 2018, “22 million UK citizens now identify as being a ‘flexitarian,’ viewed not as a fad diet, but instead, a permanent lifestyle choice, notably most popular among highly influential millennials.” Thus, the increasing vegan and flexitarian population is a big opportunity for plant-based meat manufacturers in the industry during the forecast period.
Factors Causing Rising Demand for Plant-based Meat in Europe:
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.
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