Redding, California, Aug. 22, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Plant-based Meat Market by Type (Tofu, TVP, Tempeh, Seitan, Meatballs, Burger Patties, Nuggets, Crumbles), Source (Soy, Wheat, Pea), Distribution Channel (B2B, B2C [Convenience Store, Online Retail, Specialty Store]), and Geography - Global Forecast to 2030’ the global plant-based meat market is projected to reach $24.01 billion by 2030, at a CAGR of 13.9% during the forecast period.
The growth of the plant-based meat market is mainly attributed to the growing preference for plant-based food products, the growing vegan population, the growing focus on animal welfare, and the rising demand for alternative proteins. Furthermore, innovation in food technology and product launches by plant-based food and alternative protein manufacturers are expected to create market growth opportunities. However, consumer preference for soy and gluten-free products and significant preference for animal-based products are expected to hinder the growth of this market to some extent.
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The global plant-based meat market is moderately competitive due to many large and small-sized global, regional, and local players. The key players operating in the global plant-based meat market are Beyond Meat Inc. (U.S.), Impossible Foods Inc (U.S.), The Hain Celestial Group, Inc. (U.S.), Unilever Plc (U.K.), Kellogg Company (U.S.), Lightlife Foods, Inc. (Part of Maple Leaf Foods Inc., Canada) (U.S.), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), Taifun –Tofu GmbH (Germany), Atlantic Natural Foods LLC (U.S.), VBIte Food Ltd (U.K.), Sunfed Meats (New Zealand), Quorn Foods (U.K.), Ojah B.V. (Netherlands), and The Kraft Heinz Company (U.S.).
The plant-based meat market is segmented by type (tofu, textured vegetable protein [TVP], burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, other plant-based meat), by source (soy, wheat, pea, other sources), by distribution channel (business to business, business to consumers [morden groceries, convenience store, specialty store, online retail, others]) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.
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Among all the types studied in this report, in 2023, the tofu segment is expected to account for the largest share of the global plant-based meat market. However, the hot dogs and sausages segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the rising popularity of hot dogs and sausages as ready-to-eat food, rising new product launches of plant-based sausages, and their increasing availability in many restaurants.
Among all the sources studied in this report, the soy segment is expected to account for the largest share of the plant-based meat market. The major share of this segment is attributed to the rising demand from meat alternatives manufacturers, wide availability of raw materials, lower cost compared to other sources, wide usage of plant-based meat products, and higher consumer acceptance level due to its meat-like texture and taste. However, the pea segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to its high protein content, the rising number of investments from leading manufacturers to increase pea protein production, and increasing consumer desire. In addition, peas are allergen-free, gluten-free, and lactose-free, which further increases the demand for pea-based meat.
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Among all the distribution channels studied in this report, the business to consumers segment is expected to account for the largest share of the plant-based meat market. The large market share of this segment is attributed to factors such as rising online sales, increased plant-based food sales in well-established supermarkets and hypermarket chains, and increasing consumer expenses on vegan food products.
Among all the regions studied in this report, in 2023, North America is expected to account for the largest share of the plant-based meat market. The large market share of this region is attributed to the high awareness regarding the importance of protein-rich diets, rising consumer awareness of the risks associated with consuming contaminated meat goods, and rising investments in the plant-based meat sector.
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Scope of the Report:
Plant-based Meat Market Assessment—by Type
- Tofu
- Textured Vegetable Protein (TVP)
- Burger Patties
- Tempeh
- Hot Dogs and Sausages
- Seitan
- Meatballs
- Ground Meat
- Nuggets
- Crumbles
- Shreds
- Other Plant-based Meat
Plant-based Meat Market Assessment—by Source
- Soy
- Wheat
- Pea
- Other Plant Sources
Plant-based Meat Market Assessment—by Distribution Channel
- Business to Business
- Business to Consumers
- Modern Groceries
- Convenience Store
- Specialty Store
- Online Retail
- Other B2C Distribution channels
Plant-based Meat Market Assessment—by Geography
- North America
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- U.S
- Canada
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- Europe
-
- France
- Germany
- Italy
- U.K.
- Spain
- Netherlands
- Belgium
- Austria
- Poland
- Portugal
- Rest of Europe (RoE)
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- Asia-Pacific
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- China
- India
- Japan
- Australia
- South Korea
- Thailand
- Rest of Asia-Pacific (RoAPAC)
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- Latin America
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- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
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- Middle East & Africa
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