Clifton, New Jersey, Oct. 17, 2022 (GLOBE NEWSWIRE) -- The latest report published by Bonafide Research, the Global Plant-based Meat Market, grew historically at a CAGR of 15.24% and is further expected to grow extensively at a CAGR of 14.50% during the forecast period 2022-2027. The increasing influence of the vegan food trend on social media is driving the demand for plant-based meat among young millennials. The introduction of a vast product range with multiple choices of ingredients makes the pallet more appetizing for vegans. Alarming awareness and concerns about the environment and animals are driving a surge in global demand for plant-based meat. Additionally, endorsements by famous celebrities further create hype for plant-based meat among the world population.
Key Takeaways:
- Europe region dominates the plant-based meat market with more than 30% share of the total market revenue.
- The demand for plant-based meat is expected to grow robustly at a CAGR of 16.25% in the Asia-Pacific region during 2022-2027.
- Soy is the main source of ingredient for majority of the plant-based meat produce, as it is easy to process and cheapest of all.
- Retail sales of plant-based meat are expected to grow with the increasing demand from consumers to 45% market share by the end of 2027.
- Burger Patties remains the most demanded plant-based meat product as it is most savoured fast food.
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The major restraining factor is the allergy to soy, gluten intolerance present in wheat and in small proportions of oats. Plant-based meat is expensive compared to conventional meat, and consumers tend to be highly price sensitive. There are misconceptions among consumers about the low levels of nutrition and vitamin and protein deficiencies in plant-based meat. Additionally, getting the taste, flavour, and texture of plant-based meat to be on par with conventional meat acts as a major challenge for manufacturers. On the other hand, genetically modified meat acts as a threat to the growth of the plant-based meat market.
By Product Type
Plant-based chicken products dominate the market and are expected to continue generating higher revenues in the future period at a CAGR of 13.88%. This is because chicken forms the prime ingredient in the traditional meat industry in nuggets, burger patties, sausages, meatballs, and other snacks. It is assumed to be full of protein, fats, and cholesterol. Among all, the burger pattie made to imitate chicken pattie is the most consumed plant-based meat as it has the same amount of protein content but is high in sodium.
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By Source
Soy and wheat are the most commonly used sources to prepare plant-based meat products. Soy is high in proteins and amino acids that help build and strengthen muscles. It is a low-cost formulation and has a lower carbon footprint. Wheat is the most consumed grain at a global level and is rich in antioxidants, vitamins, minerals, and fiber. Soy and wheat meats are being replaced by pea protein as another type of source due to their properties.
By End user
Though hotels, restaurants, and cafes dominate the sales of plant-based meat, the retail sales are projected to exhibit higher growth rates during the forecast period. The companies operating are forming partnerships with retail outlets to distribute their products. Also, some of the leading retail supermarkets and hypermarkets are introducing their own plant-based meat labels to capture the burgeoning demand. Plant-based meat products are one of the key drivers of sales in the grocery section in food retail channels.
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By Region
The Asia-Pacific region is expected to drive the demand for plant-based meats over the projected period at a robust growth rate. Many companies are venturing and expanding their product portfolios in developing economies like India to acquire a huge consumer base where the plant-based meat market is still at its nascent stage. The celebrity-endorsed products go well into the consumer's minds and drive the demand ahead for plant-based meats.
Europe is the largest market for plant-based meats and is expected to further grow rapidly with major demand from the United Kingdom. Key manufacturers are implementing strategic initiatives, such as capacity expansion, product innovation, and mergers and acquisitions, to increase their sales in the regional market. Stringent government regulations on GHG emissions and cruelty against animals are further bolstering demand for plant-based meat in the region.
Impact of pandemic covid19
Consumers became more health-conscious during the pandemic that led to the rise in demand for plant-based meats. This was majorly due to the suspects of its origin being animals. The conventional meat industries were shut down during the pandemic that led to a decrease in supply and a proportionate rise in demand for plant-based meat. To take advantage of the situation, the companies expanded their production capacities and product range, along with increasing shelf display in retail outlets. Since the hotels, restaurants, and cafes were forced to shut down, the retail sales of plant-based meat have increased.
Key players are Beyond Meat, Kellogg NA Co. (Morningstar Farms), QUORN FOODS, Impossible Foods Inc., Maple Leaf Foods (Field Roast & Maple Leaf), Conagra Inc. (Gardein Protein International), Amy’s Kitchen Inc., Light life Foods Inc., Vegetarian Butcher, Sunfed Ltd.
Considered in the Report
- Geography: Global
- Historic Year: 2016
- Base year: 2021
- Estimated year: 2022
- Forecast year: 2027
Table of Content
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic /Demographic Snapshot
5. Global Plant-based Meat Product Market Outlook
5.1. Market Size by Value
5.2. Market Share
5.2.1. By Source
5.2.2. By End User
5.2.3. By Product
5.2.4. By Type
5.2.5. By Region
5.2.6. By Country
5.2.7. By Company
6. North America Plant-based Meat Product Market Outlook
6.1. Market Size by Value
6.2. Market Share
6.2.1. By Source
6.2.2. By End User
6.2.3. By Product
6.2.4. By Type
6.2.5. By Country
6.3. USA Plant-based Meat Product Market Outlook
6.3.1. Market Size by Value
6.3.2. Market Share
6.3.2.1. By Source
6.3.2.2. By End User
6.3.2.3. By Product
6.3.2.4. By Type
| Market Segmentation | Details |
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Related Reports:
The Global Plant-based Milk Market is expected to grow at a CAGR of 8.72% over the forecast period. Plant-based milk comprises low levels of sugar as compared to animal milk, with extra fiber, protein, and omega-3 fatty acids. The increasing levels of lactose intolerance among the world populace have propelled them to consider plant-based milk. Several recommendations by governments and health organizations are also directed toward effectively managing lactose intolerance, accelerating the growth of the plant-based milk market. The developing economies of the world are expected to drive future market growth due to the easy availability of raw materials like soy, coconut, rice, and others. The number of products being launched on the retail shelf is expected to further boost its adoption. The rising vegan food trend of not consuming any product or by-product of animal origin is another such factor. However, the high prices of these substitute milks are a major barrier to their adoption in the world's small economies.
Country Reports:
Russia Plant-Based Meat Market
Spain Plant-Based Meat Market
Italy Plant-Based Meat Market
Chain Plant-based Meat Market
Japan Plant-based Meat Market
India Plant-based Meat Market
Australia Plant-based Meat Market
Saudi Arabia Plant-Based Meat Market
UAE Plant-Based Meat Market
South Africa Plant-Based Meat Market
Mexico Plant-Based Meat Market
Argentina Plant-Based Meat Market
Colombia Plant-Based Meat Market
Brazil Plant-Based Meat Market
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