Chicago, Dec. 21, 2022 (GLOBE NEWSWIRE) -- The global Plant-based Meat Market is estimated to be valued at USD 7.9 billion in 2022 and 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 according to a new report by MarketsandMarkets™. There is a growth in the vegan and flexitarian population, a rise in awareness about the health benefits of plant-based meat over animal-based meat products, an increase in investment by government bodies and R&D activities, and investment of the major food industry giants in plant-based meat products. These factors together are propelling the plant-based meat market.
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Scope of the Report:
| Report Metric | Details |
| Market size value in 2022 | USD 7.9 billion |
| Revenue forecast in 2027 | USD 15.7 billion |
| Growth Rate | CAGR of 14.7% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2019-2020 |
| Forecast period | 2022-2027 |
| Quantitative units | Value (USD Million/Billion) and Volume (Tons) |
| Segments covered | Source, Type, Product, Distribution Chennel, Storage, Region |
| Regional scope | North America, Europe, Asia Pacific, South America, Central America, RoW |
| Dominant Geography | North America |
| Key companies profiled | Beyond Meat (US), Kellogg Company (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Unilever (UK), Conagra Foods (US), Tofurky (US), Sunfed (New Zealand), Monde Nissin (Philippines), Planterra Foods (US), Fazendo Futuro (Brazil), Alpha Foods (US), Foods (Argentina), Before the Butcher (US), VBites Foods Ltd. (UK) |
Soy was estimated to account for the largest market share in the plant-based meat market
Based on the source, the soy segment dominates the market. Soy serves as an alternative to meat sources, such as pork, beef, and chicken, due to its high protein content. Moreover, soy production is rising in regions such as South America due to high demand from European and North American countries. It is due to the rise in consumption of soy-based foods in Western countries due to the adoption of vegetarian diets and being cholesterol-free as against animal-based proteins. Thus, soy was estimated to have the largest share in the plant-based meat market, and it continues to have a dominating share during the forecast period.
Beef dominates the type segment in the plant-based meat market.
Based on type, the beef segment is estimated to account for the largest market share in the plant-based meat market. Beef is usually considered a type of meat harvested from cattle, and it is a nutrient-rich food, as it provides various essential nutrients. It is a popular meat in European and North American countries. Plant-based beef, manufactured by players in the market, provides similar characteristics to traditional beef. Beef-related plant-based products, such as meat-free beef pieces, no-beef burgers, beef watercress, and beefsteak, are made from sources such as soy and wheat. Thus, the popularity of beef-like meat is driving the demand for meat-free beef, which is expected to continue dominating during the forecast period.
The burger patties segment is projected to grow at the highest CAGR in the plant-based meat market during the forecast period
By product, the plant-based meat market is segmented into burger patties, strips & nuggets, sausages, meatballs, and other products. The other products include slices, fillets, cutlets, fingers, and crumbles. Burgers are generally very popular among consumers globally, particularly in North America. With the growing veganism trend and health consciousness, the demand for plant-based burgers is on the rise. The segment has been dominating the market historically and is expected to continue doing so during the forecast period, making it the fastest-growing product segment in the plant-based meat market.
By distribution channel, E-commerce is projected to grow with the highest CAGR in the plant-based meat market
By distribution channel, the E-commerce segment is projected to grow at the highest CAGR in value in the plant-based meat market. E-commerce is a distribution channel that enables the buying and selling of goods & services over an electronic network, primarily the internet. It provides consumers with products in the comfort of their homes and at a more competitive price. This distribution channel provides increased control over brand messaging and consumer engagement and helps expand market opportunities. Moreover, after the advent Covid-19 pandemic and digitization, the E-commerce channel has further witnessed a rise in usage. It is, thus, projected to grow at the highest CAGR during the forecast period.
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Europe region holds the largest share in the plant-based meat market
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.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as 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), and Monde Nissin (Philippines).
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