New York, USA, July 22, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global Plant-Based Meat Market size is predicted to grow from USD 7,417.1 million in 2023 to USD 38,273.9 million by 2032. It is anticipated to grow at a compound annual growth rate (CAGR) of 19.8% from 2024 to 2032, according to the latest research report by Polaris Market Research.
Market Introduction:
What is Plant-Based Meat Market?
Plant-based meat is utilized to recount food that is outlined to impersonate or emulate animal meat commodities. These commodities are wholesome, vegetarian, and tasty. Albeit commodities such as seitan and tofu were utilized formerly to substitute animal meat, currently, contemporary commodities are obtainable that emulate its advent, taste, and texture. It is produced from plants. So, makers do not depend on animals but on plants to create plant-dependent meat. Similar to animal commodities, plant-based meat comprises minerals, fats, vitamins, and water and is made to appear like meat.
The plant-based meat market is witnessing substantial demand owing to its propensity towards a wholesome way of living, aggressive policies acquired by critical market contenders, and commending inventiveness to cover the globe. Further, substantial funding and proceeds by spearheading dispositions covering the globe such as Bill Gates. The creator of Microsoft Corporation has funded Beyond Meat, which is one of the prominent contenders in the industry. There have been innumerable instances of funding as well as agreements lately and this trend is anticipated to persevere over the forecast period.
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Plant-Based Meat Market Report Attributes
| Report Attributes | Details |
| Market value in 2023 | USD 7,417.1 million |
| Market value in 2032 | USD 38,273.9 million |
| CAGR | 19.8% from 2024-2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Key Highlights of the Report
- Various factors, including a propensity towards wholesome lifestyles, aggressive strategies, and approving resourcefulness, are driving the market for plant-based meat.
- The market is primarily segmented based on source, product, distribution channel, and region.
- North America dominated the market with the largest plant-based meat market share.
Plant-Based Meat Market Key Players
- Impossible Foods Inc.
- Conagra Brands, Inc.
- Beyond Meat Inc.
- Kellanova
- Quorn Foods
- Amy’s Kitchen Inc.
- Maple Leaf Foods Inc.
- Unilever
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Top Market Developments
Growth Drivers and Trends:
Semi-Vegetarian Lifestyle: Several firms, both startups as well as entrenched firms, are approaching the market. Industry contenders are attempting to augment their footprint by approaching alliances with retail chains as well as restaurants. Another factor that is pushing speedy market growth in the U.S. as well as Europe is semi-vegetarian and the amalgamation of plant-based food in their meals by a substantial aggregate of citizens.
Environmental Impact: The notion of plant-based meat was initially configured to restore animal meat intake and to restrict the unfavorable influences of the similar both on human well-being as well as environmental influence. The notion has garnered a substantial amount of recognition both from the public as well as the government supporting the plant-based meat market growth.
Growing Ethical Concerns: The growing moral concentration of consumers, particularly among millennials, as well as the flexitarian tendency surfacing covering the globe, is advocating the growth of the plant-based meat industry.
Challenges:
Optional meats involving plant-based meat commodities are greatly costlier than animal meat commodities. For instance, in the U.S. plant, plant-based meat burgers dispense a cost that is practically double that of animal meat burgers. Escalated demand but a proportionally compact market had prompted in escalated price of these burgers. Still, the framework has altered over the years, with prices destined to decrease a great deal in the years to come.
Which Region Leads the Plant-Based Meat Sector?
North America: The North American region dominated the plant-based meat industry with the largest revenue share. The region’s dominance in the market can be attributed to the existence of prominent industry players reinforcement increased by government firms together with escalated consciousness covering plant-based meat commodities is profiting the regional market growth.
Asia Pacific: Asia Pacific is anticipated to witness the fastest growth in the plant-based meat market over the estimated period. This is due to firms establishing a manufacturing foundation in the region in the expectation of future demand. Modification of commodities to befit local tastes and inclinations is obligated a crucial victorious factor in the region.
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Segmental Overview
By Source Outlook
- Soy
- Wheat
- Peas
- Other Sources
By Product Outlook
- Burger Patties
- Sausages
- Strips & Nuggets
- Meatballs
- Other Products
By Distribution Channel Outlook
- Retail Outlet
- Foodservice
- E-commerce
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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