The global Plant-based Meat market size is expected to be worth around US$ 13.7 billion by 2027, according to a new report by Vision Research Reports.
The global Plant-based Meat market size was valued at US$ 3.2 billion in 2019 and is anticipated to grow at a CAGR of 19.3% during forecast period 2020 to 2027.
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Plant-based Meat Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 – 2027 – Breakdown Data by Regions, Type, Manufacturers and Applications
Growing adoption of vegan lifestyle and diet among health-conscious consumers, especially in developed economies are expected to drive the market growth over the forecast period. Growing concerns regarding animal welfare and Greenhouse Gas (GHG) emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products. The plant-based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector.
Soy-based meat led the market and accounted for more than a 47.0% share of the global revenue in 2019. Soy is a good source of Branch Amino Acids (BCAAs) and helps build & strengthen muscle mass. Soy-based meat products not only reduce the formulation costs but also exhibit a lower carbon footprint as opposed to conventional animal- and dairy-based food products.
The pea-based meat source segment is estimated to register the fastest CAGR from 2020 to 2027. Pea-based meat is easy to grow and economical to farm. It is enriched with nutrients, such as thiamine, fiber, phosphorous, manganese, folate, and vitamin K & C. The ability of the product to help maintain metabolic activities in the human body, including lipid synthesis and cell division, is projected to augment its demand over the forecast period.
The plant-based burgers segment led the market and accounted for more than a 28.0% share of the global revenue in 2019. Ingredients in these burgers strive to imitate the aroma, flavor, and texture of meat. Impossible Foods’ product, Impossible Burger, is made with a genetically modified form, mimicking the natural heme-iron present in an animal, which gives their burger a distinctive meaty flavor.
The plant-based sausages segment is estimated to register the fastest CAGR from 2020 to 2027 due to the rising demand for these products. Heavy investments by companies to introduce new and innovative flavors to their plant-based meat sausages, such as hot Italian, sweet Italian, and spinach pesto, are projected to spur the product demand.
The plant-based chicken segment led the market and accounted for more than 33.0% of the global revenue share in 2019. Chicken is the prime ingredient in the traditional meat industry in various products, such as nuggets, patties, and cutlets, as it is loaded with animal fats, cholesterol, and protein. The plant-based chicken products constitute about the same amount of protein while the other nutrients tend to vary.
Various start-up ventures and established players in the industry are launching new products to increase their sales and to capitalize on rising consumer preference for plant-based diets. For instance, in July 2019, Beyond Meat announced that the company is developing steak and bacon alternatives to its existing line of vegan sausage and beef products for its flexitarian consumers.
Frozen plant-based meat storage was the leading segment and accounted for more than 56.0% share of the global revenue in 2019. The growing demand for innovative vegetarian products has led to a significant rise in new product development in this segment. This, in turn, gives the consumers a broad range of products and brands allowing plant-based meat goods to gain increased recognition and shelf space.
Hotel/Restaurant/Café (HORECA) segment led the market and accounted for more than 56.0% of the global revenue share in 2019. Many restaurants, fast food chains, and casual dining venues are dedicating a section of their menu solely to “meat-free” options due to the rising popularity of vegan and flexitarian diets, which, in turn, is projected to drive the segment growth.
North America dominated the market and accounted for over 38.0% of the global revenue share in 2019. The growth of the regional market is accredited to the growing consumption of meatless meat products, coupled with rising consumer awareness regarding the potential risk of consuming contaminated meat foods.
- Beyond Meat
- Impossible Foods Inc.
- Maple Leaf Foods (Field Roast & Maple Leaf)
- Vegetarian Butcher
- Conagra, Inc. (Gardein Protein International)
- Kellogg NA Co. (MorningStar Farms)
- Amy’s Kitchen, Inc.
- Gold&Green Foods Ltd.
- Sunfed Ltd.
- VBites Foods Limited
- S Kraft Foods, Inc.
- Lightlife Foods, Inc.
- Trader Joe’s
- Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
- Marlow Foods Ltd. (Cauldron)
- Ojah B.V.
- Moving Mountains
- Eat JUST Inc.
- LikeMeat GmbH
- No Evil Foods
- Dr. Praeger’s Sensible Foods
- Source Outlook
- Product Outlook
- Nuggets, Tenders & Cutlets
- Type Outlook
- End-user Outlook
- Storage Outlook
- Regional Outlook
- North America
- The U.S.
- The U.K.
- The Netherlands
- Asia Pacific
- Australia & New Zealand
- Central & South America
- Middle East & Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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