Plant-Based meat is a food made from soy or gluten which provides same nutritional value as meat. Plant-based meat products are gaining popularity nowadays due to many health and environmental reasons. There are two different methods of processing plant-based meat: thermoplastic extrusion and fiber spinning. Plant-Based meat products are extensively adopted in daily diet, owing to presence of essential nutrients similar to meat products.
Market Dynamics
- Increasing health awareness in consumers, meat adulteration, and environmental or ethical concerns are major factors that drive plant-based meat market growth. Consumers are changing their dietary pattern in order to exclude meat protein and include Plant-Based protein. These products help consumer with daily protein supply required for better health. Moreover, plant-based meat helps to reduce the calorie intake by 20%, which helps to reduce weight. The meat substitute reduce risk of heart disease, cancer, lower blood cholesterol, and increasing bone mass. Adulteration and infectious in meat can cause brain disorder, diarrhea, abdominal cramps, muscle pain, and fever. Therefore, increasing prevalence of such diseases associated with meat consumption is projected to boost growth of plant-based meat market over the forecast period.
- Abundance of feedstock worldwide is major factor contributing to growth of the plant-based meat market. According to the Food and Agriculture Organization (FAO), estimated production of cereal in 2017-18 was pegged at 2,650.8 million metric tons worldwide.
- However, plant -based meat is not suitable for everyone and especially to those who have gluten intolerance or sensitivity. Such allergy may lead to increased intestinal permeability and gut inflammation, which is major factor hindering the market growth. Excessive intake of plant-based meat products may increase the weight of the body.
Market Outlook
- Among product types, tofu segment accounted for the highest market share in the market in 2017. Tofu, originated in China about 2000 years ago, is efficient source of protein and contains all eight essential amino acids. Notable health benefits of tofu include, low cholesterol levels, maintaining cardiovascular health, preventing osteoporosis and ease menopause symptoms.
- Among end-use industries, household segment held dominant position in the market in 2017 and is expected to retain its dominance over the forecast period. This is owing to high availability and accessibility and less cost of plant-based products.
- Asia Pacific accounted for the highest share in plant-based meat market in 2017 and is projected to maintain its dominance over the forecast period. This is owing to increasing demand for meat substitute food products. Moreover, tempeh and tofu have been considered to be the staple food in the Asian countries especially in China, Japan and Korea.
- North America is projected to be the fastest growing region in the market over the forecast period. Key factors such as bulk availability of raw materials, increasing population, and high consumption of non-meat products are creating immense opportunities for growth of the market. Moreover, North America has high prevalence of obesity in adults as well as in children. Adults have 40% prevalence of obesity while for children and adolescents the prevalence of is around 20%.
Key players in Global Plant-Based Meat Market
- Key players operating in the global plant-based meat market include, Beyond Meat, Impossible Foods Inc., Parabel USA Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., Quorn Foods, Inc., Garden Protein International, Inc., and Morningstar Farms LLC.
- Key market players are focused of new product launches, to cater increasing demand for meat substitutes. For instance, in July 2018 Beyond Meat launched new types of plant-based meat burgers that are similar to meat-based burgers in taste, look, and smell. Such R&D activities by key players is boosting growth of the market.
Key Developments
- In 2018, Vivera a vegan meat company launched new vegan burgers named as “Veggie Quarter Pounder” in the market to expand its product portfolio in the European market. This new burger is available in the supermarket ‘Sainsbury’s’ in United Kingdom.
- In 2018, the Maple Leaf Foods Inc. a meat company launched its new plant-based subsidiary called Greenleaf Foods in Chicago. The Greenleaf Foods intends to build portfolio of plant-based meat in the market.
- In June 2019, the Nestle S.A. Company has plan to launch its new plant-based burger ‘Sweet Earth’ in the U.S. market to strengthen its position it the market. In April 2019, Nestle S.A. launched a soy & wheat-based veggie burger under its Garden Gourmet brand in Europe.
- In June 2019, the Tyson foods announced that it has plan to expand its plant-based meat line with the launch of new product ‘Raised & Rooted’ in the market. This new product will include two products such as chicken nugget which is made from pea protein isolate, egg white, bamboo, and flaxseed, and second one is a burger that blends beef & pea protein.
- In September 2019, Hormel and Kellogg plan to launch new plant-based meat. The Hormel new brand named as Happy Little Plants and Kellogg new brand named as Incogmeato. This new products will be made with non-GMO soy designed which gives it look and taste like a real meat.
Market Taxonomy
On the basis of product type, the global Plant-Based meat market is segmented into:
On the basis of source, the global Plant-Based meat market is segmented into:
- Gluten Based
- Soy based
- Mycoprotein
On the basis of distribution channel, the global Plant-Based meat market is segmented into:
- Supermarket
- Hypermarket
- Convenience store
- Online stores
- Others
On the basis of end-use industry, the global Plant-Based meat market is segmented into:
On the basis of region, the global Plant-Based meat market is segmented into:
- North America
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- ASEAN
- Australia
- Rest of Asia Pacific
- Middle East & Africa
