Plant based meat products are made from plants. So, manufactures do not depends on animal based products to make plant based products. Plant based meat are consists of fat, minerals, water, protein, and vitamins. It’s made to look and taste like meat. As a part of balance diet plant based meat is healthier than animal derived meat when eaten in moderation such as in sandwiches, burger patties and others. Coconut oil, beet juice, and vegetable proteins are the main ingredient in plant based meat. Apart from that wheat, pea, and blends are also used in plant based meat products. It is also a good source of sodium as well as vitamins such as B1, B6, and B2 which are might be added some extra nutritional values in meat products. Plant based meat products are lower in saturated fat and calories and higher in fiber which can help to balanced healthier diet. According to their properties, plant based meat products are the best meat substitutes of animal meat.
The global plant based meat market was valued at US$ 5.06 Bn and is expected to reach US$ 20.76 Bn exhibiting a CAGR of 19.3% during the forecast period 2022-2030.
Rising the production and consumption of mushroom such as button mushroom, oyster mushroom, and others also drive the market growth in upcoming years. For instance, on November 14, 2022, ‘Beyond Meat’ a plant based meat manufacturing company signed an agreement with ‘American Cancer Society’ to work together in research on plant-based meat and cancer prevention.
Increasing demand for plant based food products such as tofu, soy, seitan, jackfruit and others are also boost the market growth in forecast period. Plant based food product means a finished product which is consisting of ingredients derived from plants that includes vegetables, fruits, legumes, whole grains, and nuts. According to press news, November 2020, Hooray Foods, a plant based meat food company launched around 300 whole food stores across the California. According to Barclays analysts, Hooray Foods are estimated their growth projection of US$140 billion by the end of 2029.
Figure 1. Global Plant Based Meat Market Revenue Share (%), By Region, 2021
Among region, North America held a dominant position in the global plant based meat market in 2021, accounting for 28.9% market revenue share, followed by Europe and Asia Pacific. Rising the demand of plant based meat product in the market due to their health benefits such as rich source of calcium, antioxidants, and phytonutrients is expected to drive the market.
High cost of product is one of the major restraining factors in the plant based meat market. As compared to animal meat product, the plant based meat product has an overpriced which can reduce the market in price sensitive countries such as India and China. The plant based meat product can contain higher amounts of sodium as compared to animal meat which can restrain the market growth.
|Base Year:||2021||Market Size in 2021:||US$ 5.06 Bn|
|Historical Data for:||2017-2020||Forecast Period:||2022-2030|
|Forecast Period 2022 to 2030 CAGR:||19.3%||2030 Value Projection:||US$ 20.76 Bn|
Beyond Meat, Impossible Foods Inc., Maple Leaf Foods , Vegetarian Butcher, Conagra, Inc. , Kellogg NA Co. , Quorn, Amy's Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe's, Yves Veggie Cuisine, Marlow Foods Ltd. , Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, Dr. Praeger's Sensible Foods
|Restraints & Challenges:||
Rising cautions about the medical advantages of plant based meat can boost the market growth in the worldwide. For instance, on April 29, 2021, the vegan food manufacturer, Upton’s Naturals collaborate with Dot Foods which is the largest food industry redistributor in North America. The new relationship will increases the availability of the brands popular 100% vegan meat alternatives for distributors, restaurants, and foodservices customers across the countries. Additionally, in October 2015, the International Agency for Research on Cancer, part of World Health organization, concluded the utilization of red meat as probably oncogenic to humans. On the basis of sufficient evidence, it was concluded that consumption of processed meat causes colorectal cancer
Furthermore, in June 2020, a plant based meat manufacturer, Beyond Meat announced to acquire a new production unit Enschede, Netherlands for the expansion of their production capacity in Europe.
Figure 2. Global Plant Based Meat Revenue Share (%), By Distribution Channel, 2021
Among Distribution Channel, food retail segment held a dominant position in the global plant based meat market in 2021, accounting for 41.5% of market share. Increased demand for ready to cook and convenient meat-free breakfast side. Furthermore, they can help to reduce meat intake, which may lower the risk for health problems, and they can reduce carbon footprint.
Global Plant Based Meat Market - Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 has positively as well as negatively affected the plant-based meat industry. Due to lockdowns, countries are banned to travel and shutdown of business can reduce the economic and industries growth of the developing countries. Disruption in raw materials supplies and freeze the supply chain during the pandemic plant based meat market witnessed the lower growth. However, the increased consumption of vegan products during COVID-19 can boost the market growth, owing to different taste and flavor of these products. Due to COVID-19, consumers are more concerned about their immune health, energy metabolism, systematic inflammation, weight level, and their current lifestyles. Due to plant based meat product consumers will believe to improving dietary patterns which will help them to boost the level of health. Furthermore, Consumers were maintain a healthier diet which will help them to start eating more plant based foods and beverages.
Major players operating in the global plant based meat market include Beyond Meat, Impossible Foods Inc., Maple Leaf Foods , Vegetarian Butcher, Conagra, Inc. , Kellogg NA Co. , Quorn, Amy's Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe's, Yves Veggie Cuisine, Marlow Foods Ltd. , Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, Dr. Praeger's Sensible Food.
Plant based meat product refers to a diet that does not expect animal byproducts, they just focuses on plant foods such as seitan. Plant based meats are products designed to imitate animal meat. In plant based meat commonly found ingredients are legumes, soybeans, vegetable, proteins like peas, coconut oil, and others. Eating less meat decrease the risk of many kinds of cancers, obesity, heart diseases, and others. Plant based meat is generally healthy and can be used in sweet as well as savory dishes because it is flexible for making the dishes and popular choice for chefs to add flavor and excitement to their dishes or menus. Most plant based meat products have healthy fats, a considerable amount of protein, and fiber which can help to drive the market growth in forecast period.
Rising awareness about the health benefits of plant based meat products over animal meat products that can help to boost the market growth. The consumption of plant based meat products rapidly covered and prevent the risk of type-2 diabetes and cardiovascular diseases. For instance, in 2021, a food manufacture company Danone, partnered with Banza, a plant based meat product manufacture company, Danone and Banza collaborate with each other and launched a product namely chickpea-based pizza which is made from chickpea with using plant based cheese as topping.
To improve the quality of products and increase the demand of customers the manufactures are used the innovative components as well as procedures in their products such as ready to eat products which helps to drive the plant based meat market growth. For instance, in 2020, Nestlé, a food manufacture company launched ‘Nesquik GoodNes’ in the U.S, an oat and pea-based alternative to traditional Nesquik, which can boost the plant based meat market growth in the upcoming years. Additionally, in 2021, Oatly a plant based meat manufacture company launched cream cheese spreads, oat heavy cream, and whippable oat cream in Europe region which can drive the plant based meat market growth in forecast period.
Plant based meat product can contain higher amounts of sodium as compared to animal meat that can hampered the market growth. Moreover, many packaged plant based types of meat contain ingredients like added sugar, refined oil, and dextrose that can restrain the market growth. Some concerns over labeling are projected to restrict the global market growth while the rising number of players may provide expansion opportunities.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.