USD 4.39 billion
Report ID:
SQMIG30I2310 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|
Tables:
62 |
Figures:
75
Global Plant-Based Meat Market size was valued at USD 4.39 billion in 2022 and is poised to grow from USD 5.48 billion in 2023 to USD 32.47 billion by 2031, at a CAGR of 24.9% during the forecast period (2024-2031).
The global plant-based meat market has been growing rapidly in recent years, driven by a growing demand for sustainable and healthy food alternatives. The purpose of the plant-based meat market is to provide a viable alternative to traditional meat products, which have been associated with environmental and health concerns. Plant-based meat is made from natural ingredients such as soy, peas, and wheat, and has a significantly lower environmental footprint than traditional meat. One of the key drivers of the plant-based meat market is the increasing awareness of the environmental impact of animal agriculture. According to the United Nations, animal agriculture is responsible for more greenhouse gas emissions than the entire transportation sector. Plant-based meat products offer a more sustainable and eco-friendlier alternative. Another driver of the plant-based meat market is the growing demand for healthy and ethical food products. Plant-based meat is free from cholesterol and has lower saturated fat content, making it a healthier option for consumers. Additionally, the production of plant-based meat involves significantly less animal cruelty, which is an important consideration for many consumers.
However, the plant-based meat market also faces some challenges. One of the main challenges is the relatively high cost of production, which can make plant-based meat products more expensive than traditional meat. This can limit the market's growth potential, particularly in developing countries where affordability is a major concern. Despite these challenges, the plant-based meat market is expected to continue growing due to the emergence of key trends and opportunities. One such trend is the increasing availability of plant-based meat products in mainstream grocery stores and restaurants, which is making them more accessible to consumers. Additionally, technological advancements in the production of plant-based meat are helping to reduce costs and improve the taste and texture of these products.
US Plant-Based Meat Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.39 billion
Largest Segment
Retail
Fastest Growth
HORECA (Hotel/Restaurant/Café)
Growth Rate
24.9% CAGR
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Global Plant-Based Meat Market is segmented on the basis of source, end user, and region. By source, the market is segmented into soy, pea, wheat, and others. By end user, the market is segmented into retail and HORECA (Hotel/Restaurant/Café). By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Plant-Based Meat Market Analysis by Source
The soy-based meat segment is leading the global plant-based meat market, accounting for a significant share of the market revenue, which is projected to grow steadily over the forecast period. Soy is a rich source of branch amino acids (BCAAs) and has the ability to improve exercise performance, muscle mass, and recovery from workouts, which is expected to drive the demand for soy-based meat products.
Moreover, soy-based meat products offer cost-effective solutions and have a lower carbon footprint compared to conventional animal- and dairy-based food products. The convenience factor of soy-based meat products, such as improved microwave ability and slice-ability, is likely to further boost the market growth. Pea-based patties in burgers are emerging as a viable substitute for chicken, beef, or pork-based patties due to their high protein content, meat-like texture and consistency, easy availability, and quick preparation time. As a result, the pea-based meat products market is expected to grow at the highest rate of 26.3% over the forecast period.
Global Plant-Based Meat Market Analysis by End User
In the global plant-based meat market, the hotel/restaurant/café (HORECA) segment has emerged as the leading segment, accounting for a significant share of the market revenue in 2021. The growing popularity of vegan and flexitarian diets has led to many restaurants, fast food chains, and casual dining venues dedicating a separate section of their menu to "meat-free" options, which is expected to drive market growth. Industry players are leveraging shifting consumer preferences and increasing demand for personalized services. For instance, in April 2019, Amy's Kitchen Inc., a US-based vegetarian and vegan foods manufacturer, opened its third plant-based and vegan-friendly "Amy's Drive-Thru" restaurant in Walnut Creek, California.
Moreover, fast-food restaurant chains are increasingly introducing plant-based meat products such as burger patties, nuggets, and strips to cater to health-conscious individuals. Leading brands like Beyond Meat have collaborated with Yum! Brands RSC to supply plant-based fried chicken to various KFC stores in the US. Such innovative product offerings and collaborations are expected to further boost market growth.
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North America dominated the global plant-based meat market, accounting for the largest share of the market revenue in 2021. This growth is attributed to the increasing consumer awareness of the risks associated with consuming contaminated meat products, along with the growing consumption of meatless meat products. Consumers in this region are increasingly concerned about the sustainability and safety of their food, which is driving the adoption of plant-based meat products.
In Europe, the market is expected to witness the fastest growth rate due to the positive consumer outlook towards vegetarian and vegan-meat products. Stringent regulations against animal cruelty and a growing awareness of the environmental impact of animal agriculture are further fueling the demand for plant-based meat products in this region. Leading manufacturers in the market are implementing strategic initiatives such as capacity expansion, product innovation, and mergers & acquisitions to increase their sales and gain a competitive edge in the regional market.
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Global Plant-Based Meat Market Drivers
Rising health and environmental concerns
Growing popularity of vegan and flexitarian diets
Global Plant-Based Meat Market Restraints
Limited availability and high cost
Taste and texture limitations
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Global Plant-Based Meat Market is becoming increasingly competitive as more companies enter the space and existing players expand their offerings. The market is expected to grow significantly in the coming years, driven by factors such as increasing health and environmental awareness, changing dietary preferences, and the rise of flexitarianism. These are just some of the many companies competing in the global plant-based meat market, and the competition is expected to continue to intensify as the market grows. Factors such as product innovation, pricing, distribution, and marketing strategies will play a crucial role in determining which companies emerge as leaders in this space.
Top Player’s Company Profiles in Global Plant-Based Meat Market
Global Plant-Based Meat Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Plant-Based Meat Market analysis, the market is driven by increasing awareness about the negative impact of traditional meat production on the environment and animal welfare, leading to a shift towards plant-based diets. Additionally, consumers are becoming more health-conscious and seeking out alternative protein sources that are lower in fat, calories, and cholesterol. The North American region dominates the global plant-based meat market, followed by Asia Pacific. This is due to the higher level of awareness and adoption of plant-based diets in these regions, as well as the presence of major players in the market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 4.39 billion |
Market size value in 2031 | USD 32.47 billion |
Growth Rate | 24.9% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Plant-Based Meat Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Plant-Based Meat Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG30I2310