The Plant-Based Meat Market was valued at approximately USD 6.7 billion in 2023 and is expected to grow at a substantial CAGR of around 13% during the forecast period (2024-2032)
Recognizing the growth potential of pea protein, Cargill formed a joint venture with U.S. leading pea protein manufacturer PURIS in 2018 and invested US$75 million in PURIS, allowing the company to double its pea protein production. In 2019 both Impossible Foods and Beyond Meat launched new iterations of their original burgers. In addition, Nestlé-owned Sweet Earth Foods introduced the Awesome Burger made with yellow pea protein and Awesome Grounds, which is a plant-based replacement for ground beef. In the same year, Nestlé announced that it would use Awesome Grounds in meatless versions of its DiGiorno pizza and Stouffer’s lasagna.
During the Covid-19 pandemic, demand for meat reduction and replacement was witnessed among the consumers. However, few companies reported increase in sales. Covid-19 have created increased awareness about the impact of humanity on environment among the consumers. In the recent past climate change has become one of the forefront policies of the government. Furthermore, with people demanding for more sedentary lifestyles because of country wide lockdowns, many people have turned to healthier eating alternatives. It is also believed that the Covid-19 was transmitted to humans from animals, hence people have started believing the possible risks of eating animal-sourced food.
According to UnivDatos ’ research report “Plant-based Meat Market”, the market is expected to witness a CAGR growth of around 17% during the forecast period 2021-2027F. Global Plant-based Meat Market is experiencing significant growth due to the Rising awareness of the health benefits associated with plant-based food, Government initiatives paired with significant investments in the industry, and Rising number of health-conscious population and Increasing Purchasing Power of Consumers. However, High price compared to traditional meat products and Perception regarding taste of plant-based meat products would act as market restraining factor. Furthermore, Favorable marketing and positioning of plant-based meat products and Increasing Demand for Natural and Organic Products is expected to provide ample growth opportunity for the companies operating in the market.
Based on Source, the Plant-based Meat Market is segmented into Soy, Wheat, Pea, Other Sources. Currently Soy source is majorly used to produce plant-based meat and meat alternative. Owing to Covid-19 demand for animal sourced food has seen a decline, as Covid-19 is considered as animal origin. Hence demand for plant-based food alternative paired with wide adoption of vegan diets is driving the demand for plant-based meat.
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Based on Product, the Plant-based Meat Market is divided into Burger patties, Strips & nuggets, Sausages, Meatballs, Other Products. In 2020, Burger patties segment dominated the market and is expected to maintain its dominance throughout the forecast period. Shifting consumer preferences and increasing demand for burger patties from retail channels owing to convenience, taste, and texture are expected to drive the growth of the segment. Companies such as Beyond Meat Inc., Impossible Foods Inc., and Tofurky Co. have started ramping up their production, and offering discounts on their plant-based meat products to increase consumer base.
Based on Type, the market is bifurcated into Beef, Chicken, Pork, Other (Seafood). In 2020, plant-based chicken dominated the market followed by plant-based beef. Impossible Foods entered a partnership with San Francisco food wholesaler Cheetah to sell its burger patties in bulk. The company has recently launched plant-based Impossible Sausage and Impossible Pork, to expand its retail presence across international markets. The company has also set up a new production plant in China to increase its production due to the growing consumer demand for meat alternatives.
North America to Grab Lion’s Share
Based on regions, the report provides detailed analysis for overall adoption of Plant-based Meat in the Global region including North America, Europe, Asia-Pacific, and rest of World. Currently, North America dominated the market in 2020, however, Asia-Pacific is expected to witness highest CAGR growth during the analysed period. According to Austrade advisors in China, the COVID-19 pandemic has accelerated the adoption of plant-based proteins among consumers. Food-safety concerns, Increasingly health-conscious consumers, and ease and growth of online sales are the major factor driving the sale of plant-based protein in China. Currently, 39.8% of plant-based protein is imported and this creates a fast-growing export market for Australian companies.
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According to UnivDatos , the key players with a considerable market share in the Global Plant-based Meat Market are includes Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Tofurky, Alpha Foods, The Vegetarian Butcher, Quorn Foods, Morningstar Farms, Amy’s Kitchen, Hooray Foods etc. These companies are investing heavily on Plant-based Meat to increase their customer base.
In September 2021, Beyond Meat breaks through the Breakfast Category in Canada through the Introduction of Plant-Based Beyond Breakfast Sausage links at all major retailers across the country
In December 2019, Kroger began testing a three-foot refrigerated section designed specifically for plant-based meat products in 60 of its stores
In 2018, Poultry giant Tyson Foods, launched its Raised & Rooted brand comprised of plant-based nuggets and burgers that blend beef and pea protein
“Global Plant-based Meat Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
By Source (Soy, Wheat, Pea, Other Sources)
By Product (Burger patties, Strips & nuggets, Sausages, Meatballs, Other Products)
By Type (Beef, Chicken, Pork, Other (Seafood))
By Region (North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Rest of Europe), Asia-Pacific (China, India, Australia, Singapore, Rest of APAC), and Rest of World)
By Company (Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Tofurky, Alpha Foods, The Vegetarian Butcher, Quorn Foods, Morningstar Farms, Amy’s Kitchen, Hooray Foods)
Key questions answered in the study:
What are the current and future trends of the Global Plant-based Meat industry?
How the industry has been evolving in terms of end-user demand and product category?
How the competition has been shaping across the countries followed by their comparative factorial indexing?
What are the key growth drivers and challenges for the Global Plant-based Meat industry?
What is the customer orientation, purchase behavior, and expectations from the Global Plant-based Meat suppliers across various countries?
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