Global Plant-Based Meat Market is predicted to reach USD 12.69 billion at a CAGR of 15.56% during the forecast period:
Market Research Future (MRFR) has published a cooked research report on the “Global Plant-Based Meat Market” that contains information from 2022 to 2030. The Global Plant-Based Meat Market is estimated to register a CAGR of 15.56% during the forecast period of 2022 to 2030.
MRFR recognizes the following companies as the key players in the Global Plant-Based Meat Market— AMY's Kitchen Inc., Beyond Meat, Gardein Protein International Inc, Blue Chip Group Inc. and MorningStar Farms L.C.
The Global Plant-Based Meat Market is accounted to register a CAGR of 15.56% during the forecast period and is estimated to reach USD 12.69 Billion by 2030.
The global plant-based meat market refers to the industry that produces and distributes meat substitutes made entirely from plant-based ingredients. Plant-based meat products are designed to resemble traditional meat products in taste, texture, and appearance but are derived from plant sources such as soy, peas, wheat, and other legumes.
These products are typically made using a combination of plant proteins, such as soy protein, pea protein, or wheat protein, along with other ingredients like oils, flavorings, and binders to replicate the taste and texture of meat.
The Global Plant-Based Meat Market has been segmented based on product type, source and end user.
On the basis of product type, the market is segmented into tofu & tofu products, sausages, seitan and tempeh. The requisite purity of plant-based meat can be easily attained by the creation of plant-based meat from tempeh as a product type.
Based on source, the market has been segmented into Soy, Wheat and Pea. Soy is a common ingredient in plant-based meat products such sausage, minced meat substitute, burger patties, and other goods. Hence, it positively impacts the market growth.
Based on end user, the market has been segmented into store based and non store based. The non-store-based segment held the majority share in respect to the plant-based meat market revenue due to accessibility and greater selection possibilities.
The Global Plant-Based Meat Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Plant-Based Meat Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Plant-Based Meat Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Global Plant-Based Meat Market comprises of Middle East, Africa, and Latin America.
North America is one of the leading regions in terms of plant-based meat consumption and market growth. The United States, in particular, has witnessed a surge in demand for plant-based meat products driven by factors such as health consciousness, environmental concerns, and the increasing availability of plant-based options in restaurants and retail outlets.
Europe is another significant market for plant-based meat products. The region has a well-established vegetarian and vegan culture, and consumers are increasingly opting for plant-based options for health, environmental, and ethical reasons.
The Asia-Pacific region presents immense growth potential for the plant-based meat market. The market in this region is witnessing the emergence of local players alongside the entry of international brands, leading to a wide variety of plant-based meat products becoming available.
Furthermore, the rest of the world's Global Plant-Based Meat Market is divided into the Middle East, Africa, and Latin America. Latin America has witnessed a growing demand for plant-based meat products, driven by changing dietary preferences, health consciousness, and environmental concerns.
Key Findings of the Study