Global Plant-Based Meat Market size is projected to reach approximately USD 16.40 Billion by 2025, at a CAGR of 14.17% between 2019 and 2025. The plant-based meat products are gaining massive acceptance over the last few years across the globe. Increasing awareness of the consumers related to the health benefits of plant-based food products is anticipated to fuel the growth of the global plant-based meat market. The global plant-based meat market has witnessed substantial innovation in terms of new product launches along with research & development by the market players. For instance, in April 2019, Maple Leaf Foods Inc. has opened a new manufacturing plant in Shelbyville, Indiana to produce meat alternatives. Apart from that, the major players operating in the market are focusing on acquisitions as a part of business strategy. For example, in December 2018, Unilever has acquired The Vegetarian Butcher. The acquisition will aid to expand its product portfolio, especially in the plant-based food category.
The Global Plant-Based Meat Market is growing at a rapid pace across the globe. The growth of the global plant-based meat market is attributed to several factors. One of the significant factors for the rising growth of plant-based meat market is rising consumer preferences to adopt veganism. Veganism is associated with a variety of beneficial health effects such as better heart health, improved diabetes, and lower rates of obesity, among others. So, the number of vegan followers is increasing widely across the globe which is expected to enhance the growth of the global plant-based meat market during the forecast period of 2019-2025. According to the Vegan Society, the number of vegan populations were more than 6 lakhs in the UK in 2018. Moreover, the rising lactose-intolerance among the consumers is anticipated to fuel the growth of plant-based meat market.
However, the plant-based meat products are costlier when compared to animal-based meat products which is anticipated to hinder the growth of the global plant-based meat market. Additionally, the low awareness and availability of plant-based meat products in the under-developed economies is anticipated to pose a major challenge in the global plant-based meat market.
Vegan diet is gaining massive acceptance among the consumers
- Growing vegan population across the globe: The growth of the vegan population is anticipated to be driven by several factors. Vegan diet minimizes the risk of several chronic diseases such as type-2 diabetes, cardiovascular diseases, ischemic heart disease, obesity, among others. According to MRFR analysis, more than six million people are following a vegan diet in Germany during 2018. So, increasing vegan population is anticipated to act as a major driver in the growth of global plant-based meat market during the forecast period.
- New product development and technological advancements
- Rapid growth of organized retail sector
- Increasing lactose-intolerance among the consumers
- High price of plant-based meat
- Lack of awareness in the developing and under-developed nations
By Product Type
- Tofu & Tofu Products: Tofu is a versatile food; it can be served fresh or cooked with vegetables and/or meat in thousands of different dishes and soups. It can also be further processed into various secondary tofu products, including deep-fried tofu, savory tofu, grilled tofu, frozen tofu, dried-frozen tofu, fermented tofu and many more. In recent years, some tofu products, such as deep-fried tofu and savory tofu, have been gaining popularity in the Western market.
- Sausages: The plant-based sausages are also gaining massive acceptance among the consumers owing to the increasing consumer preference to opt for a vegan diet. Many manufacturers of sausages are offering plant-based sausages majorly in North America and Europe. For instance, in September 2019, Beyond Meat has introduced its plant-based sausages in Europe. Also, the demand for sausages segment is anticipated to enhance owing to the increasing preference towards the convenience food.
- Seitan: Seitan is a high-protein food, made from the gluten of wheat or other cereals. It is obtained by extracting gluten from wheat flour; later it is kneaded and is boiled in water flavored with soy sauce, kombu seaweed, and other aromas.
- Tempeh: Tempeh is made by the controlled fermentation of cooked soybeans with a Rhizopus mold. It is becoming popular all over the world due to its health benefits, and moreover, it offers both versatile and delicious taste that consumers from different backgrounds have integrated into their daily meal.
- Others: The other segment include meatballs, strips, and nuggets.
- Soy: Soy is the most common source used in the preparation of plant-based meat products. Soy protein isolates have similar biological value as that of meat and are a good source of calcium and linoleic acid.
- Wheat: Wheat is also preferred source among the manufacturers of plant-based meat. It is widely used in meat substitute processing and preparation due to its binding, dough forming and leavening ability. It is rich in glutamine, a muscle building amino acid and deﬁcient in lysine and threonine contents.
- Pea: Pea is projected to witness the highest growth rate during the forecast period. The usage of pea is anticipated to increase in the production process of plant-based meat in the near future. Pea does not offer gluten allergens and rarely cause allergies to the consumer.
- Others: The others segment include oats, quinoa, beans, nuts and many more.
By Distribution Channel
- Store-Based: This segment is projected to dominate the global plant-based meat market during the forecast period. The store-based distribution channel includes supermarkets & hypermarkets, convenience stores, and others. Increasing consumer preference to access the products physically and verify the product's quality and properties of the products before making purchasing decisions is anticipated to act as a major driver in the growth of store-based distribution channel.
- Non-Store-Based: Non-store-based distribution channel refers to the e-commerce platforms where the manufacturers distribute plant-based meat either through various online shopping sites or their own website, where they present the wide range of their products to the customers.
- North America: The demand for plant-based meat has been increasing in the North America. In the region, the US is estimated to retain its dominance throughout the forecast period. Rising consumer preference towards the convenience vegan diet is considered to be one of the major factors for the growth of the US plant-based meat market. Increasing promotional activities by the key players is likely to upsurge the growth of plant-based meat market in the US.
- Europe: Europe has accounted for the largest market share in the global plant-based meat market. Increasing awareness regarding the health benefits of plant-based meat among the consumers coupled with the meat-like texture is expected to fuel the growth of plant-based meat market in the European countries. Germany and the UK are major countries in Europe plant-based meat market and holding a significant market share of 45% collectively in 2019.
- Asia-Pacific: Asia-Pacific is projected to be the fastest-growing region for the plant-based meat market. The growth for the Asia-Pacific region is attributed to the increasing consumer inclination to adopt western culture. The market in Australia, New Zealand, and India offer massive opportunities to the manufacturers of plant-based meat due to the wide acceptance of vegetarian food products.
- Rest of the World: Rest of the World consists of South America, the Middle East, and Africa. South America has accounted for the major market share in the rest of the World plant-based meat market.
- AMY's Kitchen, Inc. (US)
- Beyond Meat (US)
- Garden Protein International, Inc. (Canada)
- Blue Chip Group, Inc. (US)
- MorningStar Farms L.C. (US)
- VBites Foods, Ltd. (UK)
- Schouten Europe B.V. (Netherlands)
- Cauldron Foods Limited (UK)
- (New Zealand)
- Impossible Foods Inc. (US)
- Maple Leaf Foods Inc. (Canada)
- Unilever (UK)
- House Foods Corporation (Japan)
- Vitasoy International Holdings Limited (Hong Kong)
- Eden Foods, Inc. (US)