The Plant-Based Meat Market Size will reach a value of USD 12.80 billion with a CAGR of 15.56% by 2030. Plant-based meat is an alternative to real animal meat that people generally eat. Food is a transitioning area of public life as the food preferences of the population keep changing with time. While people still eat animal-based meat, a growing section of the present population prefers to eat vegan alternatives. People are turning vegetarian with time. From turning more environmentally conscious to adopting a more sustainable way of living, there are multiple reasons for adopting a vegan way of eating. Being Vegan is so in vogue that people are searching for the vegan label in skincare products and topical creams too. Thus, plant-based meats are also in use more than ever.
The plant-based meat market has been in existence for some time now. However, the producers of plant-based meats see a higher growth rate because of people's mindsets. People are extremely careful of what they are eating nowadays. They are not only looking at the food as a whole but like to delve into the ingredients too. A lot of people are turning vegan to stop animal cruelty. Replacing normal meat with Plant-Based Meat helps in protecting the right to live for animals. Moreover, plant-based meats are healthier for people than animal-based meats. People are more health-conscious now and want to switch to leaner meats. market provides leaner, healthier meats for use so that people can get the taste of meat without negative repercussions.
The market has been growing over the last few years as more and more people turn vegan. In this forecast report, different aspects of the Market are covered so that the reader gets a view of the present conditions and future prospects of the market. Plant-based meats are very popular today, which has opened the market to the entry of newer producers of vegan meat.
COVID 19 impact
Like all other sectors of the market, the Plant-Based Meat Market also suffered from the consequences of the COVID 19 pandemic. As the global supply chain was disrupted, the manufacturing and growth of the Market were threatened. For a small window of time, when the initial phase of the pandemic hit, the Market faced a slowdown and decline in Market revenue. However, as the market revived and people went back to purchasing essentials, the growth prospects of the Market have also increased.
During the pandemic, people became more health-conscious than before. This presented an opportunity for growth for companies selling leaner Plant-Based Meats. Thus, the pandemic had a positive impact on the Market in an overall way.
There are many key drivers of the Plant-Based Meat Market that support the growth of the market. One of the drivers is the growth of a sustainable, environment-friendly mindset that leads to the adoption of a vegan lifestyle for people. People are turning vegans, and the biggest roadblock to that is their interest in meats. Since meats are not easily replaced, companies are now offering innovative Plant-Based Meats that deliver both meat-like taste and nutrients. The growth of the vegan mindset as a dominant social lifestyle is a key driver of the Market.
The most significant opportunity for the Market is the population that struggles with meat-based allergies. There are many people who struggle with meat allergens that are found in general animal-based meats like chicken, mutton, etc. These people want to enjoy the taste of meat without the issue of an allergic reaction. The Plant-Based Meat Market can regularly cater to such people and create more profits. As alternative meat, Plant-Based Meats have a high potential for use within the population.
There are some restraints under which the Plant-Based Meat Market functions. One of the major restraints is the disparity of prices between plant-based meats and animal-based regular meat. While animal-based meats are cheap and easily available, plant-based meats are not readily available to every member of the population. The price of vegan meat is higher than regular meat, which is why most people get discouraged from buying Plant-Based Meats regularly. Moreover, there is a negative perception of Plant-Based Meat as packaged meat which people do not prefer over fresh animal meat. The Market has to function around these restraints for its continued growth.
There are some significant challenges that affect Market Growth from time to time. For example, even if Plant-Based Meats are able to meet the nutritional requirements of meat and help in giving a balanced diet to the consumers, the meats often lack taste. The lack of taste in certain Plant-Based Meats discourages potential customers from choosing the alternative to animal meat. Whenever a person wants to consume a food item, he looks for taste and experience first. Plant-Based Meat Market companies have to work towards making up for the taste of actual meat in their formulation. Without exact taste, animal meat will stay as a major competitor of plant-based meats.
Cumulative Growth Analysis
Owing to the trend of a vegan lifestyle and health consciousness, the Market will record double-digit growth. Over the Market Forecast period, there are great prospects of Market Growth.
The Plant-Based Meat Market Size is divided over different segments based on different criteria. A Market Analysis covers a detailed study of the segments of the Market. The primary categories of the Market are based on type, distribution channels, and sources.
Based on product type, the main segments are sausages, Tofu and Tofu products, Tempeh or nuggets. Another main segment is plant-based beef. According to reports, plant-based beef will dominate the largest Plant-Based Meat Market share in the forecast period. Based on the source, the segments are soy, pea, wheat, and others. According to insights, the pea segment will dominate with the biggest Market share in the future. On the other hand, the primary distribution channel segments are store-based and non-store-based channels. The store-based channel will dominate in terms of Market share because people prefer picking their food up from local and hyper-local stores.
The Plant-Based Meat Market Outlook is incomplete without the Market Analysis by region. There are various regional markets of plant-based meats that contribute to global Market revenue. The major regional markets are North America, Europe, Asia Pacific, and the Rest of the World. Among these major markets, the biggest one exists in Europe, where people are switching to vegan meat alternatives to reduce obesity and underlying health conditions. The fastest-growing region by Market revenue is the Asia Pacific region, where people are shifting to the vegan diet culture. The use of plant-based meats has also grown in the Rest of the World.
The Plant-Based Meat Market has a diverse competitive landscape with many key stakeholders. The competitive landscape has been evolving as new competitors are entering the Market space. The key producers and marketers of Plant-Based Meat are-
The major companies of the Plant-Based Meat Market set through marketing activity and key developments. All the companies collectively contribute to Growth.
Key companies and stakeholders of the Plant-Based Meat Market have engaged in research and development to support the growth of the market. There is huge scope for creating new formulas and Market Trends in the market. Companies are also trying to improve the nutritional value and taste of existing plant-based meat formulas. On the other hand, producers are also starting marketing campaigns and promotional activities to popularize Plant-Based Meats. Many companies are entering into partnerships and mergers to bring about collective profits.
The Plant-Based Meat Market Outlook includes sections as follows:
The outlook is a comprehensive and cohesive report based on drivers, indicators, and present benchmarks of the market. The report aims at providing a bird's eye view of the present Market conditions to the reader so that future prospects of the Market are clear. The report discusses Market analysis by segments and regions so that the distribution of revenue is understood. Moreover, the report also has a brief overview of the impact of the COVID 19 pandemic on the Market. The report includes the competitive landscape and recent developments of the market to project the path of the Plant-Based Meat Market forecast.
|Market Size||USD 12.80 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Source, Distribution Channel, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||AMY's Kitchen Inc., Beyond Meat, Garden Protein International Inc, Blue Chip Group Inc., MorningStar Farms L.C.|
|Key Market Opportunities||Population that struggles with meat-based allergies|
|Key Market Drivers||New product development& technological advancements, Rapid growth of organized retail sector|
The industry is projected to grow at a CAGR of nearly 15.56% in the forecast period of 2022-2030.
The Plant-Based Meat Market has been segmented based on product type, source, distribution channel, and Region.
The key players in the Plant-Based Meat industry profiled in the report are AMY's Kitchen Inc., Beyond Meat, Garden Protein International Inc, Blue Chip Group Inc., MorningStar Farms L.C.
Asia-Pacific will provide more business opportunities for Plant-Based Meat Market in coming years.