Plant-based Meat Market Report | Scope of Current and Future Industry 2030
Plant-based Meat Market Overview:
The global plant-based meat market is expected to exhibit a
strong 15.56% CAGR over the forecast period from 2022 to 2030, according to the
latest research report from Market Research Future (MRFR). The global
plant-based meat market is expected to reach a valuation of USD 4.61 billion by
2030.
Plant-based meat comprises meat substitutes made from plant
products. There are a variety of plant-based meat substitutes that hold an
important presence in the cuisine of various regions, such as tofu, seitan, and
tempeh in Eastern Asia. These products have migrated to Western markets in
recent years due to the growing popularity of veganism and the growing
awareness among consumers about the adverse effects of the meat industry on the
planet’s ecosystem. The growing popularity of these products in affluent
markets such as North America and Western Europe is likely to be a major driver
for the global plant-based meat market over the forecast period. The rise of
veganism has been prominent in North America and Europe, where meats comprise
an important part of the traditional diet. Many, especially younger, consumers
in these regions are adopting veganism as a means to support the environment,
leading to growing consumption of vegan products such as tofu and tempeh. This
is likely to be a major driver for the global plant-based meat market over the
forecast period.
Growing innovation and product development is likely to be a
key trend in the global
Plant-based Meat Market Research over the forecast
period. Manufacturers are adopting innovative means to turn plant products into
meat substitutes with the same texture and taste as meats. This has resulted in
the increasing availability of plant-based meat substitutes, especially in North
America and Europe. Many new manufacturers are springing up in these two
regions to capitalize on the increasing plant-based boom. This is likely to
result in steady growth of the plant-based meat market over the forecast
period. The growing technological sophistication in the production of
plant-based meats, which has resulted in the production of identical products
that mirror the texture and flavor of meats to a high degree, is likely to
result in increasing popularity of plant-based meat products in the coming
years. This is likely to remain a major driver for the plant-based meat market
over the forecast period.
Competitive Analysis:
Leading players in the global plant-based meat market
include Amy’s Kitchen Inc., Beyond Meat, Garden Protein International Inc.,
Blue Chip Group Inc., MorningStar Farms LC, VBites Foods Ltd., Schouten Europe
BV, Cauldron Foods Limited, Impossible Foods Inc., Maple Leaf Foods Inc.,
Unilever, House Foods Corporation, Vitasoy International Holdings Limited, and
Eden Foods Inc.
Industry News:
In December 2019, Beyond Meat announced plans to launch
plant-based poultry products in 2020.
The same month, popular fast food brands Hardee’s and Carl’s
Jr. added a new suite of breakfast meat items made with Beyond Meat products.
In April 2019, Maple Leaf Foods opened a new meat
alternative manufacturing plant in Shelbyville, Indiana.
Segmentation:
The global plant-based meat market is segmented on the basis
of product type, source, distribution channel, and region.
By product type, the global plant-based meat market is
segmented into tofu and tofu products, sausages, seitan, tempeh, and others.
By source, the global plant-based meat market is segmented
into soy, wheat, pea, and others. Soy is the dominant category in the global plant-based
meat market due to the ease of turning soy protein into meat substitutes.
By distribution channel, the global plant-based meat market
is segmented into store-based and non-store-based.
Regional Analysis:
Europe holds the largest share in the global plant-based
meat market due to the widespread acceptance of veganism in the region. Germany
and the UK are the leading regional markets within the Europe market.
Asia Pacific is also likely to be a major regional market
within the global plant-based meat market over the forecast period due to the
widespread popularity of tofu, seitan, tempeh, and other plant-based meat
alternatives in East Asia. The widespread vegetarian culture in India is also
likely to be a major driver for the Plant-based
Meat Market Report in Asia Pacific, as an increasing
number of consumers are buying plant-based meat products in the country.
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