Global Plant-Based Meat Market was valued at USD 17.80 Billion in 2022 and is expected to reach USD 52.22 Billion by the year 2030, at a CAGR of 14.4%.
The industry devoted to the manufacturing, marketing, and consumption of plant-based meat substitutes is known as the "plant-based meat market." For consumers looking to cut back on their meat intake, plant-based meat substitutes provide a sustainable and cruelty-free option that tastes, feels, and looks like traditional meat. These goods are generally composed of soy, wheat gluten, pea protein, or mushrooms, and they are frequently processed to improve their meat-like qualities. Market dynamics are impacted by things like shifting dietary habits, improvements in food technology, and growing knowledge of the environmental and health risks linked to eating traditional meat. The market for plant-based meat is expanding within the larger food business due to consumer demand for ethical, healthful, and sustainable dietary options.
Players Covered in Plant-based Meat Market are:
Alpha Foods (US), Beyond Meat (US), Impossible Foods Inc. (US), Hooray Foods (US), Maple Leaf Foods (Canada), The Vegetarian Butcher (Netherlands), Before the Butcher (US), Gardein Protein International (Canada), Yves Veggie Cuisine (Canada), Morningstar Farms (US), Quorn Foods (US), Amy's Kitchen (US), No Evil Foods (US), Tofurky (US), Gold&Green Foods Ltd. (Finland), VBites Food Limited (UK), Sunfed (New Zealand), Planterra Foods (US), Like Meat (Germany), The Meatless Farm Co. (England) and Other major players.
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Segmentation Analysis of Plant-Based Meat Market:
By Source
- Soy
- Wheat
- Pea
- Other
By Type
- Chicken
- Pork
- Beef
- Fish
- Other
By Product
- Burger Patties
- Sausages
- Strips & Nuggets
- Meatballs
- Other
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Market Dynamics And Factors For The Plant-Based Meat Market
Drivers:
Plant-based meat has been popular since it first started emerging in grocery stores and restaurants. Consumers, investors, influencers, and journalists identical were captivated by-products that looked, browned and "bled" like beef, but were manufactured from plants.
Restraints:
Because plant-based beef has higher manufacturing and material costs than regular meat, it is not a very cost-effective alternative in nations like India. Additionally, the market is aware of the flavor and odor of plant-based meat replacements that are brought on by substances like alcohol, furans, ketones, and aldehydes. However, because of the product's excellent nutritional value and consequent demand, further research and development has been done on the product's meat density, wheat gluten, and soy protein.
By Region
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Opportunities:
Shifting Perceptions
A positive trend is the gradual shift in the public's opinion regarding meat and plant-based meat. As time goes on, more individuals are realizing the benefits of plant-based meat over animal meat. For example, switching to plant-based meat that is produced humanely and hygienically can help prevent issues associated with animal husbandry, such as disease outbreaks. By reducing greenhouse gas emissions and promoting sustainability and public safety, plant-based meat substitutes can help save the lives of defenseless farm animals. The general population is aware of both of these truths. The primary companies in the plant-based meat industry will need to strive to provide their products with a comparable experience, as the flavor, texture, and allure of meat have already cemented themselves in the minds of non-vegetarians.
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