Plant Based Meat
Plant-based Meat Market Forecasts to 2030 - Global Analysis By Product (Burger Patties, Strips and Nuggets, Sausages, Meatballs, Slices, Fillets, Cutlets, Slides, Fingers, Tofu, Tenders and Cutlets, Crumbles and Other Products), Source, Type, Storage, Distribution Channel, End User and by Geography
According to Stratistics MRC, the Global Plant-based Meat Market is accounted for $10.76 billion in 2024 and is expected to reach $27.18 billion by 2030 growing at a CAGR of 16.7% during the forecast period. Utilizing components derived from plants, plant-based meat is a novel food product that aims to replicate the nutritional makeup, texture, and flavor of traditional meat. Many different materials are used to create these substitutes, such as soy, peas, wheat, and even unique proteins like mycoprotein and algae. Moreover, in order to appeal to both vegetarians and meat eaters looking for healthier, sustainable options, producers try to replicate the sensory experience of eating animal meat by utilizing cutting-edge food science techniques.
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Market Dynamics:
Driver:
Growing interest in plant-based meat substitutes
Some of the key elements that have been drawing consumer’s attention to plant-based meats are their safety when compared to conventional meat and their nutritional advantages. Overindulgence in meat derived from animals can lead to diet-related illnesses like obesity, type-2 diabetes, heart disease, and some types of cancer. Meat derived from plants has fewer calories, cholesterol, and saturated fat than meat derived from animals. People are being encouraged to eat more fruits, vegetables, legumes, nuts, and seeds as a result of the growing plant-based movement. Furthermore, consumers are becoming more aware of the numerous health advantages linked to plant-based products.
Restraint:
Higher price for goods
In price-sensitive markets like India, China, and South Africa, the comparatively high cost of plant-based meat will probably hinder its expansion. Animal-based meat is more profitable. While the high cost of plant-based meat substitutes over conventional meat hinders the rapidly expanding plant-based industry, companies that offer these alternatives are attempting to lower their prices. Compared to traditional meat, plant-based meat is more costly. Additionally, because of COVID-19, trade restrictions, disruptions in the raw material supply, and ineffective distribution channels, it is anticipated that the costs of plant-based meat substitutes will rise even more.
Opportunity:
Beneficial marketing of meat substitutes
Adopting marketing techniques like segmentation and diversification can boost the growing sales of plant-based meat substitutes. The goal is to increase consumer demand from groups like vegans, flexitarians, vegetarians, and health-conscious consumers. Moreover, it is essential to place the product through the appropriate sales channel at the appropriate location. In order to remain competitive and boost sales, major players must concentrate on this criterion. By broadening their consumer base and reaching a wider audience worldwide, they must reposition themselves.
Threat:
Discrimination based on plant-based meat substitutes flavours
It is widely believed by consumers that choosing meat alternatives results in a noticeable loss of flavor. Soy protein is not recommended for consumption due to its off-flavor. Compounds like aldehydes, ketones, furans, and alcohols are the source of the off-flavor. One of the main causes of the beany and grassy flavors of soy products is medium-chain aldehydes. But demand for soy has increased due to its high nutritional value. The nutritional advantages of plant-based meat substitutes are comparable to those of animal meat. Furthermore, the texture, color, flavor, and taste of meat substitutes are all intended to be as close to real meat as possible.
Covid-19 Impact:
The COVID-19 pandemic has affected every industry, including the market for plant-based meat. The unexpected COVID-19 pandemic has both positive and negative effects on the market for plant-based meat. Because more plant-based meat is being used in the food and beverage and pharmaceutical industries, the market has seen modest volume growth and earnings during the lockdown. The market for plant-based meat has tremendous growth potential as a result of the COVID-19 pandemic.
The Burger Patties segment is expected to be the largest during the forecast period
The burger patties segment is anticipated to hold the largest market segment for plant-based meat. This category has a large market share because of its broad appeal and adaptability. Because consumers want convenient, well-known, and delicious meat substitutes, plant-based burger patties have become a mainstay in the foodservice and retail industries. Moreover, these patties are a favorite among flexitarians and vegetarians alike because they are made to resemble classic beef burgers in both flavor and texture.
The Hotel/Restaurant/Café (HoReCa) segment is expected to have the highest CAGR during the forecast period
In the market for plant-based meat, the hotel/restaurant/Café (HoReCa) segment is anticipated to grow at the highest CAGR. The rise in popularity of plant-based meat options on menus at many restaurants, hotels, and cafes can be attributed to the growing trend of vegan and flexitarian diets. Additionally, these restaurants are responding to consumer demand by providing a range of plant-based meat dishes, such as burgers, nuggets, and sausages, in an effort to provide healthier and more environmentally friendly dining options.
Region with largest share:
Over the course of the forecast period, North America is anticipated to hold the largest market share. Due to the support of start-ups like Impossible Foods Inc. (US) and Beyond Meat (US), which spearheaded the development of plant-based meat products, North America is the center of the market for meat substitutes. The increase in meatless meat product consumption and growing consumer awareness of the dangers of eating tainted meat products are credited with the growth. Furthermore, a further shift in consumer perceptions regarding food sustainability and safety is anticipated as a result of the increased consumption of plant-based foods, including plant-based meat.
Region with highest CAGR:
The region with the highest predicted CAGR during the forecast period is Asia-Pacific. Because people are adopting healthier lifestyles and choosing natural ingredients, plant-based food products are becoming more and more popular in the area. Sales of plant-based foods should increase as a result. Additionally, rising consumer health concerns about animal-based protein sources, along with ethical and environmental concerns, are predicted to drive up demand for plant-based meat substitutes in the upcoming years.
Key players in the market
Some of the key players in Plant-based Meat market include Impossible Foods Inc., Conagra Foods, Gold&Green Foods Ltd., Kellogg Company, Maple Leaf Foods, Amy's Kitchen, Inc., Marlow Foods Ltd. (Cauldron), Tofurky, Unilever, Lightlife Foods, Inc, VBites Foods Limited, Beyond Meat, Morningstar Farms, Kraft Foods, Inc. and Omni Foods.
Key Developments:
In February 2024, Conagra Brands, Inc. announced that one of its subsidiaries has entered into a definitive agreement with funds advised by Convergent Finance and Samara Capital to divest its 51.8% ownership stake in Agro Tech Foods Limited (ATFL), a food company based in Mumbai, India, and listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
In December 2023, Unilever announced it has signed an agreement to acquire the premium biotech haircare brand K18. This marks another step in the optimisation of Unilever’s portfolio towards higher growth areas. Founded in 2020 by Suveen Sahib and Britta Cox, K18 is a fast-growing brand that sits at the intersection of beauty and biotechnology.
In February 2023, Tofurky, a leading manufacturer of plant-based meats in the U.S., announced that Morinaga Nutritional Foods, the U.S.-based manufacturer of Mori-Nu Silken Tofu, has acquired the company and its sister brand, Moocho. With the acquisition of Tofurky, Morinaga Nutritional Foods will own the #3 retail brand for plant-based meats in the U.S.
Products Covered:
• Burger Patties
• Strips and Nuggets
• Sausages
• Meatballs
• Slices
• Fillets
• Cutlets
• Slides
• Fingers
• Tofu
• Tenders and Cutlets
• Crumbles
• Other Products
Sources Covered:
• Soy
• Quinoa
• Oats
• Beans
• Nuts
• Wheat
• Seed
• Blends
• Pea
• Other Sources
Types Covered:
• Beef
• Chicken
• Pork
• Lamb
• Turkey
• Fish
• Other Types
Storages Covered:
• Refrigerated plant-based Meat
• Frozen peas based Meat
• Shelf stable plant-based Meat
Distribution Channels Covered:
• Business-to-Business
• Business-to-Consumer
• Other Distribution Channels
End Users Covered:
• Food Industry
• Hotel/Restaurant/Cafe (HoReCa)
• Households
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Plant-based Meat Market, By Product
5.1 Introduction
5.2 Burger Patties
5.3 Strips and Nuggets
5.4 Sausages
5.5 Meatballs
5.6 Slices
5.7 Fillets
5.8 Cutlets
5.9 Slides
5.10 Fingers
5.11 Tofu
5.12 Tenders and Cutlets
5.13 Crumbles
5.14 Other Products
6 Global Plant-based Meat Market, By Source
6.1 Introduction
6.2 Soy
6.3 Quinoa
6.4 Oats
6.5 Beans
6.6 Nuts
6.7 Wheat
6.8 Seed
6.9 Blends
6.10 Pea
6.11 Other Sources
7 Global Plant-based Meat Market, By Type
7.1 Introduction
7.2 Beef
7.3 Chicken
7.4 Pork
7.5 Lamb
7.6 Turkey
7.7 Fish
7.8 Other Types
8 Global Plant-based Meat Market, By Storage
8.1 Introduction
8.2 Refrigerated plant-based Meat
8.3 Frozen peas based Meat
8.4 Shelf stable plant-based Meat
9 Global Plant-based Meat Market, By Distribution Channel
9.1 Introduction
9.2 Business-to-Business
9.3 Business-to-Consumer
9.3.1 Modern Groceries
9.3.2 Online Retail
9.3.3 Traditional Stores
9.3.4 Global Plant Base
9.3.5 Food and Drink Specialty Stores
9.3.6 Convenience Stores
9.4 Other Distribution Channels
10 Global Plant-based Meat Market, By End User
10.1 Introduction
10.2 Food Industry
10.3 Hotel/Restaurant/Cafe (HoReCa)
10.4 Households
10.5 Other End Users
11 Global Plant-based Meat Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Impossible Foods Inc.
13.2 Conagra Foods
13.3 Gold&Green Foods Ltd.
13.4 Kellogg Company
13.5 Maple Leaf Foods
13.6 Amy's Kitchen, Inc.
13.7 Marlow Foods Ltd. (Cauldron)
13.8 Tofurky
13.9 Unilever
13.10 Lightlife Foods, Inc
13.11 VBites Foods Limited
13.12 Beyond Meat
13.13 Morningstar Farms
13.14 Kraft Foods, Inc.
13.15 Omni Foods
List of Tables
1 Global Plant-based Meat Market Outlook, By Region (2022-2030) ($MN)
2 Global Plant-based Meat Market Outlook, By Product (2022-2030) ($MN)
3 Global Plant-based Meat Market Outlook, By Burger Patties (2022-2030) ($MN)
4 Global Plant-based Meat Market Outlook, By Strips and Nuggets (2022-2030) ($MN)
5 Global Plant-based Meat Market Outlook, By Sausages (2022-2030) ($MN)
6 Global Plant-based Meat Market Outlook, By Meatballs (2022-2030) ($MN)
7 Global Plant-based Meat Market Outlook, By Slices (2022-2030) ($MN)
8 Global Plant-based Meat Market Outlook, By Fillets (2022-2030) ($MN)
9 Global Plant-based Meat Market Outlook, By Cutlets (2022-2030) ($MN)
10 Global Plant-based Meat Market Outlook, By Slides (2022-2030) ($MN)
11 Global Plant-based Meat Market Outlook, By Fingers (2022-2030) ($MN)
12 Global Plant-based Meat Market Outlook, By Tofu (2022-2030) ($MN)
13 Global Plant-based Meat Market Outlook, By Tenders and Cutlets (2022-2030) ($MN)
14 Global Plant-based Meat Market Outlook, By Crumbles (2022-2030) ($MN)
15 Global Plant-based Meat Market Outlook, By Other Products (2022-2030) ($MN)
16 Global Plant-based Meat Market Outlook, By Source (2022-2030) ($MN)
17 Global Plant-based Meat Market Outlook, By Soy (2022-2030) ($MN)
18 Global Plant-based Meat Market Outlook, By Quinoa (2022-2030) ($MN)
19 Global Plant-based Meat Market Outlook, By Oats (2022-2030) ($MN)
20 Global Plant-based Meat Market Outlook, By Beans (2022-2030) ($MN)
21 Global Plant-based Meat Market Outlook, By Nuts (2022-2030) ($MN)
22 Global Plant-based Meat Market Outlook, By Wheat (2022-2030) ($MN)
23 Global Plant-based Meat Market Outlook, By Seed (2022-2030) ($MN)
24 Global Plant-based Meat Market Outlook, By Blends (2022-2030) ($MN)
25 Global Plant-based Meat Market Outlook, By Pea (2022-2030) ($MN)
26 Global Plant-based Meat Market Outlook, By Other Sources (2022-2030) ($MN)
27 Global Plant-based Meat Market Outlook, By Type (2022-2030) ($MN)
28 Global Plant-based Meat Market Outlook, By Beef (2022-2030) ($MN)
29 Global Plant-based Meat Market Outlook, By Chicken (2022-2030) ($MN)
30 Global Plant-based Meat Market Outlook, By Pork (2022-2030) ($MN)
31 Global Plant-based Meat Market Outlook, By Lamb (2022-2030) ($MN)
32 Global Plant-based Meat Market Outlook, By Turkey (2022-2030) ($MN)
33 Global Plant-based Meat Market Outlook, By Fish (2022-2030) ($MN)
34 Global Plant-based Meat Market Outlook, By Other Types (2022-2030) ($MN)
35 Global Plant-based Meat Market Outlook, By Storage (2022-2030) ($MN)
36 Global Plant-based Meat Market Outlook, By Refrigerated plant-based Meat (2022-2030) ($MN)
37 Global Plant-based Meat Market Outlook, By Frozen peas based Meat (2022-2030) ($MN)
38 Global Plant-based Meat Market Outlook, By Shelf stable plant-based Meat (2022-2030) ($MN)
39 Global Plant-based Meat Market Outlook, By Distribution Channel (2022-2030) ($MN)
40 Global Plant-based Meat Market Outlook, By Business-to-Business (2022-2030) ($MN)
41 Global Plant-based Meat Market Outlook, By Business-to-Consumer (2022-2030) ($MN)
42 Global Plant-based Meat Market Outlook, By Modern Groceries (2022-2030) ($MN)
43 Global Plant-based Meat Market Outlook, By Online Retail (2022-2030) ($MN)
44 Global Plant-based Meat Market Outlook, By Traditional Stores (2022-2030) ($MN)
45 Global Plant-based Meat Market Outlook, By Global Plant Base (2022-2030) ($MN)
46 Global Plant-based Meat Market Outlook, By Food and Drink Specialty Stores (2022-2030) ($MN)
47 Global Plant-based Meat Market Outlook, By Convenience Stores (2022-2030) ($MN)
48 Global Plant-based Meat Market Outlook, By Other Distribution Channels (2022-2030) ($MN)
49 Global Plant-based Meat Market Outlook, By End User (2022-2030) ($MN)
50 Global Plant-based Meat Market Outlook, By Food Industry (2022-2030) ($MN)
51 Global Plant-based Meat Market Outlook, By Hotel/Restaurant/Cafe (HoReCa) (2022-2030) ($MN)
52 Global Plant-based Meat Market Outlook, By Households (2022-2030) ($MN)
53 Global Plant-based Meat Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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