Plant-based Meat Market Overview:
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.
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 Share is expected to reach a valuation of USD 4.61 billion by 2030.
Growing innovation and product development is likely to be a key trend in the global plant-based meat market 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.
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 Trends in Asia Pacific, as an increasing number of consumers are buying plant-based meat products in the country.
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.
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