The global Plant-based Meat market size is expected to be worth around US$ 21.5 billion by 2030, according to a new report by Vision Research Reports.
The global Plant-based Meat market size was valued at US$ 5.20 billion in 2020 and is anticipated to grow at a CAGR of 21.4% during forecast period 2021 to 2030.
|Market Size||US$ 21.5 Billion by 2030|
|Growth Rate||CAGR of 21.4% From 2021 to 2030
|Forecast Period||2021 to 2030|
|Segments Covered||Source, Product, Type, End-user, Storage|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Beyond Meat; Impossible Foods Inc.; Maple Leaf Foods (Field Roast & Maple Leaf); Vegetarian Butcher; Conagra, Inc. (Gardein Protein International); Kellogg NA Co. (MorningStar Farms); Quorn; Amy's Kitchen, Inc.; Tofurky; Gold&Green Foods Ltd.; Sunfed; VBites Foods Limited; Kraft Foods,Inc.; Lightlife Foods, Inc.; Trader Joe's; Yves Veggie Cuisine (The Hain-Celestial Canada, ULC); Marlow Foods Ltd. (Cauldron); Ojah B.V.; Moving Mountains; Eat JUST Inc.; LikeMeat GmbH; Gooddot; OmniFoods; No Evil Foods; DR. PRAEGER'S SENSIBLE FOODS|
Growing adoption of vegan lifestyle and diet among health-conscious consumers, especially in developed economies are expected to drive the market growth over the forecast period. Growing concerns regarding animal welfare and Greenhouse Gas (GHG) emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products. The plant-based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector.
Growing consumer interest in plant-based diets, coupled with the rising consciousness for animal rights through various welfare organizations, is expected to boost the market growth. Plant-based meat is becoming an integral part of a vegan diet, wherein the individuals adopt a vegetarian lifestyle that is devoid of animal-based foods.
By Source Analysis
Soy-based meat led the market and accounted for more than 46.3 % share of the global revenue in 2020. Soy is a good source of branch amino acids (BCAAs) and is likely to observe steady growth over the forecast period on account of its ability to enhance exercise performance, help in recovery from a heavy workout, and build and strengthen muscle mass.
Soy-based meat products not only reduce the formulation costs but also exhibit a lower carbon footprint as opposed to conventional animal- and dairy-based food products. Growing demand for the product on account of its enhanced eating qualities, such as improved microwave-ability and slice-ability, is projected to spur the overall market growth.
By Product Analysis
Plant-based burgers led the market and accounted for over 26.0% share of the global revenue in 2020. Ingredients in these burgers strive to imitate the aroma, flavor, and “bleeding” texture of meat. Impossible Foods’ product- Impossible Burger- is made with a genetically modified form, mimicking the natural heme-iron present in an animal, which gives the burger a distinctive meaty flavor.
Plant-based sausages are manufactured with the aim to mimic the look, texture, sizzle, and satisfaction of conventional pork sausage. Companies such as Beyond Meat and Lightlife Foods, Inc. are offering juicy and meaty alternatives of a traditional sausage, which are also devoid of hormones, nitrates, GMOs, nitrites, gluten, and soy.
By Type Analysis
The plant-based chicken segment led the market and accounted for over 30.0% share of the global revenue in 2020. In the traditional meat industry, chicken is the prime ingredient in various products, such as nuggets, patties, and cutlets, as it is loaded with animal fats, cholesterol, and protein.
Veggie bacon, also known as vegetarian bacon or vacon, is marketed as a plant-based pork product. These products, manufactured from soy and pea protein, are high in fiber and protein, have no cholesterol, and are low in fat.
Various start-ups, ventures, and established players in the industry are launching new products in order to increase their sales and capitalize on rising consumer preferences for plant-based diets.
By End-user Analysis
The hotel/restaurant/café(HORECA) segment led the market and accounted for more than 55.0% share of the global revenue in 2020. Owing to the rising popularity of vegan and flexitarian diets, many restaurants, fast food chains, and casual dining venues are dedicating a section of their menu solely to “meat-free” options, which, in turn, is projected to fuel the market growth.
Products such as burger patty, nuggets, and strips are gaining traction in the fast-food restaurant chains. These brands have launched distinguished plant-based meat products in order to target health-conscious individuals.
By Storage Analysis
Frozen plant-based meat products led the market and accounted for over 56.0% share of the global revenue in 2020. The growing demand for innovative vegetarian products has led to a significant rise in new product development across ambient, chilled, and frozen segments.
The refrigerated plant-based meat products segment is likely to exhibit the fastest CAGR of 22.3% in terms of revenue from 2020 to 2030. Various factors contributing to this trend are meat shortages and concerns over the COVID-19 outbreak in the meat processing facilities.
By Regional Analysis
North America held the largest revenue share of over 36.0% in 2020. The growth of the market in this region is attributed to rising consumer awareness regarding the risks associated with consuming contaminated meat products, along with the increasing consumption of meatless meat products.
The market in Europe is anticipated to register the fastest growth rate of 23.3% over the forecast period on account of a positive consumer outlook on vegetarian and vegan-meat products together with the practice of stringent regulations against cruelty towards animals.
Impossible Foods Inc.
Maple Leaf Foods (Field Roast & Maple Leaf)
Conagra, Inc. (Gardein Protein International)
Kellogg NA Co. (MorningStar Farms)
Amy's Kitchen, Inc.
Gold&Green Foods Ltd.
VBites Foods Limited
Lightlife Foods, Inc.
Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
Marlow Foods Ltd. (Cauldron)
Eat JUST Inc.
No Evil Foods
DR. PRAEGER'S SENSIBLE FOODS
Nuggets, Tenders & Cutlets
Refrigerated Plant-based Meat
Frozen Plant-based Meat
Shelf-stable Plant-based Meat
Australia & New Zealand
Central & South America
Middle East & Africa
The Plant-based Meat market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Plant-based Meat market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Plant-based Meat market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Plant-based Meat market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Plant-based Meat market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Plant-based Meat capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Plant-based Meat by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Plant-based Meat market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Plant-based Meat market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Plant-based Meat market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Plant-based Meat industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Plant-based Meat market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Plant-based Meat market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Plant-based Meat market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Plant-based Meat market. These factors have benefited the growth of the global market for Plant-based Meat. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Plant-based Meat. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Plant-based Meat are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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