The Global Plant-based Meat Market size is expected to reach $12.32 billion by 2027, rising at a market growth of 18.3% CAGR during the forecast period.
Plant-based meat is a type of meat made from non-animal products like dairy items and acts as an alternative to meat. This kind of meat offers a similar kind of nutrient composition to the original meat option for the people who do not want to consume meat or meat-based products. A significant portion of plant-based meat products is made from soy or gluten-based products.
These plant-based meat products are processed via two simple methodologies viz. thermoplastic extrusion and fiber spinning. Thermoplastic extrusion is the most common methodology adopted by the manufacturers to process plant-based meat products, which is a cost-effective method of fulfilling large-scale productions. The fiber spinning method adds to the cost of production that contradicts the idea of making a low-cost plant-based meat product.
The availability of a broad range of plant-based meat products like chicken, beef, pork, and seafood is contributing to the high popularity of these products among consumers across the globe. Further, the increasing number of product innovation and merchandising strategies within the plant-based meat market is anticipated to spur the growth of the market.
The increasing cases of numerous diseases like diabetes, obesity, and others would surge the demand for low calorie and high-protein content food products and thus, accelerate the growth of the plant-based meat market over the forecast period.
The outbreak of the COVID-19 pandemic has significantly impacted the demand and growth of the plant-based meat market. It is due to the disruption in supplies of key raw materials, restricted access to production spaces, and interrupted distribution channels. Foodservice channel distribution was severely impacted, and pantry stocking & panic buying were at the highest point across different retail sales during the initial phase of the pandemic
Moreover, the imposition of complete or partial lockdown across various nations of the region has encouraged consumers to buy products through online mediums, which has further motivated distributors to shift to the online distribution channel. The pandemic has created more awareness among consumers regarding the importance of maintaining healthy food patterns and lifestyles, which has also surged the demand for healthy food substitutes including plant-based meat products.
The rising trend of plant-based products is motivating customers to consume more fruits, legumes, vegetables, nuts, and seeds. In addition, there are several health advantages offered by these plant-based products, which is attracting more consumers towards it. Several studies suggested that high consumption of animal-based meat can lead to diet-related diseases like heart disease, type-2 diabetes, obesity, and cancers. However, the consumption of plant-based products does not cause any such disease, which makes it a popular and healthier option for people.
Several market players are increasingly investing in marketing their products along with creating awareness among customers about plant-based meat products. The target customers for these companies are vegetarians, health-conscious consumers, flexitarians, and vegans. It is important for companies to adopt the right strategy to reach out to maximum customers, which can turn up more sales and revenue for the company.
One of the key factors hampering the demand for plant-based meat products is their high price. These products are not economical for consumers of all income groups, which can restrict its demand across the world and thus, would hinder the growth of the plant-based meat market during the forecast period. Additionally, companies are trying hard to introduce low-priced plant-based meat products, which can strengthen their market position.
On the basis of source, the plant-based meat market is segmented into soy, pea, wheat, and others. The pea-based meat segment is anticipated to witness a substantial growth rate during the forecast period. The pea-based patties could be used in burgers in place of beef, chicken, or pork-based patties. In addition, characteristics of pea-based meat like similarity in texture & consistency to meat, high protein content, easy accessibility, and quick preparation are estimated to contribute to the significant growth of the segment.
On the basis of type, the plant-based meat market is fragmented into chicken, pork, beef, fish, and others. In 2020, the plant-based chicken segment procured the highest revenue share in the market. Chicken is one of the majorly used ingredients in the conventional meat industry for making a wide range of products like patties, nuggets, and cutlets since it offers protein, animal fats, and cholesterol. As compared to it, plant-based chicken products contain approximately the same quantity of protein but other nutrients can differ from product to product.
Based on product, the plant-based meat market is divided into burgers, sausages, patties, nuggets, tenders & cutlets, grounds, and others. In 2020, the burgers segment acquired the maximum revenue share in the market. These burgers contain ingredients that offer similar flavor, aroma, and texture to meat. Several companies like Impossible Foods, Kraft Foods, and others are introducing numerous varieties of burgers containing plant-based meat.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 3.82 Billion |
| Market size forecast in 2027 | USD 12.32 billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 18.3% from 2021 to 2027 |
| Number of Pages | 232 |
| Number of Tables | 414 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Source, Type, Product, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on region, the plant-based meat market is evaluated across North America, Europe, Asia Pacific, and LAMEA. North America emerged as the leading region of the plant-based meat market with the highest revenue share in 2020. Several global market players like MorningStar Farms are strengthening their market presence across the North America by offering a broad range of products to the vegan, flexitarian and vegetarian people.
Free Valuable Insights: Global Plant-based Meat Market size to reach USD 12.32 billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Conagra Brands, Inc. and Kellogg Company are the forerunners in the Plant-based meat market. Companies such as Beyond Meat, Inc., Impossible Foods, Inc., Maple Leaf Foods, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Beyond Meat, Inc., Impossible Foods, Inc., Maple leaf foods, Inc., Quorn Foods (Monde Nissin Corporation), Omni Foods (Green Monday Holdings), Amy's Kitchen, Inc., Kellogg Company (Kellogg NA Co.), Conagra Brands, Inc., The Hain Celestial Group, Inc. (Yves Veggie Cuisine), and VBites Foods Ltd.
By Source
By Type
By Product
By Geography
The plant-based meat market size is projected to reach USD 12.32 billion by 2027.
Positive marketing strategies by several market players are driving the market in coming years, however, the huge price associated with the plant-based meat products limited the growth of the market.
Beyond Meat, Inc., Impossible Foods, Inc., Maple leaf foods, Inc., Quorn Foods (Monde Nissin Corporation), Omni Foods (Green Monday Holdings), Amy's Kitchen, Inc., Kellogg Company (Kellogg NA Co.), Conagra Brands, Inc., The Hain Celestial Group, Inc. (Yves Veggie Cuisine), and VBites Foods Ltd.
The pandemic has created more awareness among consumers regarding the importance of maintaining healthy food patterns and lifestyles, which has also surged the demand for healthy food substitutes including plant-based meat products.
The Beef market is expected to witness highest CAGR of 19.3% during (2021 - 2027). Because Plant-based beef is manufactured by using soy protein, which can match the taste and texture of real beef.
The North America market dominated the Global Plant-based Meat Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $4,777.9 million by 2027, growing at a CAGR of 17.5% during the forecast period.
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