Plant Based Meat Market to Grow with a CAGR of 29.1% through 2029F
The global
plant-based meat market is expected to expand fast due to rising consumer
awareness of health, environmental sustainability, and animal welfare.
According
to TechSci Research report, “Plant Based Meat Market - Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029F”, the global
plant-based meat market stood at USD 5.28 billion in 2023 and is anticipated to
grow with a CAGR 29.1% through 2029. Plant-based meat
products are designed to have the same flavor, texture, and nutritional profile
as conventional meat while being derived from plants. Consumer interest in
plant-based diets, ethical concerns about animal welfare, and health benefits
all contribute to market growth. Plant-based meat is becoming more popular as a
component of vegan and vegetarian diets, driven by health, ethical, and
environmental concerns. Despite the challenges, plant-based companies responded
by launching new products and increasing sales, particularly during the initial
pantry-stocking periods. North America emerged as the dominant region in the
plant-based meat market, with Europe expected to grow at a rapid pace due to
favorable consumer perceptions and regulatory support. Key players are driving
product innovation and market expansion.
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The
rise in plant-based meat consumption is driven primarily by health and
environmental concerns. People are gravitating to plant-based alternatives as a
healthier and more sustainable option. These alternatives are typically lower
in saturated fat and cholesterol, making them healthier. Furthermore,
plant-based meat production has a significantly lower carbon footprint than
conventional meat production. As a result, consumers are increasingly turning
to plant-based meats to support their health and the environment. Continuous
innovation aimed at enhancing the taste, texture, and nutritional benefits of
plant-based meat products is crucial for attracting more consumers and driving
growth in the market. By replicating the qualities of conventional meat while
offering improved taste and texture, plant-based meat can cater to a wider
consumer base, including meat-eaters. Innovations in technologies like protein
extraction, texturization, flavor development, and fat emulation enable
plant-based products to closely resemble traditional meats. Emphasizing these
improvements not only enhances consumer acceptance but also contributes to the
industry's expansion by meeting the increasing demand for sustainable and
healthier food alternatives.
Rising
health problems and the desire for healthier food options are key drivers of
the plant-based meat market. Many consumers are becoming increasingly
health-conscious, seeking alternatives to traditional meat to avoid the
associated health risks such as heart disease and obesity. Plant-based meats
offer a healthier choice, often lower in saturated fats and free from
cholesterol. Additionally, the growing awareness of the environmental and
ethical concerns of meat consumption has further propelled the demand for
plant-based alternatives. This shift in consumer behaviour underscores a
broader trend towards more sustainable and health-focused eating habits. While the plant
based meat market experiences growth, considering it offers various health
benefits, matching the complete nutritional profile of animal meat is
challenging. Issues like ensuring adequate protein content, vitamin B12, iron,
and other essential nutrients must be addressed. Some consumers are concerned
about the presence of additives and the highly processed nature of some
plant-based products, which can deter health-conscious individuals. Balancing
taste, texture, and nutrition remains a significant hurdle for manufacturers.
Building a
robust supply chain for plant-based meat ingredients and scaling production to
meet growing demand are significant challenges. Sourcing high-quality raw
materials consistently and maintaining supply chain integrity can be difficult,
especially as demand surges. Scalability also involves investments in
manufacturing infrastructure and technology to produce at a commercial scale
without compromising quality. Supply chain disruptions and scalability issues
can impact product availability and market expansion. The global plant
based meat market is witnessing a trend towards continuous innovation in the
plant-based meat market, particularly with products like sausages and chicken
that are appealing to health-conscious consumers. By offering plant-based
alternatives that mimic traditional meat products but are devoid of harmful
ingredients like hormones and GMOs, are driving the market growth. The
introduction of new and unique flavors in plant-based sausages, such as hot
Italian and spinach pesto, is attracting consumers and spurring demand. This
focus on product innovation and meeting consumer preferences has significantly
contributed to the expansion and increasing recognition of plant-based meat
products in the market.
The global plant
based meat market is segmented into source, product type, type, distribution channel,
region, and company.
Based on distribution
channel, the market is segmented into online, and offline. The online
distribution channel is rapidly emerging as the fastest-growing segment for the
plant-based meat products market. This growth can be attributed to the
increasing trend of online shopping, convenience, and accessibility to a wider
consumer base. Online platforms offer a vast reach, enabling manufacturers to
target a global audience and facilitate easy purchase options for consumers. Moreover,
the digital landscape allows for efficient marketing strategies, enhanced
visibility, and direct-to-consumer sales, fostering the market's expansion. As
a result, the online distribution channel is poised to continue its substantial
growth trajectory in the plant-based meat industry.
Major companies
operating in global plant based meat market are:
- AMY's Kitchen Inc.
- Conagra Brands, Inc.
- The Nisshin OilliO Group, Ltd.
- Kellanova Company (MorningStar Farms)
- Beyond Meat Inc.
- Impossible Foods Inc.
- Maple Leaf Foods Inc.
- The Tofurky Company, Inc
- Archer Daniels Midland Company
- Eat Just, Inc.
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“The plant
based meat market is witnessing rapid growth due to increasing health
consciousness, environmental concerns, and changing consumer preferences.
Increasing consumer focus on meat alternatives, driven by growing health
awareness and the rise of flexitarian and vegan lifestyles, presents new
opportunities for plant-based meat manufacturers. Soy holds the largest market
share due to its nutritional benefits and versatile applications in producing
plant-based meat The COVID-19 pandemic has accelerated the demand for
plant-based alternatives, with consumers perceiving these products as immunity
boosters” said Mr. Karan Chechi, Research Director of TechSci Research, a
research-based management consulting firm.
Plant Based Meat Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Source (Soy, Pea, Wheat, Others), By Product Type (Burgers, Sausages, Patties, Strips
& nuggets, Others), By Type (Chicken, Pork, Beef, Fish, Others), By
Distribution Channel (Online and Offline) By Region, By Competition, 2019-2029F”, has evaluated
the future growth potential of global plant based meat market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and opportunities
in the global plant based meat market.
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