According to the latest report by IMARC Group, titled "Plant-Based Meat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global plant-based meat market size reached US$ 8.22 Billion by 2019. Plant-based meat is a vegan meat substitute that is designed to mimic the flavor, texture and appearance of conventional meat, including chicken, beef and pork. It is prepared by processing starch, edible oils, vegetable extracts, plant protein isolates and seasonings with additives, colorants and flavor-enhancing agents. Plant-based meat products are rich in protein, vitamins, minerals and other essential nutrients, and their consumption is associated with various health benefits, such as reduced chances of developing cardiovascular disorders (CVDs). As a result, they are widely utilized to replace animal proteins across numerous cafes, restaurants and fast food joints.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Plant-Based Meat Market Trends:
The increasing inclination of the masses toward veganism is one of the primary factors driving the market growth. Furthermore, there is rising health-consciousness among individuals and awareness regarding the adverse health effects of excessive meat consumption. This has facilitated the adoption of vegan and vegetarian products significantly, including plant-based meat, in the daily diet. The market is further driven by the increasing concerns regarding animal welfare and protection and awareness campaigns led by numerous animal welfare organizations, such as People for the Ethical Treatment of Animals (PETA), to reduce animal killing and cruelty. Furthermore, various established fast food brands are now introducing vegetarian alternatives for their popular meat-based products, which is creating a positive outlook for the market. For instance, Burger King, an American-fast food restaurant chain, recently introduced the Impossible Whopper, a burger prepared with plant-based patty, which is gaining popularity among the masses. Strategic partnerships between various vegan meat-producing start-ups and prominent food manufacturers are acting as another major growth-inducing factor. Some of the other factors driving the market growth include rising consumer expenditure on food and product premiumization offered by key industry players in the market. On account of the aforementioned factors, the market is expected to grow at a robust rate during the forecast period (2020-2025).
- On the basis of the product type, the market has been divided into burger patties, sausages, nuggets and strips, ground meat, meatballs, and others. Among these, burger patties represent the most preferred product type.
- Based on the source, the market has been classified into soy, wheat, peas and others, wherein soy is the dominant source of plant-based meat products.
- On the basis of the meat type, chicken is the most preferred product, followed by beef, pork and other types of meat.
- Based on the distribution channel, the market has been segmented into restaurants and catering industry, supermarkets and hypermarkets, convenience and specialty stores, and online retail. Restaurants and catering industry represents the dominant distribution channel in the market.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Netherlands, Sweden and others), Asia Pacific (China, South Korea, Australia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa (Turkey, Saudi Arabia, the United Arab Emirates and others). Among these, North America holds the leading position in the market.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players operating in the market. Some of these players include Amy's Kitchen, Inc., Beyond Meat, Inc., Kraft Heinz Company, Conagra Brands, Inc., Impossible Foods Inc, Maple Leaf Foods Inc., Kellogg NA Co., Marlow Foods Limited, The Vegetarian Butcher, and VBites Foods Limited.
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