According to the latest report by IMARC Group, titled "Plant-Based Meat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global plant-based meat market size reached a value of US$ 8.5 Billion in 2021. Plant-based meat is a vegan meat alternative that is commonly consumed to reduce the intake of meat products. It mimics the flavor, texture and appearance of conventional animal meat by processing starch, vegetable extracts, edible oils, plant protein isolates and seasonings with colorants, additives, and flavor-enhancing agents. It is a rich source of protein, vitamins, minerals and other essential nutrients with low calories. As a result, its consumption aids in lowering blood cholesterol levels and minimizing the chances of developing cardiovascular disorders (CVDs). It is increasingly being used across cafes, fast food joints and restaurants as a preferred substitute to meat products.
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 global market is majorly driven by the rising trend of veganism. With the increasing health consciousness among individuals and the growing awareness regarding the adverse health effects of excessive meat consumption, there has been a considerable rise in the adoption of vegan and vegetarian products in daily diets of the masses, thereby boosting the uptake of plant-based meat. Moreover, the increasing concerns towards animal welfare and protection have also provided an impetus to the demand for meat alternatives across the globe. This is further supported by the numerous awareness campaigns led by multiple animal welfare organizations, such as the People for the Ethical Treatment of Animals (PETA), to reduce the instances of animal killing and cruelty. The market is also driven by the rising adoption of plant-based meat products by multiple established fast-food brands. For example, Burger King, the American-fast food chain, has introduced the Impossible Whopper, a burger prepared using plant-based patties, which is gaining widespread popularity among the masses. Some of the other factors contributing to the market growth include product premiumization offered by key players and the inflating disposable income levels of the masses. On account of the aforementioned factors, the market is expected to grow at a CAGR of 25.8% during 2022-2027.
- 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, beef is the most preferred product, followed by chicken, 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. supermarkets and hypermarkets 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., Boca Foods Company (Kraft Foods, Inc.), Garden Protein International (Conagra Brands, Inc.), Impossible Foods Inc, Maple Leaf Foods Inc., MorningStar Farms (Kellogg Na Co.), Quorn Foods, The Vegetarian Butcher, and VBites Foods Limited.
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