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| Plant Based Meat Market |
Plant Based Meat Market, by Source (Soy, Wheat, Pea, and Blends), by Storage (Frozen, Refrigerated, and Shelf-Stabled), by Product Types (Burger patties, Sausages, Meatballs, and Strips & Nuggets), by Types (Beef, Chicken, and Pork), by Distribution Channels (Offline [Supermarket and Hypermarket] and Online), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030.
Market
Overview:
Plant-based meat refers to food products
that are designed to resemble and taste like traditional animal-based meat, but
are made entirely from plant ingredients. The goal is to provide an alternative
to conventional meat that offers a similar taste, texture, and nutritional
profile while being more environmentally sustainable and ethical.
Competitive
Landscape:
Major players operating in the global
plant based meat market include Dr. Praeger's Sensible Foods, No Evil Foods,
OmniFoods, GoodDot, LikeMeat GmbH, Eat JUST Inc., Moving Mountains, Ojah B.V.,
Marlow Foods Ltd., Yves Veggie Cuisine, Trader Joe's, Lightlife Foods, Inc.,
Kraft Foods, Inc., VBites Foods Limited, Sunfed, Gold&Green Foods Ltd.,
Tofurky, Amy's Kitchen, Inc., Quorn, Kellogg NA Co., Conagra, Inc., Vegetarian
Butcher, Maple Leaf Foods, Impossible Foods Inc., and Beyond Meat.
Key
Market Drivers:
Rising awareness about the detrimental
health effects of excessive meat consumption and its impact on the environment
has led consumers to seek alternative protein sources. Plant-based meat offers
a healthier and more sustainable option, as it typically contains less
saturated fat, cholesterol, and calories than traditional meat. This is
expected to augment the growth of the global plant based meat market.
The expanding population of vegans and
vegetarians, along with the growing flexitarian trend, has boosted the demand
for plant-based meat. Consumers are increasingly looking for meat substitutes
that align with their ethical and dietary choices. For instance, according to
the World Animal Foundation, there are currently around 88 million vegans in
the world.
The Global
Plant Based Meat Market was valued at US$ 5.06 Bn and is expected to reach US$ 20.76 Bn exhibiting a CAGR
of 19.3% during the forecast period 2022-2030.
Advances in food technology have allowed
for the development of plant-based meat products that closely resemble the
taste, texture, and appearance of conventional meat. Continuous innovation in
ingredient sourcing and production techniques has enhanced the overall quality
and acceptability of plant-based meats. This is estimated to enhance the growth
of the global plant based meat market.
Governments worldwide are implementing
measures to promote sustainable agriculture and reduce greenhouse gas emissions
associated with animal farming. This has resulted in favorable regulations and
incentives for plant-based meat manufacturers, fostering market growth.
Covid-19
Impact Analysis:
The COVID-19 pandemic has had a mixed
impact on the global plant based meat market. While the initial phase of the
pandemic disrupted supply chains and caused temporary product shortages, the
crisis also highlighted the vulnerabilities of the conventional meat industry.
This led to an increased interest in plant-based alternatives, as consumers
sought out more resilient and sustainable food options. Consequently, the Plant-Based
Meat Market experienced a surge in demand during the pandemic, with
many consumers experimenting with these products for the first time.
Key
Takeaways:
·
North America is
expected to dominate the growth of the global plant based meat market, owing to
the significant shift towards vegetarian and flexitarian diets. The United
States, in particular, has witnessed rapid growth in plant-based meat
consumption, supported by a robust retail infrastructure and a growing number
of vegan and vegetarian restaurants. For instance, according to CookUnity,
currently around 5% of Americans are vegetarians, while 3% are vegans.
·
Europe is estimated to
witness high growth in the global plant based meat market, owing to the
increasing health consciousness and environmental awareness. Countries such as
Germany, the United Kingdom, and Sweden have witnessed substantial demand for
these products, with both established players and new entrants capitalizing on
the opportunity. For instance, according to Green Queen, in 2020, there were
around 2.6 million vegans in Europe.
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