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| Plant-Based Meat Market |
Plant-based meat products closely resemble animal-based meat in terms of texture, taste and appearance. These meat alternatives are highly nutritious as they are made from plant proteins such as soy, wheat and pea and provide essential vitamins and nutrients while being lower in unhealthy saturated fat and cholesterol as compared to conventional meat products. The rising health consciousness among consumers globally along with growing concerns regarding animal welfare and environmental sustainability have fueled the demand for plant-based meat products. The global Plant Based Meat Market is estimated to be valued at US$ 7.2 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
The evolving consumer preferences towards healthy and sustainable food options
is a key trend that is accelerating the growth of the global plant-based meat
market over the forecast period. A significant percentage of health-conscious
consumers are now shifting their dietary habits towards plant-based meat as
they perceive these products as more nutritious and environment friendly
alternatives to conventional meat. This changing preference towards sustainable
food is encouraging innovations and new product launches in the plant-based
meat space to cater to the rising demand.
Segment Analysis
The global
plant-based meat market is dominated by the burger patties sub segment. Many
consumers are switching to plant-based diets and burgers are a familiar meat
substitute option for them. Burger patties made from Soy, wheat and pea
proteins closely mimic the taste and texture of beef patties. This familiarity
makes burger patties the most widely consumed plant-based meat product.
Key Takeaways
The global Plant-Based
Meat Market Share is expected
to witness high growth over the forecast period of 2023 to 2030. The global
Plant Based Meat Market is estimated to be valued at US$ 7.2 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period
2023-2030.
Regional analysis:
North
America currently dominates the global plant-based meat market and is expected
to continue its dominance through 2030. The region has witnessed high adoption
of vegan and flexitarian diets due to health and sustainability concerns.
Growing health awareness and preventive healthcare approach of consumers is
driving the market growth.
Key players:
Key players
operating in the plant-based meat market are Beyond Meat, Impossible Foods,
Maple Leaf Foods (Field Roast & Lightlife), Conagra Brands (Gardein),
Kellogg NA Co. (Incogmeato), Sunfed, Quorn, Amy's Kitchen and Tofurky. Beyond
Meat and Impossible Foods have captured significant market share by offering
burgers and grounds that closely mimic the taste of beef. However, the market
has scope for more product innovations catering to regional tastes.
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