The global Plant-Based Meat Market is estimated to be valued at USD 5.06 billion in 2021 and is expected to exhibit a CAGR of 19.3% over the forecast period 2022-2030.
A) Market Overview:
The plant-based meat market refers to meat substitutes that are made entirely from plant-based ingredients. These products are designed to replicate the taste, texture, and appearance of conventional meat, making them an attractive option for consumers looking to reduce their meat consumption or switch to a more sustainable and ethical alternative. Plant-based meats offer several advantages, including lower environmental impact, reduced risk of foodborne diseases, and improved animal welfare. With the growing concerns about health, sustainability, and animal welfare, there is a high demand for plant-based meat products.
B) Market Key Trends:
One key trend driving the growth of the plant-based meat market is the shifting consumer preferences towards a more sustainable and ethical food system. Increasing awareness about the environmental impact of conventional meat production, as well as concerns about animal welfare and personal health, has led consumers to seek out plant-based alternatives. This trend is further fueled by the availability of innovative plant-based products that closely mimic the taste and texture of traditional meat. For example, Beyond Meat and Impossible Foods have gained significant popularity for their plant-based burgers that appeal to both vegetarians and meat-eaters.
C) PEST Analysis:
Political: Government initiatives promoting sustainable food production and reducing greenhouse gas emissions are creating favorable conditions for the growth of the plant-based meat market.
Economic: Growing disposable incomes and changing consumer preferences towards healthier and more sustainable products are driving the demand for plant-based meat.
Social: Increasing concerns about animal welfare, personal health, and sustainability are influencing consumer behavior and driving the adoption of plant-based meat products.
Technological: Advances in food technology and ingredient innovation have enabled the development of plant-based meat products that closely resemble conventional meat in taste and texture.
D) Key Takeaways:
– The global Plant-Based Meat Market is expected to witness high growth, exhibiting a CAGR of 19.3% over the forecast period, due to increasing consumer awareness about health, sustainability, and animal welfare.
– North America is anticipated to dominate the plant-based meat market, driven by the high demand for plant-based alternatives and the presence of key market players such as Beyond Meat and Impossible Foods.
– The key players operating in the global plant-based meat market include Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Vegetarian Butcher, Conagra, Inc., Kellogg NA Co., Quorn, Amy’s Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe’s, Yves Veggie Cuisine, Marlow Foods Ltd., Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, and Dr. Praeger’s Sensible Foods.
In conclusion, the global plant-based meat market is poised for significant growth due to shifting consumer preferences toward sustainable and ethical food choices. The availability of innovative plant-based products and increasing awareness about the environmental and health benefits of these alternatives are driving market expansion. With key players leading the way in product development and distribution, the plant-based meat market is expected to continue its upward trajectory in the coming years.
