Global Plant based Meat Market: Overview
The Global plant based meat Market is valued at around USD 7.92 billion in 2022 and is expected to reach USD 9.86 Billion by the year 2030 registering a CAGR of 5.9% over the forecast period. Plant-based meat is produced directly from plants. Instead of relying on an animal to convert plants into meat, we can make meat more efficiently by skipping the animal and turning plant ingredients directly into the meat. Like animal-based meat, plant-based meat is composed of protein, fat, vitamins, minerals, and water.
Global Plant based Meat Market - Growth Factors
The growing awareness about non-consumption is estimated to boost the growth of the market during the forecast period. The factor played a major part even during the previous forecast period of 2018 to 2021. The increasing population shifting towards the consumption of non-vegetarian food is shifting towards the consumption of plant based meat owing to the rising awareness and thus is the growth of the market. The promotional events held by the plant based meat companies towards the adaptation of plant based meat instead of actual meat are also boosting the growth of the market during the forecast period. The spreading of contagious diseases from animals to humans through the consumption of meat is also estimated to be risky in the future and thus there has been a rising shift in the consumption of plant based meat that has been proven to be healthy and disease free and this factor is also growing the demand for the market during the forecast period.
Global Plant based Meat Market Market Trends
The increased cost of plant based meat is quite higher compared to animal based meat as this required a lot of manufacturing and research and this factor is termed to cause a lowered growth in the market during the forecast period. The spreading of contagious diseases from animals to humans through the consumption of meat is also estimated to be risky in the future and thus there has been a rising shift in the consumption
of plant based meat that has been proven to be healthy and disease free and this factor is also growing the demand for the market during the forecast period.
Although plant based meat is termed to be healthy even this,eat is termed to cause diseases in humans due to the anti-oxidants present in the plants and this factor is estimated to hamper the growth of the market during the forecast period.
Global Plant based Meat Market Segmentation
The global plant based meat market has been sub-classified into product type, application and end-use.
Based on the product type the market is classified into,
Chicken
Pork
Beef
Fish
Others
Based on the end-use type the market is classified into,
Retail
HORECA (Hotel/Restaurant/Caf)
Based on the application type the market is classified into,
Refrigerated Plant-based Meat
Frozen Plant-based Meat
Shelf-stable Plant-based Meat
Global Plant based Meat Market Regional Analysis
It is estimated for the region of US to drive the growth of the market during the forecast period. The growing in the technological advancements in the food sector in the region is estimated to foster the growth of the market during the forecast period. The region of Europe is estimated to witness growth at a healthy rate during the forecast period. The Asia Pacific region is also estimated to witness a notable growth rate in the market.
Global Plant based Meat Market Key Market players
Beyond Meat; Impossible Foods Inc.; Maple Leaf Foods (Field Roast & Maple Leaf); Vegetarian Butcher; Conagra, Inc. (Gardein Protein International); Kellogg NA Co. (MorningStar Farms); 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 (The Hain-Celestial Canada, ULC); Marlow Foods Ltd. (Cauldron); Ojah B.V.; Moving Mountains; Eat JUST Inc.; LikeMeat GmbH; Gooddot; OmniFoods; No Evil Foods; DR. Praegers Sensible Foods
