Global Plant-Based Meat Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Plant-Based Meat Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Plant-based meat refers to a meat-like, vegan alternative that resembles meat products in color, texture, appearance, and flavor. Generally, it is produced by mixing plant protein isolates, starch, vegetable extracts, edible oils, and various other seasonings. These raw materials are further processed with additives and coloring agents to attain flavor and texture, similar to animal meat. Plant-based meat products help in reducing meat intake, thereby minimizing the risks of cardiovascular diseases, lowering blood cholesterol, maintaining calories, and increasing protein consumption. Furthermore, the meat variant is also considered to be ecologically sustainable as it helps in reducing the high consumption of meat produce. Owing to this, plant-based meat products are widely available across restaurants, cafes, fast food joints, hypermarkets/supermarkets, convenience/specialty stores, and other catering platforms.

Market Overview:

The latest research study on the global Plant-Based Meat market finds that the global Plant-Based Meat market reached a value of USD 8011.79 million in 2022. It’s expected that the market will achieve USD 15278.14 million by 2028, exhibiting a CAGR of 11.36% during the forecast period.In 2022, economic and political risks have intertwined. Trade tensions continue to pose major risks to the global economy, and the outbreak of the new coronavirus (Covid-19) has also disrupted trade and supply chains. Since the beginning of 2021, the number of infections from the Covid-19 epidemic has exceeded 290 million, and this number continues to rise. In addition, many more people suffer from severe illness. Low-income people or people living in areas with high unemployment need income to make ends meet, such as food and rent. There is no additional expenditure for non-necessities for the time being. However, as the epidemic is brought under control in many places and the economy is gradually recovering, more and more people will reserve more expenditures for health problems. With the re-prosperity of the global economy and the increasing emphasis on the fashion industry, the Plant-based Meat industry will develop accordingly. All in all, the industrial chain of Plant-based Meat is mature and complete, and will continue to be improved in the future development process. COVID-19 has not caused irresistible damage to it, and it can be recovered through timely industrial adjustment.

Growing adoption of veganism among people owing to surge in obesity is expected to boost the plant based meat market

Growing adoption of veganism among people owing to surge in obesity is expected to boost the plant based meat market. The enormous growth in plant based meat market is mainly attributed to the growing prevalence of chronic conditions such as obesity, cardiovascular diseases (CVDs) among the people, increasing adoption of vegan trend. In recent years, companies dealing with food businesses have witnessed a notable growth in the sales of plant-derived meat products owing to health benefits provided by these products including no cholesterol, less saturated fats, and no antibiotics. For instance, according to records, in July 2020, the PLANT BASED FOODS ASSOCIATION. witnessed 23% growth in the sales of plant-based meat products, when these items were showcased in the meat stores.. Moving ahead, market leaders operating in the global industry are officially entering into the plant derived meat business, which may further create positive impact on the global market.

Higher price of products in comparison to traditional meat

Price is one of the major restraining factors in the plant-based meat market. Plant-based meat is uneconomical when compared to animal-based meat, which is likely to impact its growth in price-sensitive markets such as India, China, and South Africa. Companies offering plant-based meat alternatives are trying to reduce prices, as their high price over conventional meat hinders the rapidly growing plant-based industry. Plant-based meat is more expensive than regular meat. The prices of plant-based meat products are further expected to increase due to trade barriers, disruptions in the supply of raw materials, and inefficient distribution channels due to COVID-19. The non-availability and high cost of raw materials and high production costs are likely to restrain the growth of the global market. The market growth is further grappled due to the economic slowdown in various countries due to the coronavirus outbreak.

Region Overview:

Geographically, Europe held the largest market share – 35.28% in 2021.

Company Overview

MorningStar Farms is one of the major players operating in the Plant-Based Meat market, holding a share of 7.21% in 2022.

MorningStar Farms

MorningStar Farms is a producer and seller of vegetarian frozen food products. The company offers a host of frozen food products such as meatless burger and chicken patties, veggie dogs, sausage and related meatless products. MorningStar Farms belongs to Kellogg Company.

Beyond Meat

Beyond Meat is a Los Angeles–based producer of plant-based meat substitutes founded in 2009 by Ethan Brown. The company's initial products were launched in the United States in 2012. The company offers plant-based options in the beef, pork and poultry categories. As of March 2021, Beyond Meat products are available in approximately 118,000 retail and foodservice outlets in over 80 countries worldwide.

Segmentation Overview:

Among different product types, Plant-based Chicken segment is anticipated to contribute the largest market share in 2027.

Application Overview:

In the Plant-Based Meat market, 34.27% of the total value was generated through the Supermarkets & Hypermarkets segment by application in 2022.

Key Companies in the global Plant-Based Meat market covered in Chapter 3:

Atlantic Natural FoodsQuorn FoodsGood CatchField RoastVBites Food LimitedTyson FoodsDon Lee FarmsHungry PlanetDr. Prager's Sensible FoodsNo Evil FoodsGardeinTurtle Island FoodImpossible FoodsBeyond MeatSweet EarthNext Level BurgerMorningStar Farms

In Chapter 4 and Chapter 14.2, on the basis of types, the Plant-Based Meat market from 2018 to 2029 is primarily split into:

Plant-based BeefPlant-based ChickenPlant-based PorkOthers

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Plant-Based Meat market from 2018 to 2029 covers:

Supermarkets & HypermarketsConvenience StoresSpecialty StoresOnline Stores

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)Latin America (Brazil, Mexico, Argentina)Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)