The plant-based meat market size is set to be valued at US$ 4,784.2 Mn in 2022 and is expected to reach US$ 7,429.7 Mn by 2032. The market is projected to exhibit growth at a CAGR of 4.5% during the forecast period (2022-2032).
Plant-based products are both healthier and safer than animal-based products. The plant-based meat market is being driven by the growing popularity of veganism around the world. Increasing adoption of plant-based meat is primarily due to its rising popularity among consumers, as well as the product’s versatility in terms of application.
Plant-based meat is mainly linked to lowering the risk of heart disease and stroke. Plant-based meat is a good source of protein and nutrients, and it may also help to reduce inflammation in the body. The findings add to the growing number of evidence suggesting that plant-based diets can be beneficial for one’s health. If an individual is looking to reduce their risk of cardiovascular disease, they can consider incorporating more plant-based meat into their diet.
Another factor driving sales of plant-based meat is various health benefits associated with these products. Plant-based meats are typically lower in saturated fat and cholesterol than their animal-based counterparts, thus making them a healthier option for consumers. Additionally, many plant-based meat products are fortified with vitamins and minerals, making them a nutritionally complete option for those looking to reduce their meat intake.
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Key Takeaways:
- By source, soy is set to account for about 38.5% of the global plant-based meat market share in 2022.
- During the forecast period, the plant-based meat market in the U.K. is expected to grow at a rapid CAGR of 6.9%.
- During the forecast period, the Germany plant-based meat market is projected to grow at a high CAGR of 7.2%.
- During the forecast period, the France plant-based meat market is likely to grow at a considerable CAGR of 7.6%.
- In North America, the plant-based meat market is dominated by the U.S., with a share of 38%.
“Plant-based meat is a versatile ingredient that has a wide array of applications. With rising health awareness and lactose intolerance, consumers are shifting towards plant-based meat owing to its organic and natural characteristics, which will push growth in the market,” says a lead analyst at Future Market Insights.
Competitive Landscape: Plant-Based Meat Market
Top 5 manufacturers of plant-based meat are Beyond Meat, Kellogg Company, Impossible Foods Inc., Maple Leaf Foods, and Unilever. Together, these top 5 companies are currently holding 20% to 30% of the global plant-based meat market share.
Many people believe that plant-based meat is a healthier option, as compared to real meat. It is lower in saturated fat and cholesterol and has no hormones or antibiotics. Additionally, it requires less water and land to produce. With increasing research & development activities and ongoing technological advancements, several companies are finding new techniques to effectively use plant-based meat to their maximum potential.
Plant-based meat is extensively used by companies like Impossible Foods Inc. These companies are set to invest in this particular area of food production. This type of meat is created from plant proteins, which are then used to develop products that look and taste similar to animal-based meat products.
There are a number of benefits associated with plant-based meat, including the fact that it requires less water and land to produce, as compared to traditional animal-based meat products. In addition, plant-based meat has a smaller carbon footprint and produces fewer greenhouse gas emissions than animal-based meat.
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Get More Valuable Insights on Plant-based Meat Market
Future Market Insights, in its new offering, provides an unbiased analysis of plant-based meat presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study provides valuable insight on the plant-based meat market based on by product (burger patties, nuggets, sausages, strips, meatballs, grounds, tenders, cutlets, other), by source (soy, pea, wheat), by type (chicken, pork, beef, fish), by end user (hotel, restaurant, cafe), by storage (refrigerate, frozen, shelf-stable), by distribution channel (food retail, food service, e-commerce, HoReCa (food service sector)), by feature (texture, flavor, aroma), and region.
Frequently Asked Questions
- How big is the plant-based meat market?
- At what rate is the plant-based meat market expected to rise?
- What is the North America plant-based meat market outlook?
- Which are the major countries driving the demand for plant-based meat?
- At what rate will the China plant-based meat market grow?
- At what rate will the Germany plant-based meat market grow?
- At what rate will the plant-based meat market grow in Europe?
- Who are the top 5 players operating in the plant-based meat market?
- At what rate will the Mexico plant-based meat market grow?
- What is the demand outlook for the plant-based meat market?
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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