With a spectacular CAGR of 24% from 2023 to 2033, FMI predicts that the global plant-based pork market could rocket to a value of US$ 1.88 billion in 2023. Additionally, by the year 2033, this industry is projected to reach a staggering US$ 16.72 billion.
The veganism movement is being fueled by the growing environmental and animal rights consciousness among a sizeable portion of the population. People are now looking for meat substitutes as a result of this trend. Many people love pork, thus it’s a popular food.
The negative impacts of pork slaughter have led to the introduction of innovative products as alternatives. Pork made from plants is one such substitute. As a result, the market is likely to have plenty of room to develop as the use of plant-based meats as an alternative grows in popularity.
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The market is anticipated to be driven by growing consumer interest in plant-based diets and increased awareness of animal rights owing to numerous welfare groups. Vegan diets, in which people live vegetarian lifestyles free of animal-based foods, increasingly include plant-based meat as an essential component.
Veganism is becoming more popular among consumers for ethical and health reasons, while vegetarianism is becoming increasingly popular among customers who want to avoid animal cruelty and consume sustainable food and beverage options.
Increasing mushroom production and consumption, including that of oyster and button mushrooms, among others, is expected to also fuel market expansion in the years to come. The market is projected to rise during the projected period as a result of rising demand for goods made of plant-based ingredients such as tofu, soy, seitan, jackfruit, and others.
Overindulging in pork can result in diet-related disorders such as obesity, type 2 diabetes, heart disease, and several other malignancies. On the other hand, eating meat made from plants doesn’t result in these illnesses. Moreover, they support stronger immunity. Consumer attention is being drawn to a variety of significant considerations, including the nutritional advantages of plant-based pork and its safety when compared to traditional hog meat.
Pork products made from plants are largely taking the place of traditionally processed pork items like burgers and sausages. Pork made from plants has lower amounts of saturated fat, cholesterol, and calories than meat made from animals. They frequently have greater concentrations of micronutrients like calcium, zinc, and press.
North America led the market and generated the leading revenue share in 2022, and it is anticipated that it could continue to do so for the duration of the forecast period. Increased usage of vegetarian meat products and growing consumer awareness of the dangers of ingesting tainted meat products are both credited with driving market growth in this region. In reaction to the higher demand for plant-based foods, including plant-based meat, consumer perceptions of food sustainability and safety are likely to change even further.
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KEY TAKEAWAYS
- The market in the United States has grown significantly in 2022 holding a 27.1% share of the global market.
- The market in China is expected to grow at a CAGR of 16.7% over the forecast period.
- The market in the United Kingdom is anticipated to grow at a CAGR of 19.7% through 2033.
- With a CAGR of 14.3% over the forecast period, India is predicted to grow rapidly in the market.
- Germany accounted for 11.2% of the global market in 2022.
COMPETITIVE LANDSCAPE
The top manufacturers of the plant-based pork market are Impossible Foods, Inc., Gardein by Conagra Brands, Cargill, Inc., Smithfield Foods, MorningStar Farms, Archer Daniels Midland Company, Symrise, Roquette Frères S.A., Tyson Foods, Inc., Sotexpro SA, Crown Soya Protein Group, Puris Proteins, LLC, Ingredion Inc, Beneo GmbH, Glanbia plc, Fuji Oil Co., Ltd., and others.
To fulfill rising customer demand for eco-friendly and meatless options, producers in the plant-based pork industry are creating new products. They are developing products that resemble the flavor, texture, and look of pork using a range of plant-based components, including soy, wheat, and pea protein. To accomplish the rising demand for sustainable and healthier food choices, they are investing in research and development to create novel plant-based pork products. In order to increase their distribution and increase customer access to their products, they are also collaborating with eateries and stores.
RECENT DEVELOPMENTS
- In September 2021, Impossible Foods confirmed the commercial launch of their Impossible Pork Made From Plants, which is currently available at restaurants in Hong Kong.
- In May 2021, Tyson Foods’ portfolio of plant protein products was expanded with three new products to meet the growing need for sources of plant-based protein. The company now sells Italian, ground, and Bratwurst sausages made from distinctive plant-based components.
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Plant-based Pork Market by Category
By Distribution Channel, Plant-based Pork Market is Segmented as:
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Food Services
By Source, Plant-based Pork Market is Segmented as:
- Soy-based Protein
- Wheat-based Protein
- Pea-based Protein
By Product Type, Plant-based Pork Market is Segmented as:
- Burger Patty
- Crumbles & Grounds
- Sausages
By Region, Plant-based Pork Market is Segmented as:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
About FMI
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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