The Plant-Based Meat Market has witnessed exponential growth in recent years, driven by increasing health and environmental concerns. Consumers are embracing plant-based alternatives due to their low cholesterol and sustainable nature.A wide range of ecologically responsible and health-sensitive consumers have been drawn to the market as a result of creative product development and enhanced flavour and texture.
The plant based meat market is anticipated to exceed US$ 4,915.7 million by 2023 from US$ 7,634.0 million in 2033. Demand for plant based meat is projected to escalate at a CAGR of 4.6% throughout the forecast period from 2023 to 2033.
Due to the fact that they are made to resemble the qualities of actual meat, plant-based meat products are also known as meat replacements. In comparison to animal goods, plant-based meats offer consumers a wider range of meat alternatives, the majority of which are more environmentally friendly and sustainable.
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They are created to taste, look, and want like meat using plants and other non-animal items. The texture, flavour, and appearance of plant-based meats are created to imitate those of animal meat.
Thanks to digitalization, a wide range of industries have recently seen great growth on the global market. Due to rising internet usage and the simplicity of online transactions, many producers of plant-based meat are choosing to advertise and sell their products online.
Many clients prefer making purchases from online merchants, which encourages businesses to create an online presence. Other places, such specialist stores and meal delivery services, have also emerged more recently.
The demand for plant-based meat to be used in food and beverage items is rising as a result of increased health issues and growing environmental awareness. In the following ten years, it is anticipated that consumption of plant-based meat would increase gradually in developing nations, creating more export prospects. The consumer base is migrating towards organic and non-GMO products as a result of increased understanding since they think food should be natural.
Key Takeaways from the Plant Based Meat Market Study
- Soy segment is projected to be the most popular source in the global plant based meat market by 2033.
- The plant-based chicken segment by type is likely to garner a significant plant based meat market share by 2023.
- The plant based meat market is projected to exhibit considerable growth at a CAGR of 6% from 2023 to 2033.
- In Asia Pacific, India is expected to remain at the forefront by generating a lion’s share through 2033.
- The United Kingdom plant based meat market is predicted to experience a rapid growth rate in the next ten years.
“Health advantages that plant-based meat offers are expected to boost the global market. They are proven to be a wholesome alternative while maintaining the same texture and flavor. Another factor that would push the global market is rising practice of vegetarianism and veganism,” says a lead analyst at Future Market Insights.
Competitive Landscape: Plant-Based Meat Market
The plant-based industry is posing unprecedented and unparalleled opposition to the meat industry. Producing plant-based meat businesses are leading a revolution to improve the global food chain in response to the burgeoning veganism movement.
The era of plant-based meat is here, and it has greatly benefited companies who make these products. One of the leading names in this market is Beyond Meat. It is a leader in the creation of jerky, burger patties, and ground beef made from plant-based meat.
GMO-free, soy-free, gluten-free, and kosher plant-based meat is available from Beyond Meat. Taking advantage of the fact that millennials are driving this change, the company is increasing its production capabilities.
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A few of the leading players operating in the plant-based meat market are Dr. Praeger’s Sensible Foods, Tofurky, Impossible Foods Inc., Marlow Foods Ltd., Beyond Meat, Lightlife Foods, Inc., Vegetarian Butcher, No Evil Foods, Amy’s Kitchen, Inc., LikeMeat GmbH, Maple Leaf Foods (Field Roast & Maple Leaf), Ojah B.V., Kellogg NA Co. (MorningStar Farms), Conagra, Inc. (Gardein Protein International), Yves Veggie Cuisine (The Hain-Celestial Canada, ULC), Quorn, OmniFoods, VBites Foods Limited, GoodDot, Gold&Green Foods Ltd., Moving Mountains, Trader Joe’s, Eat JUST Inc., Kraft Foods, Inc., and Sunfed among others.
Get Valuable Insights into Plant Based Meat Market
Future Market Insights, in its new offering, provides an unbiased analysis of the plant based meat market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the plant based meat market based on product (burger, patties, nuggets, sausages, strips, meatballs, grounds, tenders, cutlets), end use (hotel, restaurant, café), type (chicken, pork, beef, fish), source (soy, pea, wheat), storage (refrigerate, frozen, shelf-stable), distribution channel (food retail, food service, e-commerce, hotel/restaurant/café), and feature (flavor, texture, aroma) across seven key regions.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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