According to recently published market study data on plant-based beef, the industry is anticipated to grow at a CAGR of 20.6% in value from 2023 to 2033, from an expected market value of US$ 4.1 billion in 2023 to US$ 26.9 billion.
The recent changes in the global food and beverage industries demonstrate the rise of plant-based alternatives, which has caused upheaval. Companies across the board are heavily investing in developing and purchasing new goods and brands that will fuel the growing consumer demand for plant-based beef products.
Plant-based meat is quickly becoming one of the most popular, healthful, and environmentally friendly ways to eat. This is owing, in part, to the abundance of novel plant-based meat alternatives that mimic meat products in flavour, texture, mouthfeel, and behaviour.
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Key Takeaways from the Plant Based Beef Market Study
Future Market Insights (FMI) forecasts impressive growth of the Plant Based Beef market at over 22.7% CAGR between 2022 and 2032 Based on the source, the soy-based protein segment holds the dominance in the market for plant based beef, while wheat-based protein segments are expected to grow prominently in the forecasted period of 2022-2032.
According to product category, the burger patty segment dominates the market for plant-based beef. As substitute protein acquires market traction as a result of increased consumer knowledge about the environmental impact of food choices, the bulk of the population is changing towards plant-based beef, which is projected to gain traction in the near future. Companies across the board are significantly investing in developing and purchasing new products and brands, which will help to fuel the growing consumer demand for plant-based beef products.
New Product Development Fuelling Plant-Based Products Demand
Product development in the frozen, chilled, and ambient categories has been facilitated by rising demand for novel products. This invention provides consumers with a broader range of brands and goods, allowing plant-based beef to gain shelf space and recognition.
UK is the global leader for vegan food launches. In 2019 approximately 18% of new food launches were vegan. Tesco has developed wicked kitchen range of meat-free products.
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Who is winning?
A few of the leading players operating in the Plant Based Beef market are Impossible Foods, Inc., Gardein by Conagra Brands, MorningStar Farms, Archer Daniels Midland Company, Symrise, Roquette Frères S.A., Kellogg’s, Tyson Foods, Inc., Sotexpro SA, Crown Soya Protein Group, Puris Proteins, LLC, Ingredion Inc, Beneo GmbH, Glanbia plc, Fuji Oil Co., Ltd. and other players.
Several leading manufacturers of Plant Based Beef are focusing on partnering with prominent players in the market to increase its business footprints and to increase their production capacity. Leading players of Plant Based Beef are investing in research and development to produce organic, non-GMO ingredients for Plant Based Beef.
Key Segments in Plant-based beef meat Market
By Source?
- Wheat
- Pea
- Quinoa
- Oats
- Beans
- Nuts
- seeds
By Product
- Plant-based beef jerky
- Plant-based beef patty
- Plant-based beef pot pie
- Plant-based beef stew
- Plant-based beef strips
By Process
- Mixing
- Blending
- Forming/Shaping
- Freezing Systems
- Storage
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Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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