The global stands at a valuation of US$ 138.2 million in 2023, and is predicted to expand rapidly at a prodigious CAGR of 18.3% from 2023 to 2033, reaching US$ 391.2 million by 2033.
Wide Variety of Plant-Based Meatballs Gives Rise to Novel Stocking Methods
- The global plant-based meatballs sector is rapidly gaining traction due to increasing demand for plant-based protein supplements.
- The rising inclination towards going vegan, coupled with the risk factors associated with different types of meat, such as red meat and various meat products, are catalyzing the market growth worldwide.
- As the advanced packaging manufacturing industry has come up with sustainable, non-reactive packaging solutions for longer shelf-lives of the pure plant-based meatballs products, it is driving the global market consistently.
- The highly efficient distribution channels, such as retail sectors, supermarkets/hypermarkets, and others, are making the plant-based meatballs products easily available to the wide range of consumers, resulting in further growth of the market.
- Plant-based meatballs can be manufactured easily from broad ranges of plant-based protein, starting from soy-based protein to corn-based protein.
- The global market is witnessing significant growth due to rising demand for soy meatballs. Soy meatballs market holds around 15% share in the global plant-based meatballs industry.
- Plant-based Swedish meatballs are now commonly available in supermarkets, eateries, and fast food joints. Premade plant-based mince, which is easily found in stores, can be used to make vegan Swedish meatballs at home.
- The plant-based Swedish meatballs are currently estimated to be worth US$50 million and are expanding quickly. Plant-based Swedish meatballs are predicted to become popular, since people are lured to the concept of having a meat-free version of a famous dish without compromising on taste or texture.
Unlock Insights – Request Your Report Sample Today! https://www.futuremarketinsights.com/reports/sample/rep-gb-12762
Development Route of the Plant-Based Meatballs Industry is Impacted by Vegetarian Diet: 2018 to 2022 vs. 2023 to 2033
The global plant-based meatballs industry experienced strong growth between 2018 and 2022, with a CAGR of 15.2%. From US$ 68.4 million in 2018 to US$ 120 million in 2022, the market showed an astounding expansion.
For the past few years, people are choosing flexitarian and vegetarian diets as they become more health concerned. In contrast to meat eating, which carries health hazards like heart disease, cancer, diabetes, and obesity, plant-based meatball products don’t. As a result, customers of all ages are becoming more interested in pure plant-based meatballs.
- Short-term growth (2023 to 2026): Due to the negative impact on the environment and ethical failures in the production of meat, people globally are choosing plant-based alternatives to animal flesh, which is boosting market growth.
- Medium-term growth (2027 to 2030): Sales of plant-based meatballs is likely to be impacted by customer awareness of the health benefits and risks associated with their diet.
- Long-term growth (2031 to 2033): Businesses like Beyond Meat and Impossible Foods have already found success in the plant-based meat industry, and as demand increases, more businesses are likely to contribute to the market share growth.
Our Experts Provide You Customized Reports: https://www.futuremarketinsights.com/customization-available/REP-GB-12762
Category-wise Insights
Plant Based Chicken to Maintain the Lead in the Global Market
According to FMI, plant-based chicken is expected to dominate other plant-based meatballs products with a CAGR of 16.3% by 2033. Between 2018 and 2022, this segment was expanding at a CAGR of 13.7%.
Plant-based chicken is highly popular, as it is safe to consume without any health risks. It is also tasty, which is why it is preferred by a big portion of consumers, starting from kids to elderly ones.
Due to having several health benefits, such as maintaining the body’s cholesterol, blood pressure, decreasing the risk of cancer, heart diseases, and others while supplying the required protein, plant based chicken is hugely preferred around the globe.
Gaining Ground: Soy Protein Source
According to FMI, soy based protein is expected to lead the source-wise segments with a CAGR of 17.2% by 2033. Between 2018 and 2022, this segment was expanding at a CAGR of 14.8%.
Soy based protein products are low in saturated fat and naturally cholesterol free. Due to their cost effectiveness and abundance, soy based protein is the leading source in the market.
Having various health benefits, such as improving cardiovascular health, controlling obesity, preventing certain types of cancer, and others, soy based protein, are hugely preferred in various plant-based meatballs products manufacturing.
HoReCa to Emerge as Dominant Segment in the Industry
With the rising demand for plant-based diet, food service sectors are getting more inclined to opt for plant-based meatballs products. As plant-based meatballs products meet the requirements from a wide range of consumers from both health and taste perspectives, they are getting highly popular across the food service sectors.
According to FMI, the food service sector is expected to remain in the dominant position among all other distribution channels.
Maximize growth potential! Grab your discounted report today https://www.futuremarketinsights.com/checkout/12762
Competitive Landscape
Upgraded Products: Key Goal for Plant-based Meatballs Manufacturers
As the global market is growing steadily, the key players in the plant-based meatballs market, such as Ikea, Subway, Beyond Meat, and others, are focusing on launching a wide variety of products to meet the huge consumers’ requirements.
For instance, Ikea has launched their exclusive IKEA Meatball, enriched with high protein and taste, while having only 4% of the climate footprint.
Kellogg’s has launched their new INCOGMEATO™ Plant-Based Ground Package, manufactured with 100% plant protein from plant-based ground with 48% less saturated fat. The company has also released their MorningStar Farms ® Meatballs which is easily upgradable to any traditional sandwiches or dishes.
Recently, Subway has collaborated with Beyond Meat in order to provide more efficient products and services to their customers. They have come up with their new Subway Beyond Meatball Marinara Sub, which includes meatballs designed by joint efforts of Beyond Meat and Subway.
Hydrosol has launched their wide varieties of meatballs products, such as cooked sausage, bratwurst, cold cuts, fat emulsions, raw sausage, cooked ham, and others.
Key segments
By Product Type:
- Plant Based Chicken
- Plant Based Beef
- Plant Based Pork
By Source:
- Soy-Based Protein
- Wheat-Based Protein
- Pea-Based Protein
- Canola-Based Protein
- Fava-Bean Based Protein
- Potato-Based Protein
- Rice-Based Protein
- Lentil-Based Protein
- Flax-Based Protein
- Chia-Based Protein
- Corn-Based Protein
By Distribution Channel:
- Retail
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Food Stores
- Online Retail
- HoReCA (Food Service Sector)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East and Africa
- Japan
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
