The plant based meat market is expected to rise from US$ 7,634.0 million in 2023 to over US$ 4,915.7 million by 2033, driven by a 4.6% CAGR. These products, mimicking meat qualities, offer eco-friendly and diverse alternatives to animal-based goods.
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.
Plant-based meat substitutes are sometimes referred to as meat substitutes since they are designed to mimic the characteristics of real meat. Plant-based meats provide consumers with a greater variety of meat alternatives than animal products, most of which are more sustainable and kind to the environment.
Despite being composed of plants and other non-animals, they are intended to have the flavour, appearance, and texture of meat. The texture, flavour, and appearance of plant-based meats are designed to mimic those of animal meat.
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In this captivating blog, we explore the dynamic landscape of the plant-based meat market, poised to surge from USD 7,634.0 million in 2023 to an impressive USD 4,915.7 million by 2033, driven by a robust 4.6% CAGR. Uncover the tantalizing reasons behind the success of these eco-friendly alternatives to traditional meat.
Key Takeaways:
- Soy Dominance: The soy segment emerges as the leading source, capturing the market’s palate by 2033, highlighting the prominence of plant-based diversity.
- Chicken Triumph: Plant-based chicken takes the spotlight by 2023, claiming a significant share in the plant-based meat market, catering to evolving consumer preferences.
- Steady Growth: The plant-based meat market anticipates substantial growth at a compelling CAGR of 6% from 2023 to 2033, promising lucrative opportunities for investors.
Key Points:
- Digital Leap: The digitalization wave propels plant-based meat manufacturers to leverage online platforms for product promotion and sales, tapping into increased internet usage and the convenience of online transactions.
- Health and Environment: Rising health concerns and a growing awareness of environmental well-being propel the demand for plant-based meat, offering a sustainable and wholesome alternative.
- Changing Consumer Base: Shifting consumer preferences toward organic and non-GMO products signify a broader trend toward natural, plant-based choices.
Unique Selling Proposition (USP) and Growing Factor: USP: Dive into the extensive variety of GMO-free, soy-free, gluten-free, and kosher plant-based meat offered by industry leaders like Beyond Meat. The versatility and adaptability of plant-based meat make it a go-to choice for conscious consumers.
Growing Factor: The increasing demand for intriguing flavors and detailed brand names in plant-based meat products is a significant factor propelling market growth. Leading players, such as Beyond Meat, strategically capitalize on the evolving preferences of millennials.
Calling All Investors: Investors are invited to seize the opportunity presented by the plant-based meat market’s projected growth. With a forecasted CAGR of 4.6%, this market promises sustained expansion and strategic trends for long-term investment benefits.
Seal the Deal: For detailed insights and investment opportunities, access the comprehensive report here.
A wide variety of sectors have recently experienced tremendous expansion on the worldwide market thanks to digitalization. Several manufacturers of plant-based meat are choosing online platforms for the advertising and sale of their products due to increased internet usage and convenience of online transactions.
Various customers prefer making purchases through online retailers, which motivates companies to have a presence there. In more recent times, other venues such as specialty shops and meal delivery services, have also appeared.
Rising health problems, along with increasing awareness regarding environmental well-being, is leading to the rising demand for plant based meat to be used in food & beverages products. Consumption of plant based meat is expected to rise steadily in developing countries in the next ten years, with further export opportunities. With increasing awareness, the consumer base is shifting towards organic and non-GMO products as they believe that 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.
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Competitive Landscape: Plant Based Meat Market
The plant-based business is presenting the meat industry with unprecedented and unequalled competition. Companies that produce plant-based meat are bringing about a revolution to enhance the sustainable food system in response to flourishing veganism trend around the world.
Emergence of the plant-based meat era has given businesses that are producing these goods a tremendous boost. Beyond Meat is one of the top brands in this sector. It is a pioneer in the production of ground beef, jerky, and burger patties 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.
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.
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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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