“The plant-based meat market is projected to grow at a CAGR of 15.0%, in terms of value.”
The global plant-based meat market is estimated to be valued at USD 12.1 billion in 2019 and is likely to reach USD 27.9 billion by 2025, growing at a CAGR of 15.0% during the forecast period. The market is driven by the growing adaption of flexitarian diets, especially in the North American region. For instance, according to an article published by the Food Revolution Organization in 2018, the number of vegans in the US has increased by 600% in the last three years. In Europe, the growing vegan trends, especially in the UK, is expected to increase the demand for plant-based meat products. In the UK, the vegan population in the UK quadrupled between 2014 and 2018.
In the Asia Pacific region, high growth is expected from countries such as China, Singapore, and Australia & New Zealand, owing to the rise in demand for organic food products in the region. Furthermore, the region consists of the largest vegetarian population at a global level, which is expected to create a lucrative opportunity for plant-based meat manufacturers in the coming years. Apart from this, the expansion of the key players such as Impossible Foods (US) in Singapore and Beyond Meat (US) in China is further expected to boost sales of plant-based meat in the region. The demand for plant-based meat products is expected to increase in the coming years, owing to the growing health concerns among consumers, related to animal-based protein sources, ethical concerns, and environmental concerns.
“The soy segment in plant-based meat market is estimated to account for the largest share in 2019.”
Based on source, the soy segment is estimated to account for the largest share in the plant-based meal market in 2019. Plant-based meat producers are using soy as one of the key ingredients in products such as burger patties, strips & nuggets, sausages, and meatballs. It acts as a suitable alternative to meat sources such as pork, beef, chicken, and fish, owing to its high protein content. Impossible Foods (US), a leading player in the plant-based meat market, offers soy-based burgers. In March 2019, the company launched its plant-based meat (soy-based), with a variety of dishes available at 8 restaurants throughout Singapore. The motive behind the launch was to expand its global reach.
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“The burger patties segment in the plant-based meat market is estimated to account for the largest share in 2019.”
Based on product, the burger patties segment is estimated to account for the largest share in the plant-based meat market in 2019. Burger patties are one of the most popular products in the plant-based meat market, owing to the robust distribution network of key players offering it. These players have partnerships with retail channels and restaurants at a global level for the distribution of burger patties. Impossible Foods (US) has a widespread presence in the US market, with its products being distributed in over 4000 locations in the country. Apart from this, Beyond Meat (US), in April 2018, formed a partnership with PHW Group (Germany) for the distribution of its plant-based burgers in Europe.
“The chicken segment in the plant-based meat market is estimated to account for the largest share in 2019.”
Chicken is the most common source of protein among consumers, especially in the Asia Pacific region. However, the growing health concerns related to animal proteins has urged consumers to opt for alternate sources, which has boosted sales of plant-based sources. Apart from this, the environmental concerns related to raising animals and animal suffering have urged consumers to opt for non-animal protein sources, increasing the demand for plant-based products.
“The North American plant-based meat market is projected to witness significant growth.”
The North American region is projected to be the fastest-growing market during the forecast period. The region is backed by major players such as Impossible Foods (US) and Beyond Meat (US), which initiated the plant-based meat products trends. Apart from this, the consumers in the region are adopting flexitarian diets, which is further boosting the demand for plant-based meat products in the region.
Break-up of Primaries:
- By Company Type: Tier 1 – 45 %, Tier 2 – 33%, and Tier 3 – 22%
- By Designation: C-level – 70%, Director-level – 20%, and Others* – 10%
- By Region: North America – 40%, Europe - 30%, Asia Pacific – 20%, and RoW**– 10%,
*Others include sales managers, marketing managers, and product managers.
**RoW includes South America and the Middle East & Africa.
Leading players profiled in this report:
This report includes a study of marketing and development strategies along with the product portfolios of the leading companies in the plant-based meat market. It includes the profiles of leading companies such as Impossible Foods (US), Beyond Meat (US), Garden Protein International (US), Morningstar Farms (US), Quorn Foods (UK), Amy’s Kitchen (US), Maple Leaf Foods (Canada), the Vegetarian Butcher (Netherlands), Tofurky (US), Gold&Green Foods (US), Sunfed (New Zealand), and VBites (UK).
The report segments the plant-based meat market on the basis of source, product, type, and region. In terms of insights, this report has focused on various levels of analyses?competitive landscape, end-use analysis, and company profiles?which together comprise and discuss views on the emerging & high-growth segments of the global plant-based high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To buy this report:
- To get a comprehensive overview of the plant-based market.
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them.
- To gain insights about the major countries/regions, in which the plant-based market is gaining popularity.