Plant based meat is disrupting the animal meat industry. Its food products are made to replicate the properties of natural meat and work like meat substitutes. It is more sustainable and environmentally friendly than conventional meat products. Food products like Textured Vegetable Protein (TVP), Tofu, Quorn, Tempeh, and Seitan are made to simulate the appearance, flavour and texture of animal meat products. According to Renub Research analysis Global Plant Based Meat Market is expected to be more than US$ 7 Billion by the end of the year 2025.
Steps taken by various governments are also boosting plant-based meat markets such as in March 2018; the Canada government announced an investment of USD 150 Million for the country plant protein industry. Similarly, the German government is investing US$ 780,000 in research to make plant-based alternatives more meat-like in texture. An outbreak of African swine fever is ravaging China’s hog farms while the Chinese government wants its citizens to reduce meat intake for health reasons will also boost plant based meat industry.
Companies like Beyond Meat, Maple Leaf Foods, Pinnacle Foods, Kellogg and Quorn are competing to stay ahead in the global plant based meat market. Greenleaf Foods announced in April 2019 plans to construct a US$ 310 Million plant-based protein food processing facility in Shelbyville, Indiana. At approximately 230,000 square feet, it will be the largest facility and investment of its kind in North America.
The growing awareness through global animal welfare organizations such as PETA has encouraged people to consider a meat-free diet. In the UK, the vegan population has quadrupled between 2014 and 2018. A large percentage of Millennials are choosing plant-based meat products for health and wellness concerns due to food safety issues. The dangerous impact of traditional meat on the environment is also changing food preference of population around the world is also a significant factor.
Renub Research report titled “Plant Based Meat Market Global Analysis by Source (Soy, Mycoprotein, Wheat, Others), Product (Textured Vegetable Protein (TVP), Tofu, Quorn, Tempeh, Seitan, Others), Countries (United States, United Kingdom, Germany, Italy, China), Regions (North America, Europe, Rest of the World), Companies (Beyond Meat, Maple Leaf Foods, Gardein Protein International (Pinnacle Foods), Morningstar Farms (Kellogg Company), Quorn Foods)” provides a complete analysis of global plant based meat market.
On the basis of source type, global plant based meat market is further segmented into Soy-Based, Mycoprotein Based, Wheat Based and Others.
Product Type - Textured Vegetable Protein (TVP) and Tofu holds significant Market Share
In this report, plant based meat market are categorized on the basis of product type; Textured Vegetable Protein (TVP), Tofu, Quorn, Tempeh, Seitan and Others. Textured Vegetable Protein (TVP) and Tofu holds significant market share.
North America will dominate in the global plant based meat market in Future
In this report, we have done comprehensive analysis of plant based meat market by regions. The covered regions are; North America, Europe, Asia Pacific and Rest of the World. The demand of plant based meat market in North America is quite huge and its sales are increasing at rapid pace.
- Beyond Meat
- Maple Leaf Foods
- Gardein Protein International (Pinnacle Foods)
- Morningstar Farms (Kellogg Company)
- Quorn Foods
By Source Type
- Mycoprotein Based
- Wheat Based
By Product Type
- Textured Vegetable Protein (TVP)
By Countries Covered
- United States
- United Kingdom
By Regions Covered
- North America
- Asia Pacific
- Rest of the World