According to MarketsandMarkets, the plant-based meat market is estimated to be valued at USD 4.3 billion in 2020 and is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0%, in terms of value. It is witnessing significant growth due to the growing vegan and flexitarian population across the world, rising awareness about the health benefits offered by plant-based meat over animal meat, and growth in government initiatives along with significant investments are driving the global market. The European market is going to dominate the market, due to innovative product development in the region, backed with appropriate research and development facilities available in the region.
Opportunities: Favorable marketing and correct positioning of plant-based meat
The sales of plant-based meat can be increased by adopting marketing strategies such as diversification and segmentation. The objective is to create more demand among consumers, such as health-conscious consumers, vegetarians, flexitarians, and vegans. Along with this, it is crucial to position the product at the right place through the right sales channel.
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Companies need to focus on this criterion to sustain in the market and increase their sales. They need to position themselves by expanding their customer relationships and extended their reach globally. Appropriate labeling can further accelerate market growth. The North American and European plant-based meat markets relatively emphasize the labeling criterion. It is expected that this will be followed by the Asia-Pacific region as well, leading to market growth.
Drivers: Rising Awareness About The Health Benefits Offered By Plant-Based Meat Over Animal Meat
The plant-based trend continues to grow, encouraging people to eat more fruits, vegetables, legumes, nuts, and seeds. Also, there are various health benefits associated with plant-based products, about which consumers are getting more aware recently. Excessive consumption of animal-based meat may result in diet-related diseases such as obesity, type-2 diabetes, heart disease, and certain cancers. On the other hand, the consumption of plant-based meat does not give rise to such diseases. Moreover, they aid in building better immunity. The nutritional benefits of plant-based meats and their safety compared with conventional meat are also some of the important factors that have been contributing to gaining the attention of consumers.
Plant-based meat products are significantly replacing conventionally processed meat products such as burgers, sausages, and nuggets. Plant-based meat contains lower levels of saturated fat, cholesterol, and calories than animal-based meat. They often contain higher levels of micronutrients, such as zinc, iron, and calcium.
By type, beef is projected to account for the largest share in the market during the forecast period
Based on type, beef dominated the market. Plant-based beef provides similar characteristics to that of beef. It provides similar characteristics to that of beef. Beef-related plant-based products such as meat-free beef pieces, no-beef burgers, beef watercress, and beefsteak are made from sources such as soy and wheat. Furthermore, manufacturers are focusing on new product launches to meet consumer demand from vegetarian populations.
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The North American region is also expected to grow at the highest CAGR during the forecasted period
North America is the fastest-growing region in the global plant-based meat market. For American consumers, meat is a very prominent part of their diets. However, as many researchers highlighted the health risks related to the consumption of red meat, consumers are increasingly shifting toward plant-based diets as they are a healthier option as compared to animal meat. Furthermore, Consumers in the region are adopting a flexitarian lifestyle and are incorporating plant-based foods in their daily routine diets. Along with this, the trend of veganism is gaining momentum in the region, which is further contributing to the growth of the plant-based meat market. Governments are also investing heavily in the plant-based protein industry, as there is a rise in vegan and vegetarian eating.
Key Market Players:
Beyond Meat (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), The Vegetarian Butcher (Netherlands), Gardein Protein International (Canada), Morningstar Farms (US), Quorn Foods (US), Amy’s Kitchen (US), Tofurky (US), Gold&Green Foods Ltd. (Finland), Sunfed (New Zealand), VBites Food Limited (UK), Alpha Foods (US), Planterra Foods (US), Before the Butcher (US), No Evil Foods (US), Like Meat (Germany), The Meatless Farm Co. (England), Hooray Foods (US), and Yves Veggie Cuisine (Canada).
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