Plant-Based Meat Market by Source (Soy, Wheat, and Pea), Product (Burger Patties, Sausages, Strips & Nuggets, and Meatballs), Type (Chicken, Beef, and Pork) - Global Analysis & Forecast 2019-2030
Report ID : 121 | Published Date : May 2020 | Pages : 240 | Region : Global | Report Code : FB-2
Plant-Based Meat Market Overview and Introduction
Global Plant Based Meat Market is estimated to be over US$ 2,384.56 million in 2019. It is anticipated to grow at a CAGR of 15.3% from 2019 to 2030.
Plant-based meat is a substitute for animal meat. It serves as an alternative to meat and a similar amount of protein content. Plant-based meat is more sustainable and environmental friendly when compared with conventional meat products. These products are popular among the vegan population for they serve as substitutes for conventional meat. The primary ingredients in plant-based meat substitutes include soybean, wheat, lentils, tofu, and a variety of nuts.
The increasing trend of the plant-based meat is largely driven by the emergence of the vegan population as well as increasing numbers of vegetarians and flexitarians. Furthermore, several government initiatives are also boosting plant-based meat markets. However, high costs associated with plant-based meat substitutes are likely to restrain market growth.
Plant - Based Meat Market By Type, By Material, By End User, By Source & By Product
The global plant-based meat market is segmented by source, by product, by type, and by region. Based on source, the market can be segmented into soy, wheat, pea, and others. The soy segment is estimated to account for the largest market share. The large share of this segment can be attributed to its high protein content, high iron content, low saturated fat content, and meat-like texture, among others. Based on products, the market can be segmented into burger patties, sausages, strips & nuggets, meatballs, and others. In terms of revenue, the burger patties segment is estimated to account for the largest market share owing to its high protein, vitamin, and mineral content. Similarly, based on type, the plant-based meat market can be segmented into chicken, beef, pork, and others. The chicken segment is estimated to grow at a robust CAGR during the forecast period. Chicken is loaded with large amounts of nutrition owing to its rich fat, protein, and cholesterol content. Also to make it taste like conventional chicken, major companies add ingredients such as pea protein and coconut or canola oil.
Plant - Based Meat Market By Regions
The global plant-based meat market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific is estimated to account for the largest market share owing to the increasing awareness about plant-based meat products among consumers. Moreover, Asia Pacific is expected to witness the highest CAGR with market growth centered in China, Korea, Japan, and India. In Asia Pacific, the Chinese market is estimated to witness substantial growth owing to the increasing demand from consumers for meatless food products.
Plant - Based Meat Market Prominent Players
Some of the prominent players operating in the global plant-based meat market are Beyond Meat, Impossible Food Inc., Maple Leaf Foods, Archer Daniels Midland Company, The Vegetarian Butcher, Gardein (Conagra Brands, Inc.), MorningStar Farms (Kellogg NA Co.), Quorn, Amy's Kitchen, Inc., and Tofurky, among others.