Plant-Based Meat Market is anticipated to grow at a CAGR of 15.0% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Plant-Based Meat Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the 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.

The growth of the plant-based meat market can be attributed to several factors such as growing preference for the vegan diet, increasing M&A activities in the plant-based alternatives sector and several government initiatives along with significant investments. Moreover, the growing awareness about the health benefits of plant-based meat substitutes is anticipated to further contribute to substantial market growth during the forecast period. To obtain better insights into the market scenario, prominent players are increasingly focusing on innovative product launches and collaborations. For instance, in September 2019, Beyond Meat, a producer of plant-based meat substitutes is collaborating with McDonalds for a plant-based burger trial.

Growing consumer preference for the vegan diet owing to concerns about animal rights and environmental protection is likely to drive the market segment during the forecast period. Moreover, increasing consumers awareness about the benefits offered by a vegan diet is one of the major factors propelling the demand for plant-based meat products across the world. Additionally, government policies to improve the agricultural sector are likely to increase raw material availability and lower its prices, which will also have a positive impact on market growth.

Browse key industry insights spread across 240 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:

Several consumers perceive plant-based meat and its health benefits and prefer consuming it instead of animal meat. The rising awareness among consumers about the health benefits offered by plant-based meat is likely to propel the demand of plant-based meat products during the forecast period. Plant-based meat substitutes are prepared from mixtures of pea protein, soy protein, rice protein, bean protein, canola oil, coconut oil, and other ingredients including nuts, legumes, pulses, potato starch, apple extract, sunflower lecithin, and pomegranate powder. Each of these ingredients has its range nutrition benefits. Major companies also claim that their products have the same flavor, juiciness, and sizzle as animal meat - chicken, beef, fish, and pork, among others. For instance, Beyond Meat, a seller of burgers made from plant-based meat claims that their burgers have a meaty texture and juiciness similar to beef.

Apart from several benefits offered by plant-based meat products, few people are allergic to certain plant-based meat sources including soy and wheat. Therefore, despite the increasing availability of plant-based meat alternative products, the industry is still in its infancy and offers substantial room for further growth. The industrys global reach is expected to grow with new product developments and rising consumer demands.

Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing population, continuously growing economy and increasing awareness regarding health benefits are anticipated to present lucrative growth scenarios for the plant-based meat market in this region. Furthermore, a surge in the disposable income of people in countries such as India, China, and Japan, is anticipated to spur the consumption of plant-based meat over the forecast period.

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, Amys Kitchen, Inc., and Tofurky, among others.

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