Plant-Based Meat Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Plant Based Meat Market grew at a CAGR of 13.4% between 2017-2021 and is estimated to be US$ 4,765.9Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 15.1% and is expected to reach a valuation of US$ 19,449.0Mn by 2032 end.
Food products made from plants are becoming increasingly well-liked. People are being influenced to consume more fruits, vegetables, legumes, nuts, and seeds by the growing popularity of plant-based diets. Additionally, people are becoming more aware that plant-based products have several health benefits.
ChemView Consulting has analyzed that due to the health advantages these products offer and the environmental issues with meat derived from animals, governments in many nations are urging the use of plant-based meat alternatives. Additionally, government organizations heavily fund plant-based meat research and commercial development efforts.
The soy-based meat category was the market leader and source of more than 48.5% of global sales. Branch amino acids (BCAAs) may be found in soy, a rich source. Because soy can improve exercise performance, speed up recovery after a strenuous workout, and build and strengthen muscle mass, it is expected to rise steadily over the projection period.
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Segments Covered in Report
- Nuggets, Tenders & Cutlets
- HORECA (Hotel/Restaurant/Café)
- Refrigerated Plant-based Meat
- Frozen Plant-based Meat
- Shelf-stable Plant-based Meat
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Plant-Based Meat Market
- Based on the type, the sector of plant-based chicken dominated the market and accounted for 34.1% of total sales. Due to its abundance in animal fats, cholesterol, and protein, chicken is the main ingredient in many traditional meat industries, including nuggets, patties, and cutlets. While the other nutrients can differ from one plant-based chicken product to the next, the protein content is roughly the same.
- Based on the end-user, the market for plant-based meat was headed by the hotel/restaurant/café (HORECA) segment, which had the highest revenue share of 59.7%. Many restaurants, fast food chains, and casual dining establishments are devoting a section of their menu exclusively to “meat-free” options in response to the growing popularity of vegan and flexitarian diets, which is expected to fuel market expansion.
- Based on the source, the soy-based meat category was the market leader and the origin of more than 48.5% of global sales. Branch amino acids (BCAAs) may be found in soy, a rich source. Because soy can improve exercise performance, speed up recovery after a strenuous workout, and build and strengthen muscle mass, it is expected to rise steadily over the projection period.
- Based on the region, North America controlled most of the market with a 39.8% revenue share. Rising consumer awareness of the dangers of consuming tainted meat products and increasing the usage of meatless meat products are both credited with driving market growth in this area.
Key companies covered in the market study are Beyond Meat, Impossible Foods Inc., Maple Leaf Foods (Field Roast & Maple Leaf), Vegetarian Butcher, Conagra, Inc. (Gardein Protein International), Kellogg NA Co. (MorningStar Farms), Quorn, Amy’s Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc, Trader Joe’s
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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