Plant-based Meat Market

Market Leaders - Plant-based Meat Market

According to MarketsandMarkets, the global plant-based meat market size 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. The growth of plant-based meat market can be attributed 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 expected to fuel the plant-based meat market in the forecasted period. European region dominated the global plant-based meat market.

Plant-based meat products are derived from plant-based ingredients to mimic animal-derived meat and are designed to be indistinguishable from their animal-based equivalents. They are referred to as “meat products,” as they directly substitute animal meat, made using plant sources such as soy, wheat, and peas. The most commonly available products in the market that have incorporated plant-based ingredients include nuggets, sausage, meatballs, and burger meat patties.

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European region dominated the global plant-based meat market. It is largely driven by rising demand for plant-based meat products in large economies such as UK, Germany, France, Italy, and Spain. The manufacturers in Europe are currently focusing on new product developments that include plant-based meat with better texture, appearance, and composition. The innovative product development in the region is backed by appropriate research and development facilities available in the region. Several European retailers and supermarkets have added plant-based meat products such as burger patties, sausages, strips, and nuggets to their product range in response to the rising demand for plant-based meat products across the region.  

Among various types of plant-based meat, beef accounts for the major market share in the overall plant-based meat market. Plant-based beef 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. Manufacturers are also moving toward manufacturing plant-based products to fulfill the demand of the growing vegetarian population.

Based on product, the burger patties segment is projected to be the fastest-growing during the forecast period. This growth is mainly associated with the initiatives taken by the key manufacturers such as Impossible Foods Inc. (US) and Beyond Meat (US) by offering plant-based burgers. These companies have gained the attention of investors, such as business giants, venture capitals, and major food companies. These companies are backed by a robust distribution network, which enables them to cater to the demand for plant-based burgers across the US other countries in the European region.  

Among various sources, the pea segment is projected to be the fastest-growing from 2020 to 2025. Pea protein is gaining popularity, especially among plant-based meat manufacturers at a global level. It serves as an alternative for consumers with a soy allergy. The characteristic of pea protein, which is appealing, is its lack of allergenicity and its amino acid profile. It is perceived as a clean-label ingredient and has the added benefits of being soy-free, gluten-free, and lactose-free. Owing to these factors’ pea is projected to grow at the highest CAGR as compared to other sources of plant-based meat.

Related Reports:

Plant-based Meat Market by Source (Soy, Wheat, Pea, & Other Sources), Product (Burger Patties, Strips & Nuggets, Sausages, Meatballs, & Other Products), Type (Beef, Chicken, Pork, Fish, & Other Types), Process, and Region - Global Forecast to 2025

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
FB 7110
RI Published ON
12/8/2020
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