The plant-based meat market is estimated to garner a large revenue by growing at a CAGR of ~19% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing trend of veganism among consumers, increasing consciousness about animal rights and rising awareness about the health benefits of plant-based meat. It is evaluated that more than 7.5 million human lives can be saved by the end of 2050 if the world went vegan. Furthermore, it can also avoid climate damages worth more than USD 1.3 trillion. High investments by major food industry players for the production of plant-based meat products is another factor projected to boost market growth in the near future. In addition to these, growing emphasis of companies to increase sales by innovative marketing strategies and correct positioning is expected to offer ample growth opportunities to the market in the forthcoming years.
The market is segmented by source into wheat, soy, pea, and others, out of which, the soy segment is anticipated to hold the largest share in the plant-based meat market on account of high production of soybean, low formulation costs and low carbon footprint of these products than dairy-based and other animal food products. For instance, the United States alone produces over 105 million tons of soybean every year, followed by Brazil, producing over 95 million tons of the crop. Moreover, the segment for pea-based meat is estimated to grow with the highest CAGR during the forecast period, which can be credited to the rising demand for these products as they are lactose and gluten free. Furthermore, on the basis of type, the chicken segment is assessed to occupy the largest market share. This can be accounted to the fact that chicken is the major ingredient of conventional meat industry in several products such as patties and nuggets. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of geographical analysis, the plant-based meat market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing adoption of healthy lifestyle in the region. Along with this, growing consumption of Tofu and Tempeh as staple foods in countries, namely Japan, China and South Korea is also anticipated to drive market growth in the region in the future. The Tofu industry in China generated a revenue of more than USD 25 billion in 2020. The growth of this market reached up to 6% by the end of the same year. Additionally, North America is projected to acquire the largest market share during the forecast period ascribing to the rising awareness about the risks of consuming contaminated meat products and strong presence of startups in the plant-based market.
The plant-based meat market is further classified on the basis of region as follows:
Our in-depth analysis of the plant-based meat market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising trend of consuming vegan food products and increasing investments for producing plant-based meat by major market players are the major growth drivers for the market.
The market is anticipated to attain a CAGR of ~19% over the forecast period, i.e., 2022 – 2030.
Negative perception about the taste of plant-based meat is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market on the back of rising adoption of healthy lifestyle in the region.
The major players in the market are Maple Leaf Foods, Beyond Meat, Inc., Conagra, Inc., Unilever UK Ltd, Kellogg NA Co., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by source, type, product, and by region.
The soy segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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