Plant-Based Meat Market Segmentation by Source (Wheat, Soy, Pea, and Others); by Type (Chicken, Pork, Fish, Beef, and Others); by Product (Sausages, Strips, Burger Patties, Nuggets, Meatballs, and Others) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3155 | Published Date: Feb 09, 2023
Our in-depth analysis of the plant-based meat market includes the following segments:
By Source
By Type
By Product
Growth Drivers
Challenges
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash
Ans: 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.
Ans: The market is anticipated to attain a CAGR of ~19% over the forecast period, i.e., 2022 – 2030.
Ans: Negative perception about the taste of plant-based meat is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities to the market on the back of rising adoption of healthy lifestyle in the region.
Ans: The major players in the market are Maple Leaf Foods, Beyond Meat, Inc., Conagra, Inc., Unilever UK Ltd, Kellogg NA Co., and others.
Ans: 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.
Ans: The market is segmented by source, type, product, and by region.
Ans: 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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