Press release -
Industries Seizing Opportunities Arising From a Potential US$ 12.7 Billion (2031) Plant-based Meat Revolution
The Global Plant-Based Meat Market is expected to clock US$ 12.7 billion by 2031 owing to rising awareness regarding human health & animal welfare, growing government initiatives & investments and benefits offered by plant-based meats.
Clairvoyance Research conducted an in-depth market analysis of the global plant-based meat market. The study comprehensively analyzes the market from different perspectives and provides granular insights on hot revenue pockets, headwinds & tailwinds impacting the market, quantitative (market size & forecasts) and qualitative analysis from ‘Source, Product, Type and Region’ perspective, key strategies and competitive landscape.
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Key Market Trends
In the coming years, growth in the plant-based meat market is expected to be derived from pea, soy and wheat based meats. Pea is a common ingredient of plant-based meats. They are naturally cholesterol & fat-free and texture of pea-based meat is closer to that of animal meat. Pea protein is also an excellent plant-based protein. Soy-based meat is cholesterol-free and serves as a high-quality source of fiber, Vitamin-B, and other essential nutrients. Wheat serves as a source of antioxidants, vitamins, minerals, and fiber. It is also widely used as a vegetarian meat alternative.
Prominent players are progressively implementing several strategies such as launching new products and running collaborative initiatives with several companies in order to be competitive in the market. For instance, in Jan 2021, Beyond Meat announced its partnership with the food and drinks corporation PepsiCo. This collaboration was aimed towards manufacturing snacks and beverages with plant-based protein.
The global plant-based meat market has been analyzed from four different perspectives – Source, Product, Type and Region.
Key Takeaways – Product Perspective
The global plant-based meat market has been segmented majorly into five distinct categories depending on product, viz. burger patties, sausages, strips & nuggets, meatballs and others (slices, roasts, tempeh, etc.). The burger patties segment holds the largest share in the market in the plant-based meat market. The growth of the segment can mainly be attributed to large consumption of burgers and increasing awareness regarding health & animal welfare. Burgers are the most common form of fast food. Generally, different type of meat ranging from chicken, pork, and beef are used to prepare the patty. Plant-based patties are high in protein content, resembles texture and consistency to that of meat, and are easily available & can be prepared quickly. About 90% of people consuming plant-based burgers are non-vegetarians.
Key Takeaways – Regional Perspective
The global plant-based meat market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America commanded the largest share in the global plant-based meat market, followed by Asia Pacific, Europe & Rest of the World (RoW). Factors such as rising demand for meatless products, presence of key prominent players, and launch of new alternatives for meat-based products can be attributed for the large share of the region in the global market. Approximately, 17% of consumers in the U.S. aged between 15 to 70 years eat plant-based diet while approximately 60% of consumers intend to minimize consumption of meat.
Snapshot - Competitive Landscape
The plant-based meat market is marked by presence of prominent players such as Beyond Meat, Maple Leaf Foods, Vegetarian Butcher, Impossible Foods Inc., Conagra Brands, Inc., VBites Foods Ltd, Kellogg NA Co., Amy's Kitchen, Inc., Tofurky, Quorn. Other players operating in the market are Alpha Foods, Planterra, Before the Butcher, The Meatless Farm Co., among others
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