Market Research Report
Global Plant Based Meat Market -2019-2026
|Published by||DataM Intelligence||Product code||905994|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Plant Based Meat Market -2019-2026|
|Published: August 1, 2019||Content info: 130-180 Pages||
The Global Plant Based Meat Market valued USD XX billion in 2018 and is estimated to reach USD XX billion by 2026, at a CAGR of XX% during the forecast period.
Plant-based meat is a meat substitute derived from plant and other non-animal products to mimic natural meat in flavor, texture and all other properties. These products are majorly designed to be use as an effective alternative to chicken meat, pork, and beef. These plant based meat products are considered as sustainable solution to environmental concerns. The retail stores across the western countries are focusing towards sale of these products to cater the demand from growing vegan and vegetarian population.
The growing demand for meat coupled with rising population and consumer preferences towards meat products is resulting in over slaughtering and depletion of animal sources. This is resulting in evolution of sustainability as a key purchasing factor among population particularly in millennials and GenX. Consumer concern towards environment and animal welfare are driving the demand for meat substitutes. Furthermore, stringent regulations laid by several state and federal governments towards raising and slaughtering of meat animals is boosting the growth of plant-based meat market. On the demand side, the growing outbreak of food borne diseases particularly due to animal meat and milk products is motivating consumers towards healthy plant based alternatives, thus boosting the growth of plant-based meat products. The growth of the market is also attributable to the health benefits associated with plant derived diets. The growing trend of veganism and vegetarianism is providing immense growth potential to the market in future. According to The VeganSociety, the vegan population in U.K. increased from 150,000 in 2014 to 600,000 in 2018. However, the GM issues associated with plants is the primary factor hindering the growth of plant-based meat market.
The Global Plant Based Meat Market has been segmented by product type into sausages, burgers, crumbles, nuggets, meatballs, and others. Burger is the largest segment of the market owing to the established consumer base for burgers across the globe. With a share of over 30%, soy evolved as the major plant source of meat owing to wide range of application for soy based meat in preparation of sausages, burgers, and meatballs. Wheat, oats, pea, and beans are also holding significant share on the market. The growing production of soy across the globe is also attributing to the growth of soy based meat market. According to The United States Department of Agriculture, the production of soybeans in U.S. increased from 3.04 billion bushels in 2012 to 4.54 billion bushels in 2018. By distribution channel, indirect sales hold the major share in terms of value owing to the rising retail channel in developing countries. Indirect channel include sales through supermarkets, hypermarkets, convenience stores, specialty food stores and e-commerce.
By geography, the study is segmented into North America, South America, Europe, Asia Pacific, Middle East and Africa. Confectionery is a well-established market since decades in most of the American and European countries. The availability of cocoa and other confectionery ingredients made them the early adopters of sugar and chocolate confectionery products. Europe is the largest confectionery market with a share of over 35% in 2018 and it is estimated to hold its dominance over the forecast period. The large per-capita consumption of chocolate in countries such as Switzerland, the U.K., Sweden, Germany, and Ireland is supporting the growth of confectionery market in Europe. However, Asia Pacific evolved as the fastest growing market for confectionery products owing to the rising consumer spending and growing adoption of confectionery in countries such as India and China.
Since the launch of first plant-based burger by Beyond Meat in 2016, the market has been highly consolidated by U.S. based startups Beyond Meat and Impossible Foods Inc. However, the high growth potential of the market has attracted several established and startup food companies into the market. The global plant based meat market has turned highly competitive with large number of global players focusing on expanding business operations in high potential plant-based meat market. Companies are involved in product launches and new geographic penetrations to enhance their business operations. The market became further competitive by the foot prints of Asian companies such as GoodDot (India) and Whole Perfect Foods Co.,Ltd. (China) and retail companies entering the market. The companies in the market are leveraging on new product launches to increase their market share. For instance
However, with the burgeoning demand for plant-based meat, global players such as Nestle and Conagra Brands with high financial stability can gain large foot-hold in the market, thereby consolidating the still evolving market. The existing sales channels and distribution network of these companies across the globe help enhance their penetration into high potential economies and may result in significant number of acquisitions in near future.
Some of the key players in the market are Conagra Brands, Inc., Beyond Meat, Impossible Foods Inc., Tofurky, VBites Foods Limited, and MorningStar Farms.