Global Plant-based Meat Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Source, Type, Product, and Region (North America, Europe, Asia Pacific, Latin America Middle East and Africa )

Market Overview

Meat made from plants having proteins, fats, vitamins, minerals, and water components is plant-based meat, much like meat derived from animals. Modern plant-based meat resembles traditional meat in appearance, cooking method, and flavor. According to Ken Research Analysis, the global Plant-based Meat Market is expected to record a positive CAGR of ~15% during the forecast period (2022-2028) and is expected to reach approximately US$ 15 billion by 2028.

Consumers are preferring vegan options due to growing health concerns and animal welfare. In addition, people seek the same flavor and tenderness in food products as that found in meat and meat products made from animals in vegetarian alternatives. These are some of the primary factors that are expected to drive the Plant-based Meat Market. It is being increasingly adopted in food products like burgers patties, and sausages.

Growing flexitarian and vegan populations as well as rising animal welfare initiatives across the world boost the market growth.

Animal welfare has recently been pushed to the front of the world's eating habits. Animal humanization has been promoted on a larger scale by organizations like World Animal Protection (WAP) and People for the Ethical Treatment of Animals (PETA).

Various cultural views have been dominated by animal welfare. According to several theological traditions, animals have the same levels of sensibility, consciousness, and feeling as people. As a result, eating animal meat has been strongly discouraged, and numerous jurisdictions have passed harsh laws outlining the killing of animals.

Lack of awareness in third-world countries, and the texture and taste of plant-based meats limit the market growth.

Customers often search for high-quality products with reliable flavor and texture. Due to growing awareness of environmental and health issues, customers have recently begun to demand more nutrient-dense, clean-label, and sustainable products. Although plant-based meat substitutes offer nutritional advantages compared to those of animal meat, the main drawback is the taste and texture of the substitute. Moreover, in emerging economies, vegan culture, plant-based meat, and other meat alternatives are not yet popular and hence lack awareness among the larger audience.

The food industry experienced substantial fluctuations as a result of the COVID-19 pandemic, including disruptions in the transportation of goods and the availability of crucial materials. Despite these limitations, plant-based meat companies adapted and launched new products and increased sales up-to a certain extent.

The global trade ban imposed in reaction to COVID-19 caused problems in the food supply system. Distribution through the food service channels was severely hampered, and panic buying and pantry stocking resulted in a dramatic increase in retail sales over the previous year. During the early pantry-stocking phase, many plant-based meat categories saw exponential growth.

Scope of the Report

The Plant-based Meat Market is segmented by source, type, and product. In addition, the report also covers market size and forecasts for the four major regions' Plant-based Meat Market. The revenue used to size and forecast the market for each segment is US$ billion.

By Source

Soy

Pea

Wheat

Others

By Type

Chicken

Pork

Beef

Fish

By Product

Burgers Patties

Sausages

Strips & Nuggets

Others

By Geography

North America

USA

Canada

Mexico

Europe

Germany

UK

France

Spain

Italy

Rest of Europe

Asia Pacific

China

Japan

South Korea

India

Indonesia

AustraliaRest of Asia Pacific

LAMEA

Latin America

Middle East

Africa

Key Players

Beyond Meat

Impossible Foods Inc.

Starbucks

Tofurky

Kraft Foods, Inc.

Lightlife Foods, Inc

Maple Leaf Foods

Sunfed

VBites Foods Limited

Trader Joe's

Ojah B.V.

Key Trends by Market Segment

By Source: The soy source segment held the largest market share in the global Plant-based Meat Market in 2021.

Branch amino acids (BCAAs), which are abundant in soy, improve the body's capacity to exercise, develop and strengthen muscle mass, and recover from a strenuous workout. Comparing soy-based meat products to traditional animal- and dairy-based food items, it not only has lower formulation costs but also has a lower carbon footprint. Growing consumer demand for the product due to its qualities such as improved microwave-ability and slice-ability is anticipated to fuel market expansion.

By Type: The chicken segment held the largest share in the global Plant-based Meat Market in 2021.

The over-slaughtering and depletion of animal sources are being caused by the rising demand for chicken meat, the growing population, and consumer preferences for meat products. As a result, especially among millennials and Gen Xers, sustainability is becoming increasingly important as a deciding factor when making purchases, in turn promoting the growth of the Plant-based Meat Market.

By Product: Burger patties product segment held the largest share in the global Plant-based Meat Market in 2021.

Burger-producing companies are adopting ingredients that replicate the flavor, aroma and feel of meat which is pushing up the plant-based burger patties market in places across the globe. For example, The Impossible Burger, a product of Impossible Foods, has a characteristic meaty flavor since it is created with a genetically engineered form that mimics the natural heme-iron found in animals.

By Geography: Europe accounted for the largest market share in 2021 within the total Global Plant-based Meat Market in 2021.

The growing vegan trend in Europe, particularly in the UK, is anticipated to boost demand for plant-based meat alternatives. To boost their sales in the local market, major manufacturers are pursuing strategic initiatives such as capacity development, product innovation, and mergers and acquisitions.

Competitive Landscape

The global Plant-based Meat Market is highly competitive with ~300 players which include globally diversified players, regional players as well as a large number of country-niche players.

Country niche players constitute ~70% of the competitors, followed by regional players which hold 25% of the market presence. Some of the major players in the market include Beyond Meat, Impossible Foods Inc., Starbucks Corporation, Tofurky, Kraft Foods, Inc., Lightlife Foods, Inc., Maple Leaf Foods, Sunfed, VBites Foods Limited, Trader Joe's, Ojah B.V., and others.

Recent Developments Related to Major and Emerging Companies

In June 2020, the official launch of the Zandbergen co-manufacturing plant in Zoeterwoude, Netherlands, marked the introduction of Beyond Meat, Inc.'s first co-manufacturing capabilities in Europe. It is intended to make Beyond Meat's products more effectively distributed throughout EMEA.

In June 2022, Starbucks India in collaboration with the vegan meat firm, Imagine Meats, introduced a vegan menu, including a Vegan Croissant Bun with tomatoes, Vegan Sausage Croissant Roll with spiced tomato sauce, a sauteed vegetables, and chermoula, and a Vegan Hummus Kebab Wrap with green pea hummus and pickled carrots, for some of the Starbucks locations across the nation.

In February 2022, A joint venture deal has been signed between food technology startup TheNotCompany and The Kraft Heinz Co. As part of the announcement of the partnership, Kraft Heinz stated that the project is intended to "reimagine global food production" and move the food industry closer to a "most sustainable" future.

Conclusion

The global Plant-based Meat Market is expected to continue the gradual growth during the forecast period. Consumers are choosing vegan options due to growing concerns about their health and the welfare of animals. Moreover, they also seek the same flavor and tenderness found in meat, and meat products made from animals, are key trends driving market expansion. The market is highly competitive with around 300 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.

Key Topics Covered in the Report

Snapshot of the Global Plant-based Meat Market

Industry Value Chain and Ecosystem Analysis

Market size and Segmentation of the Global Plant-based Meat Market

Historic Growth of the Overall Global Plant-based Meat Market and Segments

Competition Scenario of the Market and Key Developments of Competitors

Porter's 5 Forces Analysis of the Global Plant-based Meat Market

Overview, Product Offerings, and SWOT Analysis of Key Competitors

COVID-19 Impact on the Overall Global Plant-based Meat Market

Future Market Forecast and Growth Rates of the Total Global Plant-based Meat Market and by Segments

Market Size of Source / Type Segments with Historical CAGR and Future Forecasts

Analysis of the Plant-based Meat Market in Major Regions

Major Production / Consumption Hubs in the Major Regions

Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments

Overview of Notable Emerging Competitor Companies within Each Major Country

Major Players Mentioned in the Report

Beyond Meat

Impossible Foods Inc.

Starbucks Corporation

Tofurky

Kraft Foods, Inc.

Lightlife Foods, Inc

Maple Leaf Foods

Sunfed

VBites Foods Limited

Trader Joe's

Ojah B.V.

Notable Emerging Companies Mentioned in the Report

Daring Foo Daring Foods Inc.

ICL Food Specialties

Burke Corporation.

Plant & Bean

Vivera

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Plant-Based Meat Manufacturers

FMCG Companies

HoReCa

Ghost Kitchen Operators

Food Safety Authorities

Advertising Companies

F&B Marketing Agencies

Dietary Supplement manufacturers

F&B Research Institutes

Entrepreneurs in Vegan Food Industry

Government Departments for Food Standards

Online Retail Platforms

Time Period Captured in the Report

Historical Period: 2017-2021

Forecast Period: 2022E-2028F

Frequently Asked Questions

What is the Study Period of this Market Report?

The global Plant-based Meat Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022E-2028F.

What is the Future Growth Rate of the Global Plant-Based Meat Market?

The global Plant-based Meat Market is expected to witness a CAGR of about 15% over the next six years.

What are the Key Factors Driving the Global Plant-Based Meat Market?

Consumers choosing vegetarian options due to growing concerns about their health, and the welfare of animals, and also seeking the same flavor and tenderness found in meat and meat products made from animals in the vegetarian options are the key drivers which are expected to boost the market.

Which is the Largest Source Segment within the Global Plant-Based Meat Market?

The soy source segment held the largest share of the global Plant-based Meat Market in 2021.

Who are the Key Players in the Global Plant-Based Meat Market?

Beyond Meat, Impossible Foods Inc., Starbucks, Tofurky, Kraft Foods, Inc., Lightlife Foods, Inc., Maple Leaf Foods, Sunfed, VBites Foods Limited, Trader Joe's, Ojah B.V., among others are the major companies operating in global Plant-Based Meat Market.