Plant-Based-Meat Global Market Report 2024

Plant-based meat refers to a meat alternative derived from plant sources, closely resembling conventional meat in both appearance and taste. The production of plant-based meat involves utilizing ingredients such as wheat gluten, lentils, yuba, tofu, soybeans, and various nuts.

The primary product categories for plant-based meat include burger patties, sausages, strips, nuggets, meatballs, and other variations. Sausage, for instance, is a finely chopped and seasoned meat product that can be fresh, smoked, or pickled, typically encased in a casing. Plant-based meat derives from sources such as soy, wheat, pea, and other plant-based alternatives. These plant-based meat products are made available through channels such as grocery stores, specialty food and beverage stores, convenience stores, restaurants, and online retail platforms.

The plant-based meat research report is one of a series of new reports from The Business Research Company that provides plant-based meat statistics, including plant-based meat industry global market size, regional shares, competitors with plant-based meat share, detailed plant-based meat segments, market trends and opportunities, and any further data you may need to thrive in the plant-based meat industry. This plant-based meat research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plant-based-meat market size has grown rapidly in recent years. It will grow from $8.5 billion in 2023 to $9.94 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The expansion in the historical period can be credited to the rise of plant-based ingredients, evolving dietary preferences, increased awareness of health and the environment, expanded retail presence, and global culinary influences.

The plant-based-meat market size is expected to see rapid growth in the next few years. It will grow to $17.23 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The increase in the predicted period can be linked to growing concerns regarding animal welfare, the integration of plant-based options in restaurants, government initiatives and regulations, efforts to mitigate climate change, and the diversification of product portfolios. Key trends expected in the forecast period encompass technological advancements in production, innovations in plant-based alternatives, the extension of product ranges beyond burgers, partnerships and collaborations with foodservice chains, and a heightened focus on health and nutrition.

The anticipated increase in consumer awareness regarding the advantages of vegetarian diets is expected to contribute to the expansion of the plant-based meat market. Vegetarian diets offer numerous benefits, including lower insulin levels, reduced risk of heart disease, and improved kidney functions. According to the August 2021 survey by the International Food Information Council, a US-based non-profit organization focused on food, beverages, and agriculture, the majority of Americans have consumed plant-based meat substitutes in the past year, with 2 in 5 incorporating them into their daily or weekly diets. Key motivations for choosing plant-based substitutes include their perceived healthfulness and availability as a source of high-quality protein. Additionally, increased awareness of animal rights through global welfare organizations such as Animal Aid Unlimited (AAU) and People for the Ethical Treatment of Animals (PETA) is expected to drive demand for plant-based meat products, subsequently boosting revenues in the plant-based meat market over the forecast period.

The expansion of the food and beverage service industry is anticipated to drive the growth of the plant-based meat market. This industry includes various businesses and establishments, such as restaurants, engaged in preparing, serving, and delivering food and drinks to consumers. Plant-based meat products are gaining popularity in the food and beverage industry as a widely accepted alternative to traditional animal-based meat. These products mimic the taste, texture, and appearance of meat while being entirely derived from plant sources. For example, a report by USA Today in August 2023 highlighted that the U.S. restaurant industry achieved $898 billion in sales in 2022, marking an increase of $166.5 billion from 2021. Therefore, the growth of the food and beverage service industry is a driving force behind the expansion of the plant-based meat market.

The elevated prices of plant-based meat products compared to regular meat products pose a significant challenge to the growth of the plant-based meat market. Major players in the plant-based meat product sector include Beyond Burger and Impossible Burger. At Whole Foods, a multinational supermarket chain based in the United States, the retail price of Beyond Burger is USD 12 per pound, while regular ground beef burgers cost less than half at USD 5 per pound. Thus, the pricing disparity between plant-based meat products and regular meat products is expected to impede market growth in the coming years.

The growing introduction of new brands and products, particularly those crafted from plant-based meat, stands out as a significant trend in the plant-based meat market. These products are designed to emulate the taste, texture, and appearance of traditional meat items derived from animals but are exclusively composed of plant-based ingredients. For example, in July 2022, Tata Consumer Products, an Indian-based fast-moving consumer goods company, unveiled its new brand, Tata Simply Better. This brand offers a variety of plant-based meat products in India, extending its product range into a new category and catering to consumers seeking more plant-based options in their diets.

Major companies in the plant-based meat market are forming strategic partnerships to explore new categories and expand their product lines. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits. For instance, in March 2022, Beyond Meat Inc., a US-based food company, collaborated with PepsiCo Inc., another US-based food company, to introduce Beyond Meat Jerky. This collaborative venture resulted in a plant-based jerky crafted with Beyond Meat's innovative protein technology, addressing the growing demand for meat alternatives and aligning with both companies' commitments to sustainable and delicious plant-based food options.

In April 2021, JBS SA, a Brazil-based meat processing company, announced its acquisition of Vivera, a European plant-based food company, for €341 million ($410 million). The acquisition encompasses three manufacturing facilities and a research and development center situated in the Netherlands. This move is a strategic effort by JBS SA to reinforce its global plant-based protein platform. The acquisition provides JBS with a significant presence in the plant-based sector, leveraging Vivera's technological expertise and innovation capabilities. Vivera produces a range of plant-based meat replacement products distributed to retailers in over 25 countries across Europe.

Major companies operating in the plant-based-meat market report are Abbots Laboratories Inc., Kraft Heinz Company Inc., Maple Leaf Foods Inc., Morningstar Farms Inc., Amy's Kitchen Inc., Beyond Meat Inc., Impossible Foods Inc., Quorn Foods Inc., Greenleaf Foods LLC, Don Lee Farms Inc., The Vegetarian Butcher LLC., Sweet Earth Inc., LightLife Foods Inc., Atlantic Natural Foods Inc., Gardein Inc., Ojah BV, Tofurky Inc., The Very Good Food Company Inc., Next Level Burger LLC., Gold&Green Foods Ltd., Gold&Green Foods Ltd Oy, Hungry Planet Inc., Monks Meats Inc., No Evil Foods Inc., Ocean Hugger Foods Inc., Sophie's Kitchen Inc., Yves Veggie Cuisine Inc., VBites Inc., Dr. Praeger's Inc., Good Catch Foods Inc.

Asia-Pacific was the largest region in the plant-based meat market in 2023. Western Europe was the second-largest region in the global plant-based-meat market. The regions covered in the plant-based-meat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the plant-based-meat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The plant-based meat market consists of sales of products in the form of a burger patty, crumbles, nuggets, sausages, and other plant-based meat products. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Plant-Based-Meat Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on plant-based-meat market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for plant-based-meat ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The plant-based-meat market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Type: Burger Patties; Sausages; Strips; Nuggets; Meatballs; Other Product Types
• 2) By Source: Soy; Wheat; Pea; Other Sources
• 3) By Distribution Channel: Grocery Stores; Food & Drinks Specialty Stores; Convenience Stores; Restaurants; Online Stores
• Companies Mentioned: Abbots Laboratories Inc.; Kraft Heinz Company Inc.; Maple Leaf Foods Inc.; Morningstar Farms Inc.; Amy's Kitchen Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.