For Immediate release.
/EIN News/ — Chicago, July 31, 2023 (GLOBE NEWSWIRE) — The plant-based meat market has been experiencing significant growth and popularity in recent years. This market refers to the production and consumption of meat alternatives that are made entirely from plant-based ingredients, such as soy, wheat, peas, and other plant proteins. As concerns about sustainability, animal welfare, and health have increased, more people are looking for alternatives to traditional animal-based meat products. There are several factors driving the growth of the plant-based meat market. Firstly, environmental concerns have played a crucial role. The meat industry is a significant contributor to greenhouse gas emissions, deforestation, and water pollution. Plant-based meats offer a more sustainable option, requiring fewer resources and producing fewer emissions.
Plant-based meat market in terms of revenue was estimated to be worth $7.9 billion in 2022 and is poised to reach $15.7 billion by 2027, growing at a CAGR of 14.7% from 2022-2027 according to a latest report published by MarketsandMarkets™. Plant-based food products are gaining widespread popularity. The plant-based trend continues to grow, encouraging people to eat more fruits, vegetables, legumes, nuts, and seeds.
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Plant-based Meat Market Report Scope:
|Market Size Value in 2022||US $7.9 billion|
|Revenue forecast in 2027||US $15.7 billion|
|Growth Rate||CAGR of 14.7% from 2022 to 2027|
|Base year for estimation||2021|
|Report Coverage & Deliverables||Revenue forecast, company ranking, driving factors, Competitive benchmarking, and analysis|
|Regional scope||North America, Europe, Asia Pacific, South America, Central America, RoW|
|Key Market Drivers||Growth in government initiatives and significant investment|
|Key Market Opportunities||Increase in consumers’ focus on meat alternatives|
Major Players in the Plant-based Meat Market report, such as:
- Beyond Meat (US)
- Kellogg Company (US)
- Impossible Foods Inc. (US)
- Maple Leaf Foods (Canada)
- Unilever (UK)
- Conagra Foods (US)
- Tofurky (US)
- Gold&Green Foods Ltd (Finland)
- Sunfed (New Zealand)
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The research report categorizes the market into the following segments:
Plant-based Meat Market, By Source
- Other sources (quinoa, oats, beans, nuts, and seeds)
Plant-based Meat Market, By Type
- Other types (lamb and turkey)
Plant-based Meat Market, By Products
- Burger patties
- Strips & nuggets
- Other products (slices, fillets, cutlets, slides, fingers, and crumbles)
Plant-based Meat Market, By Distribution Channel
- Food retail
- Food services
- By storage
Plant-based Meat Market, By Region
- North America
- Asia Pacific
- South & Central America
- Rest of the World (RoW)
- Middle East
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The key stakeholders in the Plant-based Meat Market include:
- Consumers: Consumers are the ultimate stakeholders in the plant-based meat market. They drive demand for these products based on their preferences, dietary choices, health concerns, and ethical considerations. Consumer acceptance and adoption of plant-based meats are crucial for the market’s growth.
- Food Companies: Food companies, both large corporations and startups, play a significant role in the plant-based meat market. They develop and produce plant-based meat products, investing in research and development to create innovative and appealing options. These companies collaborate with food scientists, chefs, and nutritionists to improve the taste, texture, and nutritional profile of their products.
- Retailers: Retailers, such as supermarkets, grocery stores, and online platforms, are important stakeholders in the distribution of plant-based meat products. They determine the availability and visibility of these products to consumers. Retailers often allocate shelf space and promote plant-based meats to meet the growing demand from their customers.
- Restaurants and Foodservice Providers: Restaurants and foodservice providers, including fast-food chains, cafés, and catering companies, have a significant impact on the plant-based meat market. As more consumers seek plant-based options when dining out, these establishments incorporate plant-based meats into their menus to attract and retain customers.
- Agricultural and Food Ingredients Suppliers: Suppliers of plant-based ingredients, such as soy, wheat, peas, and other plant proteins, play a critical role in the plant-based meat market. These suppliers ensure the availability and quality of the raw materials used in producing plant-based meats. They may also collaborate with food companies to develop new ingredients that enhance the taste, texture, and nutritional value of plant-based products.
- Investors and Financial Institutions: Investors and financial institutions play a crucial role in supporting the growth of the plant-based meat market. They provide funding and financial resources to food companies and startups, enabling them to expand their operations, invest in research and development, and scale up production capabilities.
- Regulatory Authorities: Regulatory authorities at the local, national, and international levels have a role in overseeing the plant-based meat market. They establish guidelines and standards for labeling, safety, and production practices to ensure consumer protection and maintain product integrity.
- Non-Governmental Organizations (NGOs) and Advocacy Groups: NGOs and advocacy groups focused on sustainability, animal welfare, and health often promote plant-based diets and advocate for the development and consumption of plant-based meat products. They raise awareness, conduct research, and engage in public campaigns to encourage a shift toward plant-based alternatives.
Plant-based Meat Market Frequently Asked Questions (FAQs):
Q1. What is plant-based meat?
Q2. What are the main types of plant-based meat?
Q3. Is plant-based meat good?
Q4. What is the current size of the global Plant-based Meat Market?
Q5. Which is leading plant-based meat manufacturers in USA?
Q6. How profitable is the plant-based meat industry?
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This report provides insights on the following pointers:
- Rapid Market Expansion: The plant-based meat market has expanded rapidly, with an increasing number of consumers opting for plant-based alternatives to traditional meat products. This shift is driven by various factors, including environmental consciousness, ethical considerations, and health awareness. The market has witnessed the introduction of a wide range of plant-based meat products, including burgers, sausages, nuggets, and ground meat substitutes.
- Mainstream Acceptance: Plant-based meats have gained significant mainstream acceptance, reaching a broader consumer base beyond vegans and vegetarians. Flexitarians, who primarily follow a plant-based diet but occasionally consume meat, form a substantial portion of the market. This acceptance is attributed to advancements in food technology that have improved the taste, texture, and overall eating experience of plant-based meats, making them more appealing to a wider audience.
- Expansion into Foodservice Sector: Plant-based meats are increasingly making their way into restaurants, fast-food chains, and other foodservice establishments. The demand for plant-based options from consumers has prompted these businesses to include plant-based meat alternatives on their menus. This expansion into the foodservice sector has contributed to greater accessibility and exposure of plant-based meats to a larger consumer base.
- Investment and Innovation: The plant-based meat market has attracted significant investment and witnessed remarkable innovation. Both established food companies and startups are investing in research and development, creating new formulations and production techniques to enhance the quality and variety of plant-based meat products. This investment has resulted in continuous improvements in taste, texture, and nutritional profiles, making plant-based meats more comparable to conventional meat.
- Environmental and Sustainability Benefits: One of the primary drivers of the plant-based meat market is its potential to reduce the environmental impact associated with conventional meat production. Plant-based meats require fewer natural resources, generate lower greenhouse gas emissions, and contribute less to deforestation and water pollution compared to traditional animal agriculture. This sustainability aspect resonates with environmentally conscious consumers and contributes to the market’s growth.
- Regulatory Landscape: The regulatory landscape surrounding plant-based meats is evolving. Regulatory authorities are working to establish clear guidelines for labeling, safety standards, and the use of terms like “meat” and “burger” for plant-based products. These regulations aim to ensure consumer protection and prevent confusion while allowing the plant-based meat market to flourish.
- Collaboration and Partnerships: Collaboration between food companies, ingredient suppliers, and research institutions is crucial for the continued growth and success of the plant-based meat market. Partnerships enable the development of innovative products, efficient production processes, and expanded distribution networks. Collaborative efforts also contribute to addressing challenges such as scalability, cost competitiveness, and nutritional optimization.
- Consumer Education and Awareness: Educating consumers about the benefits of plant-based meats, including their nutritional value, environmental impact, and ethical considerations, is essential for market expansion. As consumer awareness increases, driven by information campaigns, documentaries, and media coverage, more individuals are likely to explore and adopt plant-based meat products.