PLANT BASED MEAT MARKET ANALYSIS

Higher prices of plant based meat products as compared to conventional animal meat hampers its mass adoption and overall growth of the global plant based meat market. While plant based meat alternatives aim to offer similar taste and texture as animal products, their current price points tend to be significantly higher. This price disparity is a major concern for most budget-conscious consumers.  The higher prices of plant based meats can be attributed to several factors like production of most plant based meat products is expensive and labor-intensive as these involve complex scientific processes to isolate and refine plant proteins for mimicking animal meat. There are considerable research and development investments involved as well to continuously enhance the product formulations. The economies of scale for plant-based meat industries are still developing compared to long-established animal agriculture industries.

Opportunity: Product innovation & improved nutrient profile

Product innovation and fortifying products with nutrients offers a tremendous opportunity for growth of plant based meat market. As consumers become increasingly health-conscious and concerned about sustainability, companies are actively developing products that mimic the taste and texture of meat more closely, while also providing nutritional benefits. Recent innovations like pea, soy and mushroom-based "meats" that closely resemble ground beef or chicken nuggets when cooked have increased demand significantly. These realistic meat alternatives appeal to both vegetarians looking to reduce meat consumption and flexitarians interested in occasional meat-free options.  To capitalize on this demand, plant based meat companies are investing heavily in research and development to create even more innovative products. Many companies are focusing on fortifying their products with important nutrients like protein, vitamins and minerals that consumers associate with meat.