The global Plant Based Meat Market was valued at US$ 5.06 bn in 2021, according to the Global Plant Based Meat Market Report, by Source (Soy, Wheat, Pea, and Blends), by Storage (Frozen, Refrigerated, and Shelf-Stabled), by Product Types (Burger patties, Sausages, Meatballs, and Strips & Nuggets), by Types (Beef, Chicken, and Pork), by Distribution Channels (Offline [Supermarket and Hypermarket] and Online), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) – published by Coherent Market Insights.
The global plant based meat market is expected to surpass US$ 20.76 bn by 2030 and exhibit a CAGR of 19.3% during the forecast period (2022-2030). Due to the health benefits, increasing the demand of plant based meat product across the globe can boost the plant based meat market in forecast period. Increasing health benefits such as the avoidance of noninfectious illnesses, digestion issues, and overweight can help to drive the market growth. However, the prevalence of allergies from the consumption of animal based protein source is likely to provide energy to the consumption of plant based meat. Consumers are switching to plant-based food patterns due to extensive health benefits and environment friendly properties. Increasing cardiovascular diseases, including cancer and diabetes, has impelled to consumers to choose the plant based meat products as it helps to prevent this diseases which is help to boost the plant based meat market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/plant-based-meat-market-5436
Browse 25 market data tables* and 20 figures* on "Global Plant Based Meat Market” – Forecast to (2022-2030).
Key Trends and Analysis of the Global Plant Based Meat Market:
- Among regions, in 2021, Europe was the largest plant based meat market owing to increasing awareness among consumers and high disposable income. The plant based meat market in Europe is expected to grow at a rapid pace during the forecast period, due to increasing demand for functional food and desire for healthy & active lifestyle among the European population. In Europe, the growing vegan trends especially in the U.K. which can help to increase the sale of plant based meat product and also boost the market growth.
- The rapid shift towards the plant-based meat products is playing a key role in the growth of the plant based meat market in the globe. Moreover, increasing animal welfare and food processing concerns consumers are helps to boost the plant based meat market growth.
Key Takeaways of the Market:
Among Distribution channels, the offline segment is divided into hypermarket and supermarket can held a dominant position in the global plant based meat market in 2021. The availability of different varieties and wide range of products in hypermarket and supermarket is anticipated to boost the market growth in upcoming years. For instance, In December 2021, the Indian plant based meat company, ‘Imperial Tobacco’ announced to launched a plant based meat product in Indian market namely ‘burger patties’ and ‘Nuggets’ for providing the taste of Chicken to consumers and easily available in retail stores.
Key Players
- Major players operating in the global plant based meat market include Beyond Meat, Impossible Foods Inc., Maple Leaf Foods , Vegetarian Butcher, Conagra, Inc. , Kellogg NA Co. , Quorn, Amy's Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe's, Yves Veggie Cuisine, Marlow Foods Ltd. , Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, Dr. Praeger's Sensible Food.
Global Plant Based Meat Market - Impact of Coronavirus (COVID-19) Pandemic
Since March 2020, almost every industry in the world has suffered due to the COVID-19 pandemic. The demand for consumer goods in 2020 reduced significantly, which in turn, hampered growth of the plant-based meat market. Furthermore, supply chain disruptions also reduced the growth of the plant based meat market. Moreover, import and export activities reduced drastically due to stringent regulation policies.
The North America is facing positive effect of COVID-19, due to shut down of stores, they can dealing through e-commerce platform which can help to increase the plant based meat products sales. Furthermore, rapid shift towards organic and safe food consumption and increasing demand for plant based meat products in the U.S. and Canada can help to boost the market growth in upcoming years.
