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Plant-based meat Market Segmentation: By Product Type (Plant-based Chicken, Plant-based Beef, Plant-based Fish and Plant-based Bacon); By Application (Patty, Nuggets, Sausages, Crumbles and Others); By Source (Pea, Soy and Wheat); By End Users (Food and Beverage and Household) and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
Product Overview
Plant based meat market to surpass USD $27.1 million by 2030 from USD $4.24 million in 2020 at a CAGR of 20.50 % throughout the forecast period, i.e. 2020-30.
Plant-based meat products act as substitutes for natural meats made using plant and non-animal products such as extracted plant protein, whey protein, coconut oil, potato protein, wheat gluten, tofu, etc. In comparison to meat products, they are more sustainable and environmentally friendly, and also, resemble meat products in terms of texture, appearance, and taste. Plant-based meat products are usually used in the form of nuggets, burger patty, sausages, or even crumbles, similar in terms of calories to red meat but contain less cholesterol and more fiber. Various types of plant-based meat products include plant-based beef, plant-based fish, plant-based chicken, etc. as a replica of meat.
Global Plant-based meat market to surpass USD $27.1 million by 2030 from USD $4.24 million in 2020 at a CAGR of 20.50 % throughout the forecast period, i.e. 2020-30.The global Plant-based meat market is expected to observe growth in the future due to a shift in consumption patterns of the populace which is influenced not only by vegans but also, by flexitarians. Flexitarians are usually referred to as those consumers that consume meat in moderation but their diet majorly comprises vegetarian food options. Plant-based meat products are in high demand due to rising consumer awareness of health issues as well as animal rights which is a key factor accelerating the growth of the global plant-based meat market.
In December 2019, Unilever, a global food corporation launched a plant-based food Research Centre in Europe, worth $94 Million to develop new products including sustainable food packaging and plant-based meat products.
The global Plant-based meat market is segmented by product type into Plant-based Chicken, Plant-based Beef, Plant-based Fish, and Plant-based Bacon. The plant-based chicken segment held the largest market share of XX.X% in the year 2019 and is anticipated to dominate the global market throughout the forecast period. Chicken contains fewer calories in comparison to beef and is preferred over other product types.
The global Plant-based meat market is segmented by application into Patty, Nuggets, Sausages, Crumbles, and Others. The Patty services segment held the largest market share of XX.X% in the year 2019 and is expected to maintain this trend throughout the forecast period due to rising consumer demand for burger patties since it contains low gluten content and low-fat content.
The global Plant-based meat market is also segmented by source into Pea, Soy, and Wheat. The soy segment held the largest market share of XX.X% in the year 2019 and is anticipated to grow with the highest CAGR throughout the forecast period. Soy contains a similar texture, contains low saturated fats, and is an excellent source of proteins. Pea is also rich in protein and can be substituted to make a chicken patty.
The global Plant-based meat market is also segmented by end-users into Food and Beverage and Household. The household segment held the largest market share of XX.X% in the year 2019 and is anticipated to grow with the highest CAGR throughout the forecast period. Plant-based meat being healthier in comparison to red meat is incorporated by households into their diets. The food and beverage industry is also adding plant-based meat alternatives to their menu with the increasing numbers of food outlets and restaurants that are focused on providing healthy food options to consumers.
Health Benefits
Plant-based meat is healthier as it minimizes the risks of high blood cholesterol, and cardiovascular diseases increase protein consumption and kidney function, and maintain calories that have higher chances to incur with the consumption of red meat. Thus, eliminating the risks of diabetes, obesity, etc. Plant-based meat products prevent bacterial infection borne from sea-food consumption, also, as health risks associated with the consumption of red meat.
Plant-based meat is ecologically sustainable and growing consumer awareness regarding environmental issues such as acid rain, land and water degradation, deforestation, and coral reef determination related to the killing of animals. Rising awareness of animal rights has led to a shift in demand from non-vegetarian to vegetarian diets encouraging consumers to adopt plant-based meat products.
Lack of several nutrients
Plant-based meat lacks vitamin B12 and does not incorporate complete elements to fulfill the protein requirements of the body. Over-processing of plant-based materials is a key factor restraining the growth of the global plant-based meat market.
Impact of Covid-19 on Plant-Based Meat Market
The spread of coronavirus has led to a rise in food safety concerns and consumers have majorly inclined towards purchasing food products with high nutritional content. Plant-based meat is anticipated to observe a rise in demand owing to the concurrent fear of rising animal-borne diseases like COVID-19, natural products, and health concerns. Plant-based meat is the most preferred alternative over red meat by consumers since plant-based meat is healthier and most probably tastes the same. Disruptions in supply chains and panic buying or storage have been witnessed during this pandemic which may lead to a deficient supply of plant-based meat market. Moreover, a growing fear of the spread of infections has also led to a shutdown of many food outlets which are also a medium of supply of plant-based meat in the form of burger patties, sausages, etc. upending the supply of plant-based meat.
The global Plant-based meat market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Plant-based meat market in North America held the largest market share of XX.X% in the year 2019 and has been the largest contributor to a plant-based meat market. North America is experiencing an adverse COVID situation which may witness a shift in demand from non-vegetarian food products to plant-based meat products. Europe is anticipated to observe a rise in demand for plant-based meat products due to the rising vegan population.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
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