by The plant based meat market is estimated to be valued at US$ 7.2 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Plant based meat products contain ingredients that mimic the taste, texture and other properties of conventional animal meat but are made entirely from plant sources. These products include burgers, sausages, chicken strips and nuggets made from ingredients like soy, pea protein, wheat and other plant derivatives. Growing popularity of vegan and vegetarian diets along with rising concerns over animal welfare and environment sustainability are driving the demand for plant based meat products among health conscious consumers.
Market Dynamics:-
Two of the major drivers propelling the growth of plant based meat market are rising health consciousness and concerns over sustainability. Consumers are increasingly aware about the health risks associated with excessive consumption of red and processed meat. Plant based meat offers a healthy meat alternative as they are lower in saturated fat and cholesterol. In addition, plant based meat has lower environmental footprint compared to conventional meat as they require less land and water resources for production. Another driver is the flexible product offerings from manufacturers. Plant based meat producers are innovating new product lines to replicate the taste and textures of different cuts of animal meat which is appealing to both vegetarians as well as flexitarians. However, higher prices of plant based meat compared to conventional meat remains a key challenge for widespread acceptance.
SWOT Analysis:-
- Strength: Plant Based Meat Market has three key strengths – Health benefits of plant based meat over animal meat as it contains no cholesterol or hormones. Growing consumer awareness about environment and animal welfare is driving demand. Wide availability and favorable pricing of plant based meat products.
- Weakness: Taste and texture of plant based meat is still not at par with animal meat for many consumers. High dependency on few key players poses supply risks.
- Opportunity: Younger consumers are more willing to substitute animal meat with plant based options presenting a big opportunity. Growing fast food chains and restaurant adoption will boost market viability.
- Threats: Traditional meat producers can potentially influence regulations against plant based meat products. Fluctuating prices of raw materials like soy and wheat can impact production costs.
Key Takeaways:-
The Global Plant Based Meat Market Growth is expected to witness high, exhibiting CAGR of 19.3% over the forecast period, due to increasing health consciousness among consumers. Growing meat allergy cases and ethical reasons such as animal welfare are also driving the market
Regional analysis: North America dominates currently due to strong presence of leading brands and rising veggie lifestyle. Asia Pacific is expected to be the fastest growing market due to large population, rapid urbanization and rising middle class. Countries like China, India are witnessing exponential growth in plant based meat industry.
Key players operating in the Plant Based Meat Market are 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 Foods. These players are investing heavily in R&D and new product launches catering to evolving tastes. Strategic partnerships with restaurants are a key focus.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
