Plant-based Meat Market Growth & Trends
The global plant-based meat market size is expected to reach USD 24.80 billion by 2030, expanding at 24.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc.Growing adoption of vegan lifestyle and diet among health-conscious consumers in traditionally meat-eating developed economies are expected to drive the market growth over the forecast period.
The growing concern of consumers regarding animal welfare and greenhouse gas emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products in the global market.
The plant based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector. Key companies in the industry are collaborating with fast-food joints and restaurant chains to promote the adoption of their products. For instance, fast-food joints such as Burger King, MacDonald’s, and Subway are launching new vegan meat products to capitalize on the industry dominated by health-conscious customers.
The plant based burgers are likely to exhibit steady growth over the upcoming years on account of rising consumer concerns regarding conventional meat products in the wake of the coronavirus pandemic. The plant-based burgers are known to offer low-gluten and low-fat contents, which makes them a highly favored product amongst health-conscious individuals.
Request a free sample copy or view report summary: Plant-based Meat Market Report
Plant-based Meat Market Report Highlights
The plant-based sausage segment is projected to ascend at a CAGR of 26.8% over the forecast period. Shifting consumer inclination towards plant-based diets and rising consumption of sausages via retail channels on account of taste, texture, and convenience are anticipated to spur product demand across the globe
Soy-based product segment accounted for more than 48.55% of the revenue share in the market in 2022, owing to its protein-rich content and widespread popularity
The rising trend of a vegan diet in European countries has pushed the demand for plant-based meat products in the region. The U.K., known for a variety of fresh and high-quality meat delicacies is now home to the largest vegan population in the world
In June 2020, Starbucks, in collaboration with Impossible Foods Inc., introduced the Impossible Breakfast Sandwich to its menu in most of its locations in the U.S. The sandwich is made withplant-based sausage and was launched as part of the Starbuck sustainability initiative to meet the rising consumer interest in the plant-based options
List of Key Players in the Plant-based Meat Market
Beyond Meat
Impossible Foods Inc.
Maple Leaf Foods (Field Roast & Maple Leaf)
Vegetarian Butcher
Conagra, Inc. (Gardein Protein International)
Kellogg NA Co. (MorningStar Farms)
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 (The Hain-Celestial Canada, ULC)
Marlow Foods Ltd. (Cauldron)
Ojah B.V.
Moving Mountains
Eat JUST Inc.
LikeMeat GmbH
Gooddot
OmniFoods
No Evil Foods
DR. PRAEGER’S SENSIBLE FOODS
Comments