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The Plant-based Meat Market size is projected to increase by USD 12.53 billion and the market size is estimated to grow at a CAGR of 26.1% between 2022 and 2027.
This report extensively covers market segmentation by food service system (frozen, refrigerated, and shelf-stable), type (plant-based beef, plant-based chicken, plant-based pork, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The new product launches are notably driving the market growth. Due to the growing health awareness of consumers and environmental concerns, the demand for plant-based meat products is increasing. Animal meat production causes a significant amount of greenhouse gases. For example, for every gram of beef produced, 221 grams of carbon dioxide are released.To meet the growing demand for plant-based meat products, vendors around the world are launching new products. Successful new product launches increase suppliers' revenue streams and market share. One such new product launch includes two new iterations of its plant-based burger, with one version offering a more meaty experience and the other being a more nutritious version of its burger, by Beyond Meat. Such factors will drive the market growth during the forecast period. It also includes an in-depth analysis of drivers, trends, and challenges.
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Trends
Changing consumer demographics is an emerging trend in the market. The growing health consciousness of consumers is increasing the demand for healthier food and beverages. In recent years, the incidence of chronic health problems such as diabetes, indigestion, allergies, and obesity has increased among consumers worldwide. Therefore, people have become health conscious and want to follow a healthier diet that prevents or reduces the risks of these diseases.
A health-conscious population is looking for foods that contain fewer calories but the right combination of essential nutrients. Thus, the growing popularity of healthy eating has increased the demand for healthy food ingredients, which is expected to drive the growth of the global market during the forecast period.
Increasing consumption of animal meat is a major challenge impeding market growth. Consumption of animal meat and related products is expected to increase during the forecast period due to population growth, an increase in disposable income, and an increase in demand for protein-rich foods. Consumption of meat such as pork, beef, and chicken is increasing in several countries such as the United States, China, India, and Russia.
In quantitative terms, the US was the largest beef market in 2020. Beef consumption in the US grew significantly between 2019 and 2020. Quantitatively, chicken consumption increased by more than 2% in the United States and 1% in China in 2019-2020. Thus, increasing consumption of animal meat products will negatively affect the growth of the global market during the forecast period.
Frozen Based - Freezing is an excellent method to preserve animal products like meat, extending their shelf life and providing nutritional benefits to consumers. The increasing demand for protein-rich diets is driving the popularity of frozen meat products. Vendors are responding to this demand by expanding their production facilities and introducing new frozen meat product lines. For example, Continental Coffee, ltd. launched its plant-based frozen meat brand Continental Greenbird, featuring various chicken and mutton-like products. These expansions are expected to boost sales and drive market growth in the forecast period.
The demand for plant-based protein products, including plant-based beef, is on the rise due to growing health consciousness among consumers. Vendors are launching new plant-based beef products to meet this demand. For instance, Beyond Meat introduced its Beyond Steak plant-based beef, and Nestle collaborated with Nomoo to develop vegan beef products. However, competition from traditional beef and cell-based meat products may pose challenges to the segment's growth. Nevertheless, the increasing launch of new plant-based beef products is expected to drive growth during the forecast period.
The Plant-Based Beef Segment was valued at USD 92.86 Billion in 2017 and continued to grow until 2021.
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The rise in health consciousness among consumers will boost the demand for plant-based food products, especially plant-based chicken products, in the forecast period. Additionally, the segment will witness growth due to new product introductions and increased investments from vendors. Kellogg Co. launched plant-based chicken tenders and nuggets in September 2020, reflecting the industry's interest in plant-based meat. Major players in the food and beverage industry are actively entering the global plant-based meat market and investing in plant-based meat vendors.
North America is estimated to contribute 41% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The demand for plant-based meat products is increasing among consumers in North America, owing to their health consciousness and growing concern about the environmental impacts of meat production. The increasing number of new product launches, investments, and the popularity of plant-based meat products among millennials will also drive the growth of the market in North America during the forecast period.
Vendors are coming up with new products to meet the rising demand from consumers. Vendors operating in the market in North America are partnering with major fast-food chains and quick-service restaurants to launch their products. Thus, the increasing number of new product launches and the formation of new strategic partnerships will drive the growth of the plant-based meat market in North America during the forecast period.
The market in North America was challenged by the spread of COVID-19 in 2020. However in 2021, with the initiation of the vaccination drives, lifting of lockdowns, and other restrictions the supply chain of the market has been restored, and the demand for the product gradually increased due to the sales of frozen and refrigerated meat from online channels in the region. This is expected to support the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The plant-based meat market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The plant-based meat market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Plant-based Meat Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 26.1% |
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Market growth 2023-2027 |
USD 12.53 billion |
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Market structure |
USD Fragmented |
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YoY growth 2022-2023(%) |
25.02 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key countries |
US, UK, Germany, Italy, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Albertsons Co. Inc, Beyond Meat Inc., Conagra Brands Inc., Ecozone, Gathered Foods Corp., Green Monday, Hormel Foods Corp., Impossible Foods Inc., Jensen Meat Co., Kellogg Co, Kerry Group Plc, Kroger Co., Maple Leaf Foods Inc., Monde Nissin Corp., Nestle SA, New Wave Foods, The Kraft Heinz Co., The Tofurky Co. Inc., Tyson Foods Inc., and Unilever PLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Foodservice System
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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