Plant-based Meat Market Projected to Garner Significant Revenues by 2025
The plant-based meat market is estimated to be valued at USD 4.3 billion in 2020 and is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0%
According to MarketsandMarkets, the plant-based meat market is estimated to be valued at USD 4.3 billion in 2020 and is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0%, in terms of value. It is witnessing significant growth due to growing vegan and flexitarian population across the world, rising awareness about the health benefits offered by plant-based meat over animal meat, and growth in government initiatives along with significant investments are driving the global market. The European market is going to dominate the market, due to innovative product development in the region, backed with appropriate research and development facilities available in the region.
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Drivers: Rising Awareness About The Health Benefits Offered By Plant-Based Meat Over Animal Meat
The plant-based trend continues to grow, encouraging people to eat more fruits, vegetables, legumes, nuts, and seeds. Also, there are various health benefits associated with plant-based products, about which consumers are getting more aware recently. Excessive consumption of animal-based meat may result in diet-related diseases such as obesity, type-2 diabetes, heart disease, and certain cancers. On the other hand, the consumption of plant-based meat does not give rise to such diseases. Moreover, they aid in building better immunity. The nutritional benefits of plant-based meats and their safety compared with conventional meat are also some of the important factors that have been contributing to gaining the attention of consumers.
Plant-based meat products are significantly replacing conventionally processed meat products such as burgers, sausages, and nuggets. Plant-based meat contains lower levels of saturated fat, cholesterol, and calories than animal-based meat. They often contain higher levels of micronutrients, such as zinc, iron, and calcium.
Challenges: Perception regarding the taste of plant-based meat products
Plant-based meat products contain nutritional benefits similar to that of animal meat. Manufacturers try to make the meat substitutes similar to meat in terms of texture, color, flavor, and taste. However, most consumers are disappointed by the taste and variety of meat substitutes. Consumers have a perception that there is a significant compromise in taste if they opt for meat substitutes. For instance, the off-flavor of soy protein makes it undesirable for consumption. The off-flavor is caused by compounds, such as aldehydes, ketones, furans, and alcohols. Medium-chain aldehydes are among the major reasons for the beany and grassy taste of soy products. However, the high nutritional value of soy has led to its demand.
By type, beef is projected to account for the largest share in the market during the forecast period
Based on type, beef dominated the market. Plant-based beef provides similar characteristics to that of beef. It provides similar characteristics to that of beef. Beef-related plant-based products such as meat-free beef pieces, no-beef burgers, beef watercress, and beefsteak are made from sources such as soy and wheat. Furthermore, manufacturers are focusing on new product launches to meet consumer demand from vegetarian populations.
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The North American region is also expected to grow at the highest CAGR during the forecasted period
North America is the fastest growing region in the global plant-based meat market. For American consumers, meat is a very prominent part of their diets. However, as many researches highlighted the health risks related to the consumption of red meat, consumers are increasingly shifting toward plant-based diets as they are a healthier option as compared to animal meat. Furthermore, Consumers in the region are adopting a flexitarian lifestyle and are incorporating plant-based foods in their daily routine diets. Along with this, the trend of veganism is gaining momentum in the region, which is further contributing to the growth of the plant-based meat market. Governments are also investing heavily in the plant-based protein industry, as there is a rise of vegan and vegetarian eating.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Beyond Meat (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), The Vegetarian Butcher (Netherlands), Gardein Protein International (Canada), Morningstar Farms (US), Quorn Foods (US), Amy’s Kitchen (US), Tofurky (US), Gold&Green Foods Ltd. (Finland), Sunfed (New Zealand), VBites Food Limited (UK), Alpha Foods (US), Planterra Foods (US), Before the Butcher (US), No Evil Foods (US), Like Meat (Germany), The Meatless Farm Co. (England), Hooray Foods (US), and Yves Veggie Cuisine (Canada).
- In October 2020, Impossible Foods Inc. expanded its presence by introducing its flagship product, Impossible Burger, in the Canadian market. The company has made its product available in about 600 Sobeys family stores and on the retailer’s online grocery home delivery service. This will enable the company to expand its retail footprint in the market.
- In September 2020, Beyond Meat rolled out its new product, Beyond Meatballs, which will start being available in the grocery stores across the US. This product will fulfill the consumer demand for nutritious and easy-to-prepare products made from plant-based ingredients.