The global plant-based meat market is foreseen to experience notable growth in the 2020—2027 timeframe. The rising awareness about the health benefits of plant-based meat products among consumers is boosting the growth of the market. The seitan sub-segment, soy sub-segment, and direct sub-segment are estimated to dominate the market. The Asia-Pacific market is estimated to be at the pole position.
New York, USA, Sept. 28, 2022 (GLOBE NEWSWIRE) — A new report on the global plant-based meat market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $68,448.9 million by 2027, rising at a CAGR of 19.1% from 2020 to 2027. This all-inclusive report delivers a comprehensive overview of the current and future situation of the plant-based meat market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
The report segments the global plant-based meat market into product type, source, distribution channel, and region.
Seitan Sub-Segment to Observe Tremendous Growth
The seitan sub-segment of the product type segment is projected to experience huge growth and surpass $2850.9 million in the forecast period. This growth is chiefly owing to the rising adoption of seitan products as they can be stored for numerous months without losing their flavors or texture as compared to other meat alternatives such as tofu.
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Soy Sub-Segment to Undergo Speedy Growth
The soy sub-segment of the source segment is foreseen to surpass $18,697.6 million in the forecast period. This growth is mainly owing to the increasing adoption of plant-based meat by various people and the rising number of non-vegetarian people who prefer meat alternatives.
Direct Sub-Segment to Undergo Massive Growth
The direct sub-segment of the distribution channel segment is expected to perceive enormous growth by garnering $15,587.4 million in the forecast period. This is mainly owing to the increasing adoption of direct distribution channels, as they aid in eradicating intermediary expenses and help increase direct customer contact.
Asia-Pacific Region to Witness Speedy Growth
The report analyzes the global plant-based meat market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is projected to detect amazing growth by surpassing $30,938.9 million in the estimated period. The growth of this region’s market is mainly due to the rising implementation of supportive policies by the government, increasing disposable income of people in the Asian countries, and growing technological developments in the food & beverages industry mostly in nations such as China, India, and Japan in this region.
Impact of COVID-19 Pandemic on the Plant-Based Meat Market
The outbreak of the COVID-19 pandemic in 2020 has had a positive impact on the growth of the global plant-based meat market. The rising awareness about consuming healthy food amidst the pandemic has greatly increased the vegan population worldwide. In addition, there has been a noteworthy increase in awareness among people regarding the health benefits of consuming vegan food in recent months. Moreover, numerous market players, such as Conagra, Impossible foods, and many others, are making strategic investments to launch new products to attain a strong position in the market. All these factors are significantly enhancing the growth of the plant-based meat market during the pandemic.
Factors Impacting the Plant-Based Meat Market’s Growth
The major factors propelling the growth of the global plant-based meat market are the growing awareness related to the health benefits provided by plant-based meat products, for instance, no antibiotics, no cholesterol, and fewer saturated fats, as well as rising acceptance for veganism amongst people. In addition, rising initiatives by the government of numerous nations to create awareness about the importance of plant-based meat products is anticipated to give rise to valuable opportunities for the market’s growth in the forecast period. However, limited production of plant-based meat products in underdeveloped nations is expected to obstruct the growth of the market.
Top Players of the Market
The report lists some of the foremost players functioning in the global plant-based meat market including
- Kellogg’s Company
- Turtle Island Foods, Inc.
- Taifun-Tofu GmbH.
- Schouten Europe B.V.
- Sweet Earth, Inc.
- Amy’s Kitchen, Inc.
- Impossible Foods Inc.
- Nasoya Foods
- The Kraft Heinz Company
- Hain Celestial
- Lightlife Foods, Inc.
- Pacific Foods of Oregon
- LLC
- Monde Nissin
- Fry Family Food
- Nutrisoy Pty Ltd
- Beyond Meat.
- Hügli Holding AG
- Atlantic Natural Foods, Inc.
- Pinnacle Foods Inc. (Conagra Brands, Inc.)
- VBites Foods Ltd.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in July 2022, Tata Consumer Products (TCP), the consumer products firm, entered into the plant-based meat products segment, under a new brand ‘Tata Simply Better.
