The plant-based meat market is estimated to account for a value of USD 12.1 billion in 2019 and is projected to grow at a CAGR of 15.0% from 2019, to reach a value of USD 27.9 billion by 2025. An increasing number of consumers are demanding plant-based meat, either for medical reasons or as a healthy lifestyle. As a result, the demand for plant-based meat continues to expand. Additionally, continuous efforts in research & development by plant-based meat manufacturers, in terms of better aroma, texture, longer shelf life, and better nutritious profiles, is projected to escalate the growth of global plant-based meat market in the coming years. Companies, both start-ups and established players are entering this high growth market owing to the growing preference for plant-based diets among consumers at a global level. Established food companies such as Cargill (US) and Tyson Foods (US) have invested in start-ups that are producing plant-based meat products; this is further expected to boost sales of plant-based meat products in the coming years.
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By source, the soy segment is projected to dominate the plant-based meat market during the forecast period.
By source, the plant-based meat market is segmented into soy, wheat, pea, and others (quinoa, oats, beans, and seeds). Soy is widely used as a base ingredient for plant-based pork, beef, and chicken products, owing to its high protein content and meat-like texture. The growing health concerns associated with the consumption of animal protein-sourced foods and adoption of flexitarian and vegetarian diets are expected to drive consumption of soy as a source in the global market. Impossible Foods offers soy-based burgers and is backed by a strong distribution network in the US. In January 2019, the company launched an upgraded version of its burger, which would have 30% less sodium and 40% less saturated fat.
By type, the chicken segment is projected to dominate the plant-based meat market during the forecast period.
Various sausages, nuggets, strips, and burgers have chicken as their major meat ingredient. Chicken flesh and eggs are loaded with animal protein, fats, and cholesterol. On the other hand, the protein content in plant-based meat chicken products is about the same while the other nutrients may vary. Beyond Meat’s (US) plant-based burger includes ingredients such as pea protein and canola oil. Impossible Food’s (US) patties contain soy protein and coconut oil to replicate the taste of chicken.
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The North American region is projected to account for the largest market share during the forecast period.
The North American plant-based meat market is projected to account for the largest share by 2025. There are various on-going developments in the region in terms of expansion and new product launches. For instance, in 2018, Alpha Foods (US) had its plant-based meat products available in over 5,000 stores in the US. Apart from this, in Canada, the plant-based meat is an emerging area, with consumers willing to add plant-based foods owing to the health concerns related to the consumption of animal protein products. Furthermore, according to Google Canada, the phrase “plant-based diet” was a top search in their “Kitchen” category in 2017. In March 2018, the government of Canada announced an investment of USD 150 million for the country’s plant protein industry. In Mexico, as well, there is a rise of vegan and vegetarian eating; the consumers in the region are opting for meatless versions of their popular traditional cuisines such as tacos. Companies, both start-ups and established companies, are entering the market. These companies are expanding their presence by forming partnerships with retail chains or restaurants for the distribution of plant-based meat products. Apart from this, consumers in the region are adapting flexitarian diets. These factors are expected to drive the plant-based meat market in the region.
This report includes a study of marketing and development strategies along with the product portfolios of leading companies in the plant based meat market. It includes the profiles of leading companies such as Impossible Foods (US), Garden Protein International (US), Beyond Meat (US), Morningstar Farms (US), Amy’s Kitchen (US), Quorn Foods (UK), Maple Leaf Foods (Canada), Tofurky (US), the Vegetarian Butcher (The Netherlands), Sunfed (New Zealand), VBites (UK), and Gold&Green Foods (US).
Recent Developments:
- In March 2019, Impossible Foods launched its plant-based meat, with a variety of dishes available at eight restaurants throughout Singapore. The motive behind the launch was to expand its global reach.
- In March 2019, Beyond Meat launched a plant-based ground beef product to meet the rising consumer demands and enhance its plant-based meat product portfolio.
- In March 2019, Morningstar Farms launched a plant-based vegan cheeseburger to meet the demand of its consumers.
