New study on plant-based meat market dominated by soy, wheat, pea, and others (quinoa, oats, beans, and seeds). The demand of Soy widely used as a base ingredient for plant-based pork, beef, & chicken products, owing to its high protein content, meat-like texture.
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.
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The plant-based meat market is driven by the growing adaption of flexitarian diets, especially in the North American region. For instance, according to an article published by the Food Revolution Organization in 2018, the number of vegans in the US has increased by 600% in the last three years. In Europe, the growing vegan trends, especially in the UK, is expected to increase the demand for plant-based meat products. In the UK, the vegan population in the UK quadrupled between 2014 and 2018.
“The soy segment is estimated to account for the largest share in the plant-based meal market in 2019.”
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 plant-based meat market. Impossible Foods offers soy-based burgers and is backed by a strong distribution network in the US. In January 2019, company launched an upgraded version of its burger, which would have 30% less sodium and 40% less saturated fat.
Asia Pacific region, high growth of plant-based meat market expected from countries such as China, Singapore, and Australia & New Zealand, owing to the rise in demand for organic food products in the region. Furthermore, the region consists of the largest vegetarian population at a global level, which is expected to create a lucrative opportunity for plant-based meat manufacturers in the coming years. Apart from this, the expansion of the key players such as Impossible Foods (US) in Singapore and Beyond Meat (US) in China is further expected to boost sales of plant-based meat in the region.
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Report on plant-based meat market useful for 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.
Plant-based meat producers are using soy as one of the key ingredients in products such as burger patties, strips & nuggets, sausages, and meatballs. It acts as a suitable alternative to meat sources such as pork, beef, chicken, and fish, owing to its high protein content. Impossible Foods (US), a leading player in the plant-based meat market,
It includes the profiles of leading companies such as Impossible Foods (US), Beyond Meat (US), Garden Protein International (US), Morningstar Farms (US), Quorn Foods (UK), Amy’s Kitchen (US), Maple Leaf Foods (Canada), the Vegetarian Butcher (Netherlands), Tofurky (US), Gold & Green Foods (US), Sunfed (New Zealand), and VBites (UK).
More Information on “Plant-based Meat Market by Source (Soy, Wheat, Pea, Quinoa, Oats, Beans, Nuts), Product (Burger Patties, Sausages, Strips & Nuggets, Meatballs), Type (Pork, Beef, Chicken, Fish), Process, and Region – Global Forecast to 2025” Report at https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=2255190 .
The report segments the plant-based meat market on the basis of source, product, type, and region. In terms of insights, this report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles—which together comprise and discuss views on the emerging & high-growth segments of the global plant-based high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
- To get a comprehensive overview of the plant-based market.
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them.
- To gain insights about the major countries/regions, in which the plant-based market is gaining popularity.
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