Global Plant-based Meat Market by Product (Sausages, Burgers), by Source (Soy, Pea), by End-user (HORECA, Retail), by Type (Fish, Chicken) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global plant-based meat market was worth USD 3.3 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 19.4%) between 2020 and 2027. The market is expected to grow due to growing consumer interest in plant-based foods and rising awareness of animal rights. A vegan diet includes plant-based meat. This is a lifestyle where people eat a vegetarian diet that excludes animal-based foods. The market will grow as more people adopt a vegan lifestyle. Due to growing demand for vegetarian foods that are rich in fiber, vitamin A, iron, and lower in saturated fats, the U.S. market is expected to experience high growth. Manufacturers are also focusing on creating products that have a longer shelf-life, better texture and aroma, as well as a better nutritional profile. This will help boost the country's market growth.

The market is expected to see a rise in e-commerce penetration and greater adoption of the Omnichannel approach. Online shopping will be encouraged by the Covid-19 pandemic that saw lockdowns imposed in major cities around the world. This will encourage distributors to switch to online shopping channels. As a raw material, soy contains all nine essential amino acids that are necessary for overall growth. The ability to increase the water absorption and solubility of the final product, as well as the viscosity, antioxidation, viscosity, viscosity, texture, and solubility will drive demand for soy in plant based meat products in the future.

The industry will be challenged by the high prices for plant-based meat burgers and patties as well as sausages. A Beyond Burger retails at USD 12 per pound in one U.S. supermarket chain, while a traditional beef hamburger costs around USD 5 per pound.

Source Insights

Soy-based meat dominated the market and represented more than 48.0% of global revenue in 2019. Soy is an excellent source of Branch Amino Acids, which help build and strengthen muscle mass. Soy-based meat products are less expensive to make than traditional animal- or dairy-based products. They also have a lower carbon footprint.

Pea-based meat sources are expected to experience the highest CAGR between 2020 and 2027. Pea-based meat can be grown easily and is economical to farm. It is rich in nutrients such as thiamine and fiber.

Pea-based patties can also be used in hamburgers as a substitute for chicken, beef, and pork-based patties. Pea-based meat products are popular due to their high protein content, similar texture and consistency to meat, quick preparation, and easy availability.

Product Insights

The market leader in plant-based burgers was more than 29.0% of global revenue in 2019. These burgers are made with ingredients that mimic the taste, texture, and aroma of meat. Impossible Foods' Impossible Burger is made from a genetically modified form. This mimics the natural heme iron found in animals, giving it a distinct meaty flavor. There are many companies that offer burgers made with plant-based ingredients, including Quorn, Amy's Kitchen, Inc., Beyond Meat, and Kellogg NA Co.

Due to growing demand for plant-based sausages, the segment with the fastest CAGR is expected to grow from 2020 to 2027. Companies are expected to make significant investments to bring new flavors to plant-based meat sausages such as sweet Italian, hot Italian and spinach pesto.

Type Insights

The market leader in plant-based chicken was responsible for over 34.0% of global revenue share in 2019. Because chicken is high in animal fats, cholesterol and protein, it is the main ingredient in traditional meat products such as nuggets and patties. Plant-based chicken products contain about the same amount as the animal-based ones, but the other nutrients can vary.

High levels of fiber and roughage are common in plant-based foods like soy and wheat. This increases absorption rates and boosts metabolism. These sources are used mainly for chicken-like meat products such as strips, meatballs and deli slices.

Veggie bacon is also known as vacon or vegetarian bacon. It is a product made from plant-based pork. These products are made from soy and pea proteins and have high fiber and protein. They are also low in fat. These products are available from several key manufacturers, including Vegetarian Butcher, Morningstar Farms, and Smart Bacon.

Many start-ups and established companies in the industry launch new products to increase sales and capitalize on growing consumer preferences for plant-based diets. Beyond Meat, for example, announced in July 2019 that it is creating steak and bacon alternatives to its current line of vegan sausages and beef products for its flexitarian customers.

Storage Insights

Frozen plant-based meat storage accounted for over 57.0% of global revenue in 2019. This segment has seen a significant increase in product development due to the growing demand for vegetarian products. This allows consumers to choose from a wide range of brands and products, which in turn makes it easier for plant-based meat products to be recognized and sell more.

Manufacturers of plant-based food products are seeing a significant rise in their revenues. Faux meat manufacturers see the greatest growth in their net sales. From 2020 to 2027, the segment of refrigerated plant based meat products is expected to show the highest growth rate. There are many factors that contribute to this segment's growth, including a shortage of meat and concerns about the coronavirus epidemic in meat processing plants.

Despite the fact that the refrigerated products of frozen plant-based meat were outpacing them during the pandemics, this trend is expected to continue owing to growing environmental concerns and increased popularity of plant-derived foods products.

End-user insights

Hotel/Restaurant/Cafe (HORECA) segment led the market and accounted for more than 57.0% of the global revenue share in 2019. Due to rising demand for vegan and flexible diets, many restaurants and fast food chains are focusing a portion of their menu on "meat-free" options. This will drive segment growth.

The industry's key players are focusing on changing consumer preferences and increasing demand for a tailored service. Amy's Kitchen Inc., a U.S-based vegan and vegetarian food manufacturer, announced in April 2019 that it would open a third, plant-based, vegan-friendly Amy's Drive-Thru restaurant in Walnut Creek.

Products such as nuggets and burger patties are also gaining popularity in fast-food restaurants. Numerous major brands have introduced plant-based meat products. Events such as "Texas Go Vegan Week", and "Veganuary" are also held to raise awareness about living a cruelty-free and ethical lifestyle.

Regional Insights

North America was the dominant market, accounting for more than 39.0% global revenue share in 2019. The growing demand for meatless meat products and rising awareness about the dangers of eating contaminated meat foods are the reasons behind the growth of the regional market.

Major companies have shut down their production facilities in response to the negative effects of the coronavirus epidemic on the U.S. traditional meat market. Despite the pandemic, faux meat products were sold in grocery stores. Due to shifting consumer perceptions about food safety and sustainability, the demand for plant-based foods will increase.

Europe's market is expected to experience the fastest growth in the coming years due to a positive consumer outlook and strict regulations against animal cruelty. To increase sales in their region, key manufacturers are taking strategic initiatives such as product innovation, capacity expansion and mergers & Acquisitions.

Beyond Meat, for instance, announced in June 2020 that it would be expanding its European production capacity by purchasing a new production unit at Enschede in the Netherlands and opening a co-manufacturing plant with Zandbergen World's Finest Meat at Zoeterwoude in the Netherlands.

Market Share Insights & Key Companies

In the industry, players are focusing their research and development efforts and diversifying their portfolio to launch innovative alternative meat products. These products mimic exotic meats like lobster and veal. The market's major players have a strong sales channel with retailers and restaurants around the world to distribute their products. In February 2020, Gold&Green Foods Ltd. introduced Pulled Oats to the U.S. foodservice market via Sysco, which is a distributor and marketer of food products for healthcare and educational institutions and restaurants. Among the most prominent players in the market for plant-based meat are:

• Beyond Meat

• Impossible Foods Inc.

• Maple Leaf Foods (Field Roast & Maple Leaf).

• Vegetarian Butcher

• Conagra, Inc. (Gardein Protein International)

• Kellogg NA Co. (MorningStar Farms)

• Quorn

• Amy's Kitchen, Inc.

• Tofurky

• Gold&Green Foods Ltd.

• Sunfed Ltd.

• VBites Foods Limited

• S Kraft Foods, Inc.

• Lightlife Foods, Inc.

• Trader Joe's

• Yves Veggie Cuisine, The Hain-Celestial Canada (ULC)

• Marlow Foods Ltd.

• Ojah B.V.

• Moving Mountains

• Eat JUST Inc.

• LikeMeat GmbH

• Gooddot

• OmniFoods

• No Evil Foods

• Dr. Praeger's Sensible Foods

Up Market Research published a new report titled “Plant-based Meat Market research report which is segmented by Product (Sausages, Burgers), by Source (Soy, Pea), by End-user (HORECA, Retail), by Type (Fish, Chicken), By Players/Companies Lightlife Foods Inc, Amy’s Kitchen Inc, Ojah BV, Moving Mountains, Kellogg NA Co (MorningStar Farms), Trader Joe's, Maple Leaf Foods (Field Roast & Maple Leaf), No Evil Foods, Gooddot, Yves Veggie Cuisine (The Hain-Celestial Canada ULC), S Kraft Foods Inc, Impossible Foods Inc, Vegetarian Butcher, Dr Praeger’s Sensible Foods, Marlow Foods Ltd (Cauldron), Tofurky, Beyond Meat, Eat JUST Inc, VBites Foods Limited, Quorn, LikeMeat GmbH, Gold&Green Foods Ltd, Sunfed Ltd, OmniFoods, Conagra Inc (Gardein Protein International)”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Plant-based Meat Market Report Segments:

The market is segmented by Product (Sausages, Burgers), by Source (Soy, Pea), by End-user (HORECA, Retail), by Type (Fish, Chicken).

Plant-based Meat Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Plant-based Meat Market

Overview of the regional outlook of the Plant-based Meat Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Plant-based Meat Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Plant-based Meat Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Sausages

                2. Burgers

                1. Soy

                2. Pea

                1. HORECA

                2. Retail

                1. Fish

                2. Chicken

10. Market scenario by region, sub-region, and country.
11. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
12. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
13. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Plant-based Meat Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Plant-based Meat Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.