The Rising Number Of Vegans And Veganism To Boost The Plant Based Meat Market Growth

Plant Based Meat Market 

Plant-based Meat Market, By Source (Soy, Pea, Wheat), By Product (Burgers, Patties, Sausages), By Type (Chicken, Pork, Beef), By End-user, By Storage and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) - Outlook, Size, Share, and Opportunity Analysis, 2023 – 2030

The Plant-based Meat Market was estimated at US$ 5.06 billion and is projected to grow to US$ 20.76 billion between 2022 and 2030, at a CAGR of 19.3%.

Market Overview:

Plant-based meat is derived from plants. So, producers do not depend on animals however on plants to prepare plant-based meat. Similar to animal-based products, plant-based meat comprises of protein, fat, minerals, vitamins and water. It is prepared to appear and taste similar to meat.

Competitive Landscape:

Key players involved in the growth of global Plant-based Meat Market are Beyond Meat, Kellogg NA Co. (MorningStar Farms), Impossible Foods Inc., Gold&Green Foods Ltd., Maple Leaf Foods (Field Roast & Maple Leaf), Dr. Praeger's Sensible Foods, Vegetarian Butcher, Amy's Kitchen, Inc., Conagra, Inc. (Gardein Protein International), LikeMeat GmbH, VBites Foods Limited, No Evil Foods, Lightlife Foods, Inc, Yves Veggie Cuisine (The Hain-Celestial Canada, ULC), Moving Mountains, Marlow Foods Ltd. (Cauldron), Eat JUST Inc., Eat JUST Inc., Kraft Foods, Inc., Tofurky, GoodDot, OmniFoods, Sunfed, Ojah B.V. and Trader Joe's.

Market Key Drivers:

The rise in vegans and veganism is anticipated to augment the growth of the global plant-based meat for market. For instance, as per the data submitted by Economist, the vegans count has been increased from 0.4% to 3.5% in US.

The Food Release Agents Market was estimated at USD 704.20 million in 2021, and from 2022 to 2030, it is predicted to increase at a compound annual growth rate (CAGR) of 3.67%.

Furthermore, people choosing plant based protein instead of red meat due to the risk of chronic diseases being spread in people owing to its consumption is projected to propel the growth of global Plant-based Meat Market. For instance, according to a research performed by the Harvard School of Public Health declared in September 2019, that consuming the red meat resulted in chronic diseases such as cancer, mellitus diabetes amongst people.

Covid-19 Impact Analysis:

The Covid-19 outbreak has led to negative impact on the growth of the global plant-based meat for market as there was a shortage of labor and disruptions in the supply chain at the time of pandemic and lack of workers led to the impact on the processing of products in the industry and the procurement of the raw materials.

Key Takeaways:

For instance, in November 2021, Tyson Foods Inc., declared the initiation of its plant- based protein brand Raised & Rooted in Europe.

Among region North America, Asia Pacific and Europe are anticipated to witness robust growth in the global Plant-based Meat Market owing to the increase in vegan diet, collaborations and shifts of people from meat substitutes to plant based diet, increasing health consciousness and rising disposable income. For instance, In April 2019, McDonald’s approved its Big Vegan TS with Nestle vegan patty.