Plant-based Meat Market Share, Analysis, Trend, Size, Growth till 2027

 The global plant-based meat market size is estimated to be valued at USD 7.9 billion in 2022 and is projected to reach USD 15.7 billion by 2027, recording a CAGR of 14.7% in terms of value during the forecast period. Plant-based meat products serve as an alternative to animal meat. The rise in consumption of plant-based meat is either due to medical reasons or lifestyle changes.

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The food retail segment among distribution channels is estimated to have the largest market

Based on the distribution channel, the food retail segment is estimated to account for the largest share of the plant-based meat market in 2022. Food retail refers to operating retail, supermarkets, hypermarket stores, and other stores where various products, such as grocery items, vegetables, uncooked meat, and frozen products, are made available to consumers. The distribution channel is already popular among consumers worldwide due to the wide availability of various products. Therefore, this distribution channel is being used by established plant-based meat companies and startups to increase the penetration of their products in the market, making it the largest segment during the forecast period in the plant-based meat market.

The burger patties segment is projected to grow at the highest CAGR in the plant-based meat market during the forecast period

By product, the plant-based meat market is segmented into burger patties, strips & nuggets, sausages, meatballs, and other products. The other products include slices, fillets, cutlets, fingers, and crumbles. Burgers are generally very popular among consumers globally, particularly in North America. With the growing veganism trend and health consciousness, the demand for plant-based burgers is on the rise. The segment has been dominating the market historically and is expected to continue doing so during the forecast period, making it the fastest-growing product segment in the plant-based meat market.

Europe region holds the largest share in the plant-based meat market

The European plant-based meat market accounted for the largest market share in 2020. This dominance is attributed to the rising health concerns among consumers regarding meat products and the exponentially growing veganism trend in the region. Furthermore, European plant-based meat manufacturers focus on developing innovative products backed by appropriate research and development facilities available in the region. Several European retailers and supermarkets have added plant-based meat products to their product range to cater to the rising demand for plant-based meat products across the region.

Top Companies in Plant-based Meat Market

Key players in this market include Beyond Meat (US), Kellogg Company (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Unilever (UK), Conagra Foods (US), Tofurky (US), Gold&Green Foods Ltd (Finland), Sunfed (New Zealand), and Monde Nissin (Philippines).

Beyond Meat (US), a Delaware Corporation is one of the biggest alternative protein brands offering a portfolio of plant-based meats. The company markets the plant-based product via three categories: beef, pork, and poultry. Beyond Meats range of plant-based meat products can be categorized into four segments: Beyond Burgers, Beyond Sausage, Beyond Beef, and Beyond Beef Crumbles. The company has a wide presence in the US. Its factories are in Columbia and Missouri of the US.

Impossible Foods Inc., (us), manufactures plant-based products by observing animal products at the molecular level and selects specific proteins and nutrients from greens, seeds, and grains to recreate meat and dairy products. Impossible Foods Inc. has its first large-scale food manufacturing site located in Oakland, California. The countries where the company has its presence include the US, Canada, Hong Kong, Macau, and Singapore.

Plant-based Meat Market Will Hit Big Revenues In Future

The global plant-based meat market is estimated to be valued at USD 7.9 billion in 2022. It is projected to reach USD 15.7 billion by 2027, with a CAGR of 14.7%, in terms of value between 2022 and 2027. There is a growth in the vegan and flexitarian population, a rise in awareness about the health benefits of plant-based meat over animal-based meat products, an increase in investment by government bodies and R&D activities, and investment of the major food industry giants in plant-based meat products. These factors together are propelling the plant-based meat market.

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By product, the strips & nuggets segment is projected to occupy the second-largest market share during the forecast period

By product, the strips & nuggets segment is projected to occupy the second-largest market share in terms of value by 2027 in the plant-based meat market. The demand for strips & nuggets is on the rise because of their taste appeal and consumer popularity, particularly in American and European countries. Thus, due to their rising popularity, several companies are focusing on expanding their product portfolios by incorporating other strips & nuggets made from chickpeas, wheat, soy, corn, rice, and oats. All these factors together are projected to contribute to the market share of this product category by 2027.

The food retail segment among distribution channels is estimated to have the largest market

Based on the distribution channel, the food retail segment is estimated to account for the largest share of the plant-based meat market in 2022. Food retail refers to operating retail, supermarkets, hypermarket stores, and other stores where various products, such as grocery items, vegetables, uncooked meat, and frozen products, are made available to consumers. The distribution channel is already popular among consumers worldwide due to the wide availability of various products. Therefore, this distribution channel is being used by established plant-based meat companies and startups to increase the penetration of their products in the market, making it the largest segment during the forecast period in the plant-based meat market.

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Europe region holds the largest share in the plant-based meat market

The European plant-based meat market accounted for the largest market share in 2020. This dominance is attributed to the rising health concerns among consumers regarding meat products and the exponentially growing veganism trend in the region. Furthermore, European plant-based meat manufacturers focus on developing innovative products backed by appropriate research and development facilities available in the region. Several European retailers and supermarkets have added plant-based meat products to their product range to cater to the rising demand for plant-based meat products across the region.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Beyond Meat (US), Kellogg Company (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Unilever (UK), Conagra Foods (US), Gold & Green Foods Ltd (Finland), Sunfed (New Zealand), and Monde Nissin (Philippines).a

Growth Strategies Adopted by Major Players in the Plant-based Meat Market

The global plant-based meat market is estimated to be valued at USD 7.9 billion in 2022. It is projected to reach USD 15.7 billion by 2027, with a CAGR of 14.7%, in terms of value between 2022 and 2027. There is a growth in the vegan and flexitarian population, a rise in awareness about the health benefits of plant-based meat over animal-based meat products, an increase in investment by government bodies and R&D activities, and investment of the major food industry giants in plant-based meat products. These factors together are propelling the plant-based meat market.

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Opportunities: Increase in consumers’ focus on meat alternatives

Various food products such as meat patties and sausages are being replaced by plant-based/plant-infused meat products, considering the growing health awareness among consumers, which is expected to drive demand for plant-based meat products. According to The Food Science and Health Database Organization, in 2018, “22 million UK citizens now identify as being a ‘flexitarian,’ viewed not as a fad diet, but instead, a permanent lifestyle choice, notably most popular among highly influential millennials.” Thus, the increasing vegan and flexitarian population is a big opportunity for plant-based meat manufacturers in the industry during the forecast period.

Challenges: Perception regarding the taste of plant-based meat products

Consumers perceive that there is a significant compromise in taste if they opt for meat substitutes. For instance, the off flavor of soy protein makes it undesirable for consumption. The off-flavor is caused by compounds such as aldehydes, ketones, furans, and alcohol. Medium-chain aldehydes are among the major reasons for soy products' beany and grassy taste.

The food retail segment among distribution channels is estimated to have the largest market

Based on the distribution channel, the food retail segment is estimated to account for the largest share of the plant-based meat market in 2022. Food retail refers to operating retail, supermarkets, hypermarket stores, and other stores where various products, such as grocery items, vegetables, uncooked meat, and frozen products, are made available to consumers. The distribution channel is already popular among consumers worldwide due to the wide availability of various products. Therefore, this distribution channel is being used by established plant-based meat companies and startups to increase the penetration of their products in the market, making it the largest segment during the forecast period in the plant-based meat market.

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Europe region holds the largest share in the plant-based meat market

The European plant-based meat market accounted for the largest market share in 2020. This dominance is attributed to the rising health concerns among consumers regarding meat products and the exponentially growing veganism trend in the region. Furthermore, European plant-based meat manufacturers focus on developing innovative products backed by appropriate research and development facilities available in the region. Several European retailers and supermarkets have added plant-based meat products to their product range to cater to the rising demand for plant-based meat products across the region.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Beyond Meat (US), Kellogg Company (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Unilever (UK), Conagra Foods (US), Tofurky (US), Gold&Green Foods Ltd (Finland), Sunfed (New Zealand), and Monde Nissin (Philippines).

Growth Strategies Adopted by Major Players in Plant-based Meat Market

Plant-based meat is a rapidly growing industry, driven by increasing consumer demand for healthier, more sustainable food options. Plant-based Meat Market is expected to generate a revenue of USD 15.7 billion by 2027, with a CAGR of 14.7%, in terms of value between 2022 and 2027. The global market was estimated to be valued at USD 7.9 billion in 2022. Plant-based food products are gaining widespread popularity. The plant-based trend continues to grow, encouraging people to eat more fruits, vegetables, legumes, nuts, and seeds.

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One of the key drivers of this growth is the increasing awareness of the negative impact of meat production on the environment, as well as the health risks associated with consuming too much meat. Plant-based meat provides a healthier and more sustainable alternative, as it is typically made from ingredients like soy, peas, and wheat, which have a lower environmental impact than traditional meat production.

Another factor driving the growth of the plant-based meat industry is the rise of flexitarians, where consumers are reducing their meat consumption but still want to enjoy the taste and texture of meat. Plant-based meat provides a convenient and tasty option for these consumers.

In terms of opportunities, there are several areas where the plant-based meat industry can continue to grow and innovate. These include:

Improving taste and texture: One of the biggest challenges for plant-based meat companies is creating products that taste and feel like traditional meat. Continued investment in research and development can help improve the taste and texture of plant-based meat, making it more appealing to consumers.

Expanding distribution: While plant-based meat products are becoming more widely available, there is still room for expansion in terms of distribution. This includes increasing availability in grocery stores and restaurants, as well as expanding into new geographic markets.

Developing new products: Beyond burgers and sausages, there are opportunities to develop new plant-based meat products that appeal to a wider range of consumers. This could include plant-based seafood, chicken, and other meat alternatives.

Partnering with foodservice companies: Plant-based meat companies can partner with foodservice companies, such as fast-food chains and caterers, to offer plant-based options on their menus. This can help increase the visibility and acceptance of plant-based meat among a wider audience.

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Overall, the plant-based meat market is a dynamic and rapidly evolving industry with significant growth potential. Continued innovation and investment will be key to unlocking new opportunities and driving the industry forward.

Upcoming Growth Trends in the Plant-based Meat Market

The global plant-based meat market size is estimated to valued at USD 7.9 billion in 2022 and is projected to reach USD 15.7 billion by 2027, recording a CAGR of 14.7%, in terms of value during the forecast period. Plant-based meat products serve as an alternative to animal meat. The rise in consumption of plant-based meat is either due to medical reasons or lifestyle changes.

 

 

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The increasing awareness about the benefits of a vegan diet is one of the major factors for the growth of plant-based meat products worldwide A substantial increase in the vegan population has been seen in many major countries. More than 39% of the people in the US are adding more vegan food options to the dishes they eat. From 2017 to 2019, plant-based sales grew by 31.3%. According to a survey commissioned by the Vegan Society, the number of vegans in the UK quadrupled between 2014 and 2018. In 2019, there were 6,00,000 vegans, around 1.16% of the population. Veganism was first coined in the UK.

 

Key players in this market include Beyond Meat (US), Kellogg Company (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Unilever (UK), Conagra Foods (US), Tofurky (US), Gold&Green Foods Ltd (Finland), Sunfed (New Zealand), and Monde Nissin (Philippines).

 

The key players are focusing heavily on improving their market shares by product launches and strategic expansion, while newer start-ups are being established rapidly in the market. The plant-based meat market can be classified as a consolidated market with major market share of 70-75% is acquired by top 5 key players operating in the market, present at the global level.

 

Beyond Meat (US), a Delaware Corporation is one of the biggest alternative protein brands offering a portfolio of plant-based meats. The company markets the plant-based product via three categories: beef, pork, and poultry. Beyond Meats range of plant-based meat products can be categorized into four segments: Beyond Burgers, Beyond Sausage, Beyond Beef, and Beyond Beef Crumbles. The company has a wide presence in the US. Its factories are in Columbia and Missouri of the US.

 

Impossible Foods Inc., (us), manufactures plant-based products by observing animal products at the molecular level and selects specific proteins and nutrients from greens, seeds, and grains to recreate meat and dairy products. Impossible Foods Inc. has its first large-scale food manufacturing site located in Oakland, California. The countries where the company has its presence include the US, Canada, Hong Kong, Macau, and Singapore.

 

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Europe region is one of the fastest-growing regions in terms of consumption and production. The manufacturers in Europe are currently focusing on new product developments that include plant-based meat with better texture, appearance, and composition. The innovative product development in the region is backed by appropriate research and development facilities available in the region

Plant-based Meat Market to Witness Unprecedented Growth in Coming Years

 According to MarketsandMarkets analysis, the "Plant-based Meat Market by Source (Soy, Wheat, Blends, Pea), Product (Burger Patties, Strips & Nuggets, Sausages, Meatballs), Type (Beef, Chicken, Pork, Fish), Distribution Channel, Storage and Region - Global Forecast to 2027", is estimated to be valued at USD 7.9 billion in 2022. It is projected to reach USD 15.7 billion by 2027, with a CAGR of 14.7%, in terms of value between 2022 and 2027. The major factors to drive the growth of the plant-based meat market are growth in vegan and flexitarian population, rise in awareness about the health benefits of plant-based meat over animal-based meat products, increase in investment by government bodies and R&D activities, and investment of the major food industry giants in plant-based meat products.

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Soy account for the largest market share in the plant-based meat market

 

Based on the source, the soy segment dominates the market. Soy serves as an alternative to meat sources, such as pork, beef, and chicken due to its high protein content. The consumption of soy foods has recently risen in Western countries due to the adoption of vegetarian diets and being cholesterol-free as against animal-based proteins.

 

The beef segment is projected to account for the largest market share in the plant-based meat market during the forecast period

 

Based on type, the beef segment is projected to account for the largest market share in the plant-based meat market. Beef is usually considered a type of meat harvested from cattle and it is a nutrient-rich food, as it provides various essential nutrients. Plant-based beef provides similar characteristics to that of beef. Beef-related plant-based products, such as meat-free beef pieces, no-beef burgers, beef watercress, and beefsteak, are made from sources such as soy and wheat.

 

The burger patties segment is projected to grow at a significant CAGR in the plant-based meat market during the forecast period

 

By product, the plant-based meat market is segmented into burger patties, strips & nuggets, sausages, meatballs, and other products. The other products include slices, fillets, cutlets, fingers, and crumbles. Plant-based burgers are the most popular type of product that has gained consumer attention at a global level. They are designed and created to look and taste like conventional meat products.

 

The food retail segment is projected to account for the largest market share in the plant-based meat market during the forecast period

 

Based on the distribution channel, the food retail segment is projected to account for the largest share in the plant-based meat market. Food retail refers to operating retail, supermarket, hypermarket stores, and any other form of stores, where various products, such as grocery items, vegetables, uncooked meat, and frozen products, are made available to the consumers. This distribution channel is being used by established plant-based meat companies as well as startups to increase the penetration of their products in the market.

 

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Europe region holds the largest share in the plant-based meat market during the forecast period

 

Europe region is one of the fastest-growing regions in terms of consumption and production. The manufacturers in Europe are currently focusing on new product developments that include plant-based meat with better texture, appearance, and composition. The innovative product development in the region is backed by appropriate research and development facilities available in the region

 

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Beyond Meat (US), Kellogg Company (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Unilever (UK), Conagra Foods (US), Tofurky (US), Gold&Green Foods Ltd (Finland), Sunfed (New Zealand), and Monde Nissin (Philippines).

Plant-based Meat Market to Record Steady Growth by 2025

The report "Plant-based Meat Market by Source (Soy, Wheat, Pea, & Other Sources), Product (Burger Patties, Strips & Nuggets, Sausages, Meatballs, & Other Products), Type (Beef, Chicken, Pork, Fish, & Other Types), Process, and Region - Global Forecast to 2025", According to MarketsandMarkets, the global plant-based meat market size is estimated to be valued at USD 4.3 billion in 2020. It is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0% in terms of value. Growing vegan and flexitarian populations across the world, rising awareness about the health benefits offered by plant-based meat over animal meat, and growth in government initiatives along with significant investments are driving the global plant-based meat market.

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The soy segment accounted for the largest share in the plant-based meat market

Based on sources, soy dominated the plant-based meat market. Soy serves as an alternative to meat sources such as pork, beef, and chicken, owing to its high protein content. Traditionally, the consumption of soy and soy products is associated with the Asian population. However, the consumption of soy foods has recently risen in Western countries, owing to the increase in the adoption of vegetarian diets. Soy-based foods are cholesterol-free against animal protein foods and serve as a source of fibers, vitamins, and other essential nutrients. Plant-based meat producers are increasingly incorporating soy to make products such as burgers, meatballs, and sausages.

The chicken segment accounted for a significant share in the plant-based meat market

Based on type, chicken accounted for the second-largest dominating segment in the plant-based meat market. Various strips, nuggets, and burgers contain chicken meat as their major ingredient. The products developed by many food companies thus offer plant-based chicken in various forms such as strips, nuggets, cutlets, and burger patties, which is leading to the rising demand for plant-based chicken meat.

The strips & nuggets segment is projected to grow at a significant growth rate in the plant-based meat market during the forecast period

By product, the plant-based meat market is segmented into burger patties, strips & nuggets, sausages, meatballs, and other products such as slices, fillets, cutlets, slides, fingers, and crumbles. They are a healthier alternative to meat and are environmentally more sustainable, which is why more food manufacturers are developing plant-based meat products. Several start-ups are going mainstream with the launch of plant-based burgers, nuggets, sausage, meatballs, and other products. Impossible Foods Inc. (US) and Beyond Meat (US) were among the key players to enter the plant-based meat market. These companies are backed by various types of investors, including leading players such as Tyson Foods (US).

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The North American region is also expected to grow at the highest CAGR during the forecasted period

North America is the fastest-growing region in the global plant-based meat market. For American consumers, meat is a very prominent part of their diets. However, as many researches highlighted the health risks related to the consumption of red meat, consumers are increasingly shifting toward plant-based diets as they are a healthier option as compared to animal meat. Furthermore, Consumers in the region are adopting a flexitarian lifestyle and are incorporating plant-based foods in their daily routine diets. Along with this, the trend of veganism is gaining momentum in the region, which is further contributing to the growth of the plant-based meat market. Governments are also investing heavily in the plant-based protein industry, as there is a rise of vegan and vegetarian eating.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Beyond Meat (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), The Vegetarian Butcher (Netherlands), Gardein Protein International (Canada), Morningstar Farms (US), Quorn Foods (US), Amy’s Kitchen (US), Tofurky (US), Gold&Green Foods Ltd. (Finland), Sunfed (New Zealand), VBites Food Limited (UK), Alpha Foods (US), Planterra Foods (US), Before the Butcher (US), No Evil Foods (US), Like Meat (Germany), The Meatless Farm Co. (England), Hooray Foods (US), and Yves Veggie Cuisine (Canada).

Plant-based Meat Market: Growth Opportunities and Recent Developments

The report "Plant-based Meat Market by Source (Soy, Wheat, Pea, & Other Sources), Product (Burger Patties, Strips & Nuggets, Sausages, Meatballs, & Other Products), Type (Beef, Chicken, Pork, Fish, & Other Types), Process, and Region - Global Forecast to 2025" According to MarketsandMarkets, the global plant-based meat market size is estimated to be valued at USD 4.3 billion in 2020. It is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0% in terms of value. Growing vegan and flexitarian populations across the world, rising awareness about the health benefits offered by plant-based meat over animal meat, and growth in government initiatives along with significant investments are driving the global plant-based meat market.

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The soy segment accounted for the largest share in the plant-based meat market

Based on sources, soy dominated the plant-based meat market. Soy serves as an alternative to meat sources such as pork, beef, and chicken, owing to its high protein content. Traditionally, the consumption of soy and soy products is associated with the Asian population. However, the consumption of soy foods has recently risen in Western countries, owing to the increase in the adoption of vegetarian diets. Soy-based foods are cholesterol-free against animal protein foods and serve as a source of fibers, vitamins, and other essential nutrients. Plant-based meat producers are increasingly incorporating soy to make products such as burgers, meatballs, and sausages.

The chicken segment accounted for a significant share in the plant-based meat market

Based on type, chicken accounted for the second-largest dominating segment in the plant-based meat market. Various strips, nuggets, and burgers contain chicken meat as their major ingredient. The products developed by many food companies thus offer plant-based chicken in various forms such as strips, nuggets, cutlets, and burger patties, which is leading to the rising demand for plant-based chicken meat.

The strips & nuggets segment is projected to grow at a significant growth rate in the plant-based meat market during the forecast period

By product, the plant-based meat market is segmented into burger patties, strips & nuggets, sausages, meatballs, and other products such as slices, fillets, cutlets, slides, fingers, and crumbles. They are a healthier alternative to meat and are environmentally more sustainable, which is why more food manufacturers are developing plant-based meat products. Several start-ups are going mainstream with the launch of plant-based burgers, nuggets, sausage, meatballs, and other products. Impossible Foods Inc. (US) and Beyond Meat (US) were among the key players to enter the plant-based meat market. These companies are backed by various types of investors, including leading players such as Tyson Foods (US).

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The North American region is also expected to grow at the highest CAGR during the forecasted period

North America is the fastest growing region in the global plant-based meat market. For American consumers, meat is a very prominent part of their diets. However, as many researches highlighted the health risks related to the consumption of red meat, consumers are increasingly shifting toward plant-based diets as they are a healthier option as compared to animal meat. Furthermore, Consumers in the region are adopting a flexitarian lifestyle and are incorporating plant-based foods in their daily routine diets. Along with this, the trend of veganism is gaining momentum in the region, which is further contributing to the growth of the plant-based meat market. Governments are also investing heavily in the plant-based protein industry, as there is a rise of vegan and vegetarian eating.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Beyond Meat (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), The Vegetarian Butcher (Netherlands), Gardein Protein International (Canada), Morningstar Farms (US), Quorn Foods (US), Amy’s Kitchen (US), Tofurky (US), Gold&Green Foods Ltd. (Finland), Sunfed (New Zealand), VBites Food Limited (UK), Alpha Foods (US), Planterra Foods (US), Before the Butcher (US), No Evil Foods (US), Like Meat (Germany), The Meatless Farm Co. (England), Hooray Foods (US), and Yves Veggie Cuisine (Canada).

Latest Regulatory Trends Impacting the Plant-based Meat Market

 The report "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", The market for plant-based meat is projected to grow at a CAGR of 15.0% from 2019 to 2025, to reach USD 27.9 billion by 2025. The growing health concerns regarding the consumption of animal protein has urged consumers to opt for alternative protein sources, boosting the sales of plant-based meat products. The market for plant-based meat has been gaining attention from business giants such as Bill Gates. Major food companies such as Tyson Foods (US) and Cargill, Incorporated (US) are investing in start-ups offering plant-based meat products. These factors are expected to open new opportunities for the growth of the global plant-based meat market 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).

Key Trends Shaping the Plant-based Meat Market

The report "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", The market for plant-based meat is projected to grow at a CAGR of 15.0% from 2019 to 2025, to reach USD 27.9 billion by 2025. The growing health concerns regarding the consumption of animal protein has urged consumers to opt for alternative protein sources, boosting the sales of plant-based meat products. The market for plant-based meat has been gaining attention from business giants such as Bill Gates. Major food companies such as Tyson Foods (US) and Cargill, Incorporated (US) are investing in start-ups offering plant-based meat products. These factors are expected to open new opportunities for the growth of the global plant-based meat market 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.