The 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. Also, there are various health benefits associated with plant-based products, of which consumers are getting more aware recently.
Government bodies across various countries are promoting the consumption of plant-based meat substitutes, owing to the health benefits offered by these products and the environmental concerns associated with animal-based meat. Also, government bodies are actively investing in research and product development activities for plant-based meat. In latest development in August 2022, the US Department of Agriculture (USDA) has said that the market for Plant based meat is growing. Researchers at Germany’s TU Berlin and Karlsruhe Institute of Technology (KIT) are working on production methods for plant-based meat in a project named “Texturing Mechanisms in the Wet Extrusion of Soy and Pea Protein.”
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.
Who Are the Leaders & Brands in Plant-Based Meat?
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.
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).
