Plant-Based Meat Market Overview:
The plant-based meat was an alternative to the real meat of an animal that was eaten by people generally. Food was a transitioning area of people’s lives as the preferences for food were changing according to the time. People are still eating animal-based meat, but the growing population are preferring for eating vegan as an alternative. People are opting for vegetarianism according to the time.
Plant-Based Meat Market Size was valued at USD 3.99 billion in 2021. The plant-based meat market industry is projected to grow from USD 4.61 Billion in 2022 to USD 12.69 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.56% during the forecast period (2022 - 2030). There are various ways of eating vegan as more people are environmentally conscious. Due to the mindset of the people, there was high growth in plant-based meats. The plant-based meat was helping in protecting the animals for a living. The plant-based meat was healthier than the animal-based meat. During the COVID-19 pandemic, because of lockdown restrictions, there was a great impact on the market and people become more conscious about their health.
The growth of the global plant-based meat market was driven by the growth of a sustainable, environment-friendly mindset which leads to the adoption of the vegan lifestyle. The key driver for the market was the growth of the vegan mindset as the dominant social lifestyle. The major opportunity for the market was the struggle of the population with meat-based allergies. The meat allergens are found in animal-based meats such as mutton, chicken, etc. The plant-based meats have a high potential for use in the population.
The major restraint for the global plant-based meat market was the disparity in the prices between plant-based meats and animal-based regular meat. The animal-based meat was cheap and available easily and plant-based meats are not available easily. Vegan meat prices are higher than regular meat. There was a lack of taste in the plant-based meats which discourages the potential of the customers from choosing animal meat.
Without the exact taste, animal meat was a major competitor to plant-based meats. The market records double-digit growth owing to the trend of the vegan lifestyle and health consciousness. During the forecast period, plant-based beef dominated the largest share of the plant-based meat market. In the future, the pea segment dominated the biggest market share.
Competitive Landscape:
The Plant-Based Meat Market has a diverse competitive landscape with many key stakeholders. The competitive landscape has been evolving as new competitors are entering the Market space. The key producers and marketers of Plant-Based Meat are-
- AMY's Kitchen, Inc.
- Beyond Meat
- Garden Protein International, Inc
- Blue Chip Group, Inc.
- MorningStar Farms L.C.
The major companies of the Plant-Based Meat Market set through marketing activity and key developments. All the companies collectively contribute to Growth.
Recent Developments:
Key companies and stakeholders of the Plant-Based Meat Market have engaged in research and development to support the growth of the market. There is huge scope for creating new formulas and Market Trends in the market. Companies are also trying to improve the nutritional value and taste of existing plant-based meat formulas. On the other hand, producers are also starting marketing campaigns and promotional activities to popularize Plant-Based Meats. Many companies are entering into partnerships and mergers to bring about collective profits.
Market Segmentation:
The global Plant-Based Meat Market Overview was segmented based on product type, source, and distribution channel.
Based on product type, the global plant-based meat market was divided into tempeh, tofu tofu products, seitan, sausages, and others.
Based on source, the global plant-based meat market was divided into pea, soy, wheat, and others.
Based on the distribution channel, the global plant-based meat market was divided into store-based and non-store based.
Regional Classification
The global plant-based meat market was spread in the following regions – Asia-Pacific, Europe, North America, and the Rest of the World.
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