The global plant-based meat market 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.
What is plant-based meat?
Plant-based meat refers to food products that replicate the taste, texture, and appearance of conventional meat but are made entirely from plant-based ingredients. These products are crafted using various combinations of proteins, such as soy, peas, wheat, or mushrooms, along with fats, flavorings, and other additives to mimic the sensory experience of consuming animal meat. They’re designed to offer a meat-like experience to vegetarians, vegans, and individuals seeking alternatives to animal-based proteins for health, environmental, or ethical reasons.
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Key Highlights the Plant-based Meat Market
some key highlights of the plant-based meat market:
1. Rapid Growth: The plant-based meat market has experienced exponential growth in recent years, driven by increasing consumer demand for healthier, sustainable, and ethical food options.
2. Diverse Product Range: Companies have expanded their offerings beyond burgers to include plant-based alternatives for sausages, chicken nuggets, meatballs, and more, catering to various consumer preferences.
3. Health and Sustainability Focus: Consumers are drawn to plant-based meat due to its perceived health benefits, such as lower cholesterol and saturated fat content, as well as its reduced environmental impact compared to traditional meat production.
4. Investment and Innovation: Significant investments from both food giants and startups have spurred innovation in the industry, leading to improved taste, texture, and nutritional profiles of plant-based meat products.
5. Expanding Market Reach: Plant-based meat products are increasingly available in restaurants, fast-food chains, and grocery stores, reflecting a shift in consumer behavior towards adopting plant-based options.
6. Regulatory and Labeling Challenges: Regulatory frameworks and labeling standards are evolving to accommodate this growing market, aiming to ensure transparency and accuracy in product labeling.
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Plant-based Meat Market Drivers:
1. Growing vegan and flexitarian population across the world
2. Rising awareness about the health benefits of plant-based meat products over animal-meat products
3. Growth in government initiatives and significant investments
4. Major food industries investing in plant-based meat products
Top Companies in Plant-based Meat Market
1. Beyond Meat (US)
2. Kellogg Company (US)
3. Impossible Foods Inc. (US)
4. Maple Leaf Foods (Canada)
5. Unilever (UK)
6. Conagra Foods (US)
7. Tofurky (US)
8. Gold&Green Foods Ltd (Finland)
9. Sunfed (New Zealand)
10. Monde Nissin (Philippines)
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