Growing Vegetarian Population to Drive the Plant-based Meat Market

Growing Vegetarian Population to Drive the Plant-based Meat Market

“MarketsandMarkets™”
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 plant-based meat market is estimated to account for a value of USD 12.1 billion in 2019 and is projected to grow at a CAGR of 15.0% from 2019, to reach a value of USD 27.9 billion by 2025. An increasing number of consumers are demanding plant-based meat, either for medical reasons or as a healthy lifestyle. As a result, the demand for plant-based meat continues to expand. Additionally, continuous efforts in research & development by plant-based meat manufacturers, in terms of better aroma, texture, longer shelf life, and better nutritious profiles, is projected to escalate the growth of global plant-based meat market in the coming years. Companies, both start-ups and established players are entering this high growth market owing to the growing preference for plant-based diets among consumers at a global level. Established food companies such as Cargill (US) and Tyson Foods (US) have invested in start-ups that are producing plant-based meat products; this is further expected to boost sales of plant-based meat products in the coming years.

Plant-based Meat Market

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The pea segment is projected to be the fastest-growing in the plant-based meat market during the forecast period.

Pea protein is gaining popularity among plant-based meat manufacturers at a global level owing to its high protein content, and health benefits offered such as reduced cholesterol and lower blood pressure. Leading players in the global plant-based meat industry are now shifting their interest toward pea and have also started developing pea-based meat products such as patties, sausages, and slides, which have a high protein value. For instance, in May 2019, Lightlife (US), an alternative protein company, launched a pea-based meat burger to replace beef burgers. In addition to this, Good Catch Foods’ fish-free tuna and the UK-based Nomad Foods’ Green Cuisine line (that includes meatless burgers, sausages, and Swedish meatballs) also include pea as one of the key ingredients.

The burger patties segment is projected to record the fastest growth during the forecast period.

Burger patties are one of the most popular plant-based meat products available in the market. Impossible Foods (US) and Beyond Meat (US) are the two leading market players that are offering burger patties. These companies are backed by a robust distribution network, which enables them to cater to the demand for burger patties across the US. The expansion of distribution channels of these key players and the rising sales of burgers are projected to drive the global plant-based meat market. Impossible Foods (US) has a widespread presence in the US market, with its products being distributed in over 4000 locations in the country. Apart from this, Beyond Meat (US), in 2018, formed a partnership with PHW Group (Germany) for the distribution of its plant-based burgers in Europe.

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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).

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