Plant-Based Meat Market

Plant-Based Meat Market Outlook

Continuous Increase in Number of Vegan Population is to Accelerate Global Plant-based Meat Market

The Plant-Based Meat Market is valued at USD 5.4 Bn in 2026 and is projected to reach USD 7.2 Bn, growing at a CAGR of 4% by 2033. Constantly evolving trend for vegan diet coupled with increased concern for animal welfare is boosting the overall market demand. Since past few years the world has seen a significant rise in the number of vegan populations. For instance, according to the vegan statistics, more than 39% of the U.S. population are adding vegan food options to their diet. From 2014 to 2018 the number of vegans in the U.S. grew by 600% that is from 4 million 20 million. While in the U.K., vegan diet followers increased to 350% in 2016 as compared to the past 10 years, there is also a significant demand for gluten-free food due to rise in prevalence of celiac disease. It has been observed that in the U.K. every (one) person in a 100 are suffering with celiac disease, altogether 13% of country’s population need to avoid gluten consumption. Plant-based meat are mostly composed of gluten-free ingredients and some of the manufacturers such as Sunfed, Meatless Farm etc are also marketing their product with gluten-free label. Altogether vegan and gluten-free property will fuel the growth of plant-based meat market over the forecast period.

Rising Penetration of Plant-based Trend in Retail, and Foodservice to Boost Plant-based Meat Market

Since past few years the space for plant-based meat products on retail shelves has increased dramatically. According to Plant-Based Foods Association retail sales of plant-based food grew at 27% in 2020. Manufacturers are also increasing their footprint in retail industry by making their product available in different stores. This is likely to favour the growth of plant-based meat market.

For instance,

• In September 2021, Nature’s Basket, India’s one of the most prominent retail chains launched plant-based meat category across its 25 stores with Blue Tribe Foods. The product segment primarily includes Chicken Nuggets and Chicken Keema
  
  
• Similarly, OmniPork launched its product range in the UK in the chilled foods aisles of leading UK supermarket Sainsbury’s. The product was introduced in 119 Sainsbury’s locations across the country

Furthermore, foodservice providers are also taking keen interest in adding new plant-based food items to their menu. They are focusing on introducing new dishes for their consumers. Such frequent new launches on the retail markets is also expected to support the growth of plant-based meat market.

For instance,

• Subway joined the bandwagon by doing a partnership with Beyond Meat in 2019, in order to add plant-based protein option to their menu. Beyond Meatbal Marinara sub planned to be made available at 685 stores across U.S., and Canada
  
  
• In January 2021, Dominos a brand of Jubilant FoodWorks launched plant-based meat pizza as ‘The Unthinkable Pizza’ in the major cities of India. The pizza claims to include dairy cheese, topped with black olive and paprika along with the plant-based protein that tastes just like minced chicken

Product Taste and Texture Key Areas of Concern Facing Plant-based Meat Market

For all the food and beverage items, taste and flavor is the key ingredient. Flavors suiting the taste buds boost the demand of the product and vice versa. The plant-based meat market is no exception. It is difficult to formulate the product that mimic the taste and texture of conventional meat. In order to obtain good quality plant-based meat products from alternative ingredient it is necessary to adopt balanced formulations and adequate technological processes. In addition, many consumers also seek to avoid more than just meat while making their purchase decision. They also look for products free from egg, and soy. Thus, inappropriate taste and texture along with critical formulation process may restrain the growth of plant-based meat market over the forecast period.

Pea Protein Gains Stronger Traction in Plant-based Meat Market

Fairfield Market Research indicates that pea protein segment is estimated to register highest value CAGR in plant-based meat market during the forecast period. The segment is expected to gain an incremental dollar opportunity US$3,7 Bn by 2026. Pea protein is considered to be more versatile and supports to maintain clean-label product profile while fulfilling consumer demand for protein. It is also highly soluble and is allergen-free. These factors are collectively expected to fuel the growth of this segment in plant-based meat market over the forecast period.

Europe to Hold the Largest Value Share in Plant-based Meat Market, Followed by North America

Europe is estimated to hold largest value share on the pie. The UK is expected to lead the European plant-based meat market as the country has significant number of vegan populations along and the number of plant-based meat manufacturers. Several retailers such as TESCO, and Walmart have dedicated a section for plant-based meat products. In addition, the region also has a millennial population that are willing to pay more for health products. These factors are collectively driving the plant-based meat market in the region. Moreover, North America is expected to exhibit highest CAGR over the forecast period. Increased consumer health concern, coupled with constant rise in product launches is expected drive plant-based meat market forward in the region.

Global Plant-based Meat Market: Key Players

Some of the key players being studied in the global plant-based meat market report are Conagra, Inc., Impossible Foods Inc, Beyond Meat, Inc, OmniFoods, Kellogg's Company, Maple Leaf Foods Inc, VBites Food Limited, Sunfed, JBS SA, and Hormel Foods Corporation.

The Global Plant-Based Meat Market is Segmented as Below:

By Source Coverage

• Soy
• Wheat
• Pea
• Others

By Meat Type Coverage

• Beef
• Chicken
• Pork
• Fish

By Sales Channel Coverage

• Supermarket/ Hypermarket
• Convenience Stores
• Online
• Specialty Stores

By Geographical Coverage

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Leading Companies

• Beyond Meat, Inc
• Impossible Foods Inc
• Conagra, Inc.
• OmniFoods
• Kellogg's Company
• Maple Leaf Foods Inc
• VBites Food Limited
• Sunfed
• JBS SA
• Hormel Foods Corporation