Plant Based Meat Market Size, Share & Industry Report 2027
Posted by ReportCrux Market Research on February 10th, 2021
Comprehensive analysis on Plant Based Meat Market 2020 report offers market size, share, trends, growth rate, statistics, and revenue data at global, region and country level along with key market dynamics, drivers, restraints, opportunity, trends and impact analysis: ReportCrux Market Research.
Plant Based Meat Market Size
Plant Based Meat Market is estimated to grow from USD 1.33 Billion in 2019 to reach USD 4.59 Billion by 2027, at a CAGR of 16.7% from 2020-2027.
Based on Type, Chicken segment accounted for the significant share of the Plant Based Meat market
Chicken segment accounted for about 38% of the global revenue for plant-based meat market in 2019. Various types like burgers, nuggets, cutlets and strips contain chicken as their main ingredient and is loaded with lot of proteins, cholesterol and fats. The products developed by various food companies offer the same product that of animal meat with the same amount of protein.
Various plant-based sources like wheat and soy are full with high fiber content thus boosting the metabolic rate as well as increasing the absorption rate of vital nutrients. These sources are used in making chicken like plant-based meat products like meatballs, patties, slices and strips
Apart from Chicken, beef also dominated the plant-based meat market. Similar characteristics of beef are provided in the plant-based beef. Different products like beefsteak, no-beef burgers, meat-free beef pieces and similar are made from sources like wheat and soy. Also, various manufacturers are now focusing on launching new products focusing on the vegetarian population.
Based on product, burger patties dominated the Plant Based market in 2019
Burger patties accounted for more 31% of the total plant-based meat market in 2019. Due to its similar taste, flavor, texture of the meat, faster production, and abundance supply; the similar trend is projected to continue in the near future. Also, the burger patties are more popular on the shelf space of the venders.
Various business leaders as well as the startup companies are continuously into the research and developments phase in order to enhance the structure, garnishing and designing of the plant-based burger meat patties and thus satisfy the taste and desire of the consumers.
Plant based sausages segment is expected to register the highest CAGR of 17.2% during the forecast period. This is because different players like Beyond Meat (US) and Impossible Foods Inc. (US) are sponsored by different investors like Tyson Foods (US) thus helping them to enter the plant-based meat market. These companies are into introducing innovative flavors such as spinach pesto, sweet or hot Italian and similar thus boosting the product demand.
Soy source segment witnessed the maximum share of Plant Based market in 2019
Soy based meat segment accounted for about 50% of the overall plant-based meat market in 2019, whereas; the pea segment source is expected to grow rapidly during the forecast period. Soy has various medical advantages along with which, being rich in protein content; it serves to be one of the best alternatives to various meat sources like chicken, beef and pork. Soy based meat are widely used these days to make products like sausages, meatballs and burger patties.
Previously, the consumption of soy-based food was only done in the Asian countries, however due to the rising adoption of vegetarian diets in various Western countries; there is subsequent rise seen in the soy-based meat segment. Additionally, the soy-based food is cholesterol free when compared to the animal-based protein. They also serve as a very good source of different essential nutrients, vitamins as well as fibers.
Pea based meat is projected to grow at the fastest rate in the forecast period as it serves as one of the best alternatives with the people with soy allergy. Pea based meat is economical to the farm as it is easy to grow compared to others. Also, it is enriched with various nutrients and has a great amino-acid profile. Apart from the above factors, pea-based meat also has the added benefits of being lactose-free, gluten-free and soy-free.
Plant Based Meat Companies
The top 20 Key Players in Plant Based Meat Market Analysis
Impossible Foods Inc. (US), Beyond Meat (US), Tofurky (US), Amy's Kitchen (US), Quorn Foods (US), Morningstar Farms (US), No Evil Foods (US), Before the Butcher (US), Planterra Foods (US), Alpha Foods (US), Hooray Foods (US), Maple Leaf Foods (Canada), Gardein Protein International (Canada), Yves Veggie Cuisine (Canada), VBites Food Limited (UK), The Meatless Farm Co. (England), Like Meat (Germany), The Vegetarian Butcher (Netherlands), Sunfed (New Zealand), Gold&Green Foods Ltd. (Finland)
Based on region, North America acquired maximum share of the Plant Based Meat market in 2019
North America dominated the market by about 43% of the global plant-based market in 2019. Meat consumers are rapidly shifting towards plant-based meat products in this region due to the increasing awareness amongst people regarding the risk associated with consumption of contaminated meat food coupled with growing consumption of the meatless meat products.
Various people in North America are shifting to vegan or flexitarian lifestyle thus gaining momentum in incorporating different plant-based meat products. Apart from this, as many companies here shut their production units the meat-market in U.S. got adversely affected due to the coronavirus pandemic thus giving rise to the sale of faux meat products. Due to all these factors, plant-based meat products are gaining popularity leading to the increased share.
Europe is anticipated to grow at the fastest CAGR of 17.3% during the forecast period of 2020 to 2027. Growing adoption of flexitarian and the vegan lifestyle, especially in the U.K. is likely to upsurge the demand for plant-based meat products in this region. Key market players are executing various strategic initiatives, like product innovation, capacity expansion and similar for increasing their regional sales.
For example, Beyond Meat in June 2020 acquired a new product unit in Netherlands in order to expand their production capacity in Europe. It also opened a new co-manufacturing facility with Zandbergen the World's Finest Meat in Zoeterwoude, the Netherlands.
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