Global Plant Based Meat Market is expected to be more than US$ 7 Billion by the end of the year 2025.
Plant based meat is disrupting the animal meat industry. Its food products are made to replicate the properties of natural meat and work like meat substitutes. It is more sustainable and environmentally friendly than conventional meat products. Food products like Textured Vegetable Protein (TVP), Tofu, Quorn, Tempeh, and Seitan are made to simulate the appearance, flavour and texture of animal meat products.
Steps taken by various governments are also boosting plant-based meat markets such as in March 2018; the Canada government announced an investment of USD 150 Million for the country plant protein industry. Similarly, the German government is investing US$ 780,000 in research to make plant-based alternatives more meat-like in texture. An outbreak of African swine fever is ravaging China's hog farms while the Chinese government wants its citizens to reduce meat intake for health reasons will also boost plant based meat industry.
Companies like Beyond Meat, Maple Leaf Foods, Pinnacle Foods, Kellogg and Quorn are competing to stay ahead in the global plant based meat market. Greenleaf Foods announced in April 2019 plans to construct a US$ 310 Million plant-based protein food processing facility in Shelbyville, Indiana. At approximately 230,000 square feet, it will be the largest facility and investment of its kind in North America.
The growing awareness through global animal welfare organizations such as PETA has encouraged people to consider a meat-free diet. In the UK, the vegan population has quadrupled between 2014 and 2018. A large percentage of Millennials are choosing plant-based meat products for health and wellness concerns due to food safety issues. The dangerous impact of traditional meat on the environment is also changing food preference of population around the world is also a significant factor.
The demand for plant based meat market in North America is quite huge and its sales are increasing at a rapid pace.
Key Topics Covered:
2. Research & Methodology
3. Executive Summary
4. Market Dynamics 4.1 Growth Drivers 4.1.1 Rise in the Number of Global Vegan Population 4.1.2 Growing Concerns for Health & Wellness 4.1.3 Increased Awareness of Environmental Sustainability 4.1.4 Investment in Plant-based Meat Industry 4.2 Challenges 4.2.1 Misperceptions about Plant-Based Meat 4.2.2 Increasing Soy-Free and Gluten-Free Trend 4.2.3 Fluctuating Raw Material Prices
5. Global Plant Based Meat Market
6. Market Share - Plant Based Meat Analysis 6.1 Source Type 6.2 Product Type 6.3 Regions
7. Source Type - Plant Based Meat Market 7.1 Soy-Based 7.2 Mycoprotein Based 7.3 Wheat Based 7.4 Others
8. Product Type - Plant Based Meat Market 8.1 Textured Vegetable Protein (TVP) 8.2 Tofu 8.3 Quorn 8.4 Tempeh 8.5 Seitan 8.6 Others
9. World Regions - Plant Based Meat Market 9.1 North America 9.2 Europe 9.3 Asia Pacific 9.4 Rest of the World
10. Countries - Plant Based Meat Market 10.1 United States 10.2 United Kingdom 10.3 Germany 10.4 Italy 10.5 China
11. Company Analysis 11.1 Beyond Meat 11.2 Maple Leaf Foods 11.3 Gardein Protein International (Pinnacle Foods) 11.4 Morningstar Farms (Kellogg Company) 11.5 Quorn Foods