Global Plant-based Meat Market Report 2022: Industry to Reach $15 Billion by 2028 at a 15% CAGR

DUBLIN, Jan. 3, 2023 /PRNewswire/ -- The "Global Plant-based Meat Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Source, Type, Product, and Region" report has been added to  ResearchAndMarkets.com's offering.

According to this analysis, the global Plant-based Meat Market is expected to record a positive CAGR of ~15% during the forecast period (2022-2028) and is expected to reach approximately US$ 15 billion by 2028.

Growing flexitarian and vegan populations as well as rising animal welfare initiatives across the world boost the market growth.

Animal welfare has recently been pushed to the front of the world's eating habits. Animal humanization has been promoted on a larger scale by organizations like World Animal Protection (WAP) and People for the Ethical Treatment of Animals (PETA).

Various cultural views have been dominated by animal welfare. According to several theological traditions, animals have the same levels of sensibility, consciousness, and feeling as people. As a result, eating animal meat has been strongly discouraged, and numerous jurisdictions have passed harsh laws outlining the killing of animals.

Lack of awareness in third-world countries, and the texture and taste of plant-based meats limit the market growth.

Customers often search for high-quality products with reliable flavor and texture. Due to growing awareness of environmental and health issues, customers have recently begun to demand more nutrient-dense, clean-label, and sustainable products. Although plant-based meat substitutes offer nutritional advantages compared to those of animal meat, the main drawback is the taste and texture of the substitute. Moreover, in emerging economies, vegan culture, plant-based meat, and other meat alternatives are not yet popular and hence lack awareness among the larger audience.

Scope of the Report

The Plant-based Meat Market is segmented by source, type, and product. In addition, the report also covers market size and forecasts for the four major regions' Plant-based Meat Market. The revenue used to size and forecast the market for each segment is US$ billion.

By Source

• Soy
• Pea
• Wheat
• Others

By Type

• Chicken
• Pork
• Beef
• Fish

By Product

• Burgers Patties
• Sausages
• Strips & Nuggets
• Others

Key Trends by Market Segment

• By Source: The soy source segment held the largest market share in the global Plant-based Meat Market in 2021
• Branch amino acids (BCAAs), which are abundant in soy, improve the body's capacity to exercise, develop and strengthen muscle mass, and recover from a strenuous workout. Comparing soy-based meat products to traditional animal- and dairy-based food items, it not only has lower formulation costs but also has a lower carbon footprint. Growing consumer demand for the product due to its qualities such as improved microwave-ability and slice-ability is anticipated to fuel market expansion
• By Type: The chicken segment held the largest share in the global Plant-based Meat Market in 2021.
• The over-slaughtering and depletion of animal sources are being caused by the rising demand for chicken meat, the growing population, and consumer preferences for meat products. As a result, especially among millennials and Gen Xers, sustainability is becoming increasingly important as a deciding factor when making purchases, in turn promoting the growth of the Plant-based Meat Market.
• By Product: Burger patties product segment held the largest share in the global Plant-based Meat Market in 2021.
• Burger-producing companies are adopting ingredients that replicate the flavor, aroma and feel of meat which is pushing up the plant-based burger patties market in places across the globe. For example, The Impossible Burger, a product of Impossible Foods, has a characteristic meaty flavor since it is created with a genetically engineered form that mimics the natural heme-iron found in animals.
• By Geography: Europe accounted for the largest market share in 2021 within the total Global Plant-based Meat Market in 2021.
• The growing vegan trend in Europe, particularly in the UK, is anticipated to boost demand for plant-based meat alternatives. To boost their sales in the local market, major manufacturers are pursuing strategic initiatives such as capacity development, product innovation, and mergers and acquisitions.

Key Topics Covered in the Report

• Snapshot of the Global Plant-based Meat Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Plant-based Meat Market
• Historic Growth of the Overall Global Plant-based Meat Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter's 5 Forces Analysis of the Global Plant-based Meat Market
• Overview, Product Offerings, and SWOT Analysis of Key Competitors
• COVID-19 Impact on the Overall Global Plant-based Meat Market
• Future Market Forecast and Growth Rates of the Total Global Plant-based Meat Market and by Segments
• Market Size of Source/Type Segments with Historical CAGR and Future Forecasts
• Analysis of the Plant-based Meat Market in Major Regions
• Major Production/Consumption Hubs in the Major Regions
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Major Country

Major Players Mentioned in the report

• Beyond Meat
• Impossible Foods Inc
• Starbucks Corporation
• Tofurky
• Kraft Foods, Inc
• Lightlife Foods, Inc
• Maple Leaf Foods
• Sunfed
• VBites Foods Limited
• Trader Joe's
• Ojah B.V
• Daring Foo Daring Foods Inc
• ICL Food Specialties
• Burke Corporation
• Plant & Bean
• Vivera

Frequently Asked Questions

• What is the Study Period of this Market Report?
• The global Plant-based Meat Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022E-2028F

What is the Future Growth Rate of the Global Plant-Based Meat Market?

• The global Plant-based Meat Market is expected to witness a CAGR of about 15% over the next six years

What are the Key Factors Driving the Global Plant-Based Meat Market?

• Consumers choosing vegetarian options due to growing concerns about their health, and the welfare of animals, and also seeking the same flavor and tenderness found in meat and meat products made from animals in the vegetarian options are the key drivers which are expected to boost the market

Which is the Largest Source Segment within the Global Plant-Based Meat Market?

• The soy source segment held the largest share of the global Plant-based Meat Market in 2021

Who are the Key Players in the Global Plant-Based Meat Market?

• Beyond Meat, Impossible Foods Inc., Starbucks, Tofurky, Kraft Foods, Inc., Lightlife Foods, Inc., Maple Leaf Foods, Sunfed, VBites Foods Limited, Trader Joe's, Ojah B.V., among others are the major companies operating in global Plant-Based Meat Market.

For more information about this report visit https://www.researchandmarkets.com/r/s3a3c8

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