Plant-based Meat Market, 41% of Growth to Originate from North America, Technavio

NEW YORK, May 6, 2024 /PRNewswire/ -- The global plant-based meat market size is estimated to grow by USD 12.53 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 26.1% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. APAC
4. South America
5. Middle East & Africa

1. North America - North America is estimated to contribute 41%. to the growth of the global market. The Plant-based Meat Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. Analysts from Technavio outlined the market trends in North America, attributing the increasing demand for these products to consumer health consciousness and environmental concerns.

• The market is driven by new product launches, investments, and popularity among millennials. Vendors are partnering with fast-food chains to introduce their products, further boosting market growth. Although COVID-19 posed challenges in 2020, the market rebounded in 2021 with vaccination drives and lifted restrictions.
• Sales through online channels, particularly of frozen and refrigerated products, aided market recovery. This trend is expected to continue supporting market growth in the forecast period.

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Segmentation Overview

1. Foodservice System
• 1.1 Frozen
• 1.2 Refrigerated
• 1.3 Shelf-stable
2. Type 
• 2.1 Plant based beef
• 2.2 Plant based chicken
• 2.3 Plant based pork
• 2.4 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Fastest growing segment: Freezing is an excellent way to keep animal goods like meat fresh for longer, upping their shelf life and giving folks a nutritional punch. The rising call for protein-packed diets is making frozen meat goods all the rage. To keep up, sellers are ramping up their production spots and rolling out fresh lines of frozen meat items. Take Continental Coffee, ltd., for instance. They've just launched their plant-based frozen meat brand, Continental Greenbird, stocked with a variety of chicken and mutton-like goods. These expansions are expected to boost sales and rev up market growth in the near future.

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Research Analysis

The plant-based meat market is seeing a steady rise driven by consumer interest in plant-based diets and animal rights. Products like soy-based meat and pea-based patties offer health benefits like fiber, vitamin C, and iron. They mimic the texture and aroma of animal-based foods, satisfying cravings without the carbon footprint. Startups and established players are entering the space, offering options like plant-based burgers, nuggets, and strips.

Fast food chains, casual dining venues, and hotels are incorporating these alternatives into their menus, diversifying their portfolios and attracting customers concerned about animal fats and cholesterol. Retail chains and online channels are expanding their offerings, capitalizing on the growing demand for meatless meat products.

However, regulations around safety and cruelty towards animals are important considerations. Collaborations between sales channels like restaurants and retail chains are crucial for market penetration and sales growth. Overall, the plant-based meat market is evolving rapidly, offering sustainable and ethical alternatives to traditional animal-based foods.

Market Overview

The plant-based meat market is seeing significant growth driven by consumer demand for healthier options. With a focus on wheat, chickpeas, soy, corn, and rice, plant-based meat mimics animal-based proteins. These products cater to vegetarian and vegan lifestyles, offering essential amino acids crucial for the human body. Ingredients like oats enhance viscosity, aiding in emulsification and water absorption.

Moreover, the solubility of these ingredients ensures easy integration into various recipes. Refrigerated plant-based options are becoming more accessible, streamlining the food supply chain. Anti-oxidation properties extend shelf life, ensuring freshness. As consumers prioritize sustainability, plant-based seafood options are also gaining traction. Overall, the plant-based meat market continues to expand, offering innovative and nutritious alternatives to animal-based foods.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio