Plant-based meat market size to grow by USD 12.53 billion from 2022 to 2027, Albertsons Co. Inc, Beyond Meat Inc., Conagra Brands Inc. and more among the key companies in the market, Technavio

NEW YORK, March 8, 2024 /PRNewswire/ -- The plant-based meat market is forecasted to grow by USD 12.53 billion from 2022 to 2027. However, the growth momentum will accelerate at a CAGR of 26.1% during the forecast period, according to Technavio. Albertsons Co. Inc is strategically advancing its market presence through a range of initiatives including strategic alliances, partnerships, mergers, acquisitions, and geographical expansions. Known for its comprehensive offerings encompassing grocery, general merchandise, health, beauty care, pharmacy, fuel, and digital services, Albertsons is poised for enhanced market penetration. Notably, the company's key focus lies in providing diverse plant-based meat options. Our meticulous qualitative and quantitative market analysis offers invaluable insights into industry dynamics, enabling clients to navigate the competitive landscape effectively. Leveraging this data, we categorize companies based on their market approach and strength, facilitating a deeper understanding of their positioning and potential.

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The new product launches are notably driving the market growth.

Due to the growing health awareness of consumers and environmental concerns, the demand for plant-based meat products is increasing. To meet the growing demand for plant-based meat products, vendors around the world are launching new products. Successful new product launches increase suppliers' revenue streams and market share. One such new product launch includes two new iterations of its plant-based burger, with one version offering a more meaty experience and the other being a more nutritious version of its burger, by Beyond Meat. Such factors will drive market growth during the forecast period. 

• However, increasing consumption of animal meat is a major challenge impeding the market growth. 

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Segmentation analysis

• Foodservice System Outlook (USD Million, 2017 - 2027) 
• Frozen
• Refrigerated
• Shelf-stable

• Type Outlook (USD Million, 2017 - 2027) 
• Plant-based beef
• Plant-based chicken
• Plant-based pork
• Others

• Region Outlook (USD Million, 2017 - 2027) 
• North America
• The U.S.
• Canada
• Europe 
• The U.K.
• Germany
• France
• Rest of Europe
• APAC 
• China
• India
• Middle East & Africa
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa
• South America
• Chile
• Brazil
• Argentina

Segmentation highlights

• The plant-based meat market share growth by the frozen segment will be significant. Frozen meat products offer nutritional benefits to consumers. Some vendors are also focusing on expanding their presence in the market by opening new production facilities for frozen meat products. Such expansions by vendors offering frozen meat may increase the sales of these products and drive market growth during the forecast period.
• North America is estimated to account for 41% of the growth of the global market during the forecast period. The region is growing owing to its health consciousness and growing concern about the environmental impacts of meat production. The increasing number of new product launches, investments, and the popularity of plant-based meat products among millennials will also drive the growth of the market in North America during the forecast period.

Analyst Review

In recent years, consumer interest in animal rights and environmental conservation has sparked a significant shift towards vegan diets and vegetarian lifestyles. This trend has led to the rapid growth of the plant-based meat market, with alternatives such as soy, pea-based patties, and soy-based meat emerging as popular choices.

One of the key drivers behind the rise of plant-based meats is their ability to mimic the texture and aroma of traditional animal-based foods while offering protein content comparable to meat. Ingredients like soy provide essential amino acids including branch chain amino acids (BCAAs), crucial for maintaining muscle mass and overall health. Moreover, these products boast a nutritious profile enriched with fiber and Vitamin C, promoting water absorption and aiding in anti-oxidation.

The plant-based meat market is divided into various segments, including the refrigerated and ambient categories, each addressing shelf life concerns and food sustainability. While refrigerated plant-based meat offers longer shelf life and maintains freshness, ambient plant-based meat caters to on-the-go consumers with its convenience and accessibility.

However, challenges such as meat shortages and environmental concerns surrounding animal-based foods continue to drive the demand for plant-based alternatives. The utilization of soy and pea as raw materials not only addresses these concerns but also promotes sustainable practices, reducing the carbon footprint associated with traditional meat production.

In addition to burgers and sausages, the plant-based meat market has expanded to include alternatives like plant-based seafood, chicken, pork, and beef, offering a diverse range of options to consumers concerned about their health and the environment. These products are often fortified with iron and other essential nutrients, further enhancing their appeal.

Moreover, advancements in emulsification and viscosity technology have improved the texture and consistency of plant-based meats, making them nearly indistinguishable from their animal-based counterparts. With growing awareness about the health benefits of veganism and the increasing availability of plant-based options in the food supply chain and foodservice channel distribution, the plant-based meat market is poised for continued expansion, catering to the evolving preferences of consumers worldwide.

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Market Overview

Consumer Interest in sustainable and ethical choices has fueled the growth of the Plant-based Meat Market. With a rising focus on Animal Rights, more individuals are embracing a Vegan Diet and Vegetarian Lifestyle. Soy, a versatile plant protein, provides essential Amino Acids crucial for the Human Body. Its solubility makes it ideal for mimicking the texture of meat. Moreover, its high water absorption aids in product development. As consumers seek healthier and environmentally friendly alternatives, the demand for plant-based meats continues to soar. This trend underscores a shift towards conscientious consumption patterns and highlights the importance of sustainability in the food industry.

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Related Reports:

• The plant-based burger patties market size is forecasted to increase by USD 2.13 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 41.1%.
• The camel meat market size is forecasted to increase by USD 74.5 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.26%.

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Foodservice System
7. market Segmentation by Type
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

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SOURCE Technavio