Plant-Based Meat Market Size To Reach USD 24.03 Billion In 2030 Due to Increasing Trend Of Vegan Diet Coupled With Growing Adoption Of Plant-Based Proteins In Processed Foods, Says Reports and Data

NEW YORK, March 30, 2022 /PRNewswire/ -- The global plant-based meat market size is expected to reach USD 24.03 Billion in 2030 and register a revenue CAGR of 18.7% over the forecast period, according to the latest report by Reports and Data. Growing awareness about nutritional benefits of plant-based meat, as well as increased consumption of soy-based meat due to its similar texture and flavor to meat are some of the key factors expected to drive market revenue growth during the forecast period. Plant-based meat is becoming more popular as part of vegan diet. Veganism is growing in popularity among consumers for health and environmental reasons This trend is expected to support plant-based meat market revenue growth.

Market for plant-based meat is expected to grow as more people become aware of the health benefits of plant-based meat over animal meat. Plant-based foods have a number of health benefits that people became aware of recently. Obesity, heart disease, type 2 diabetes, and cancer have all been linked to an excess of animal-based meat consumption. However, plant-based meat consumption  does not lead to such diseases. Additionally, such meat-based substitutes aid in development of better immunity.

Introduction of multiple awareness programs by various animal welfare organizations, such as PETA, aimed at eliminating animal slaughter for meat consumption, also drives product demand. Moreover, in response to shifting consumer tastes and preferences, several manufacturers are introducing vegan meat products with improved aroma, shelf life, texture, and nutritional value. In addition, a number of well-known food companies are forming strategic agreements with a number of vegan meat-producing start-ups in order to expand their product portfolios, resulting in product premiumization. Growing acceptance of these meat substitutes in a variety of cuisines, such as Thai, Chinese, and Italian, are expected to continue to drive global plant-based meat market revenue growth during the forecast period.

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Some Key Highlights From the Report

• Peas segment is expected to register faster revenue growth rate over the forecast period. Consumers who are allergic to soy can use pea-based meat as a substitute. The non-allergenicity of pea protein, as well as its amino acid profile, are enticing features. It has the reputation of being a clean-label ingredient, as well as being gluten-free, soy-free, and lactose-free. Pea protein also helps to build muscle, is easy to digest, helps in improving heart health, and is a good source of iron.

• Sausages segment is expected to register a rapid growth rate over the forecast period. Plant-based sausages are made to look, feel, sizzle, and satisfy in the same way that pork sausage does. Increased investment by companies to bring new and novel tastes to their plant-based sausages, such as sweet Italian, hot Italian, and spinach pesto is expected to stimulate segment revenue growth.

• HoReCa segment is expected to grow at a fast rate in global plant-based meat market over the forecast period. As the popularity of vegan and flexitarian diet grows, fast food chains, restaurants, and casual dining places are allocating a section of their menu completely to "meat-free" options, which is expected to fuel segment growth.

• Market in Europe is expected to register a significantly fast revenue CAGR in global plant-based meat market during the forecast period, due to a positive consumer attitude toward vegetarian and vegan-meat products.

• Companies profiled in the market report are Impossible Foods Inc., Conagra Inc., Kellogg NA Co., Amy's Kitchen Inc., Gold&Green Foods Ltd., VBites Foods Ltd., Lightlife Foods Inc., BeyondMeat, Tofurky, and Trader Joe's.

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For the purpose of this report, Reports and Data has segmented global plant-based meat market based on source type, product type, storage type, end-use, and region:

• Source Type Outlook (Revenue, USD Billion; 2019-2030)
• Soy
• Wheat
• Peas
• Others

• Product Type Outlook (Revenue, USD Billion; 2019-2030)
• Tofu
• Tempeh
• Seitan
• Mushrooms
• Burgers
• Sausages
• Patties
• Nuggets, Tenders, and Cutlets
• Grounds
• Others

• Storage Type Outlook (Revenue, USD Billion; 2019-2030)
• Frozen
• Refrigerated
• Shelf-Stable
• Others

• End-Use Outlook (Revenue, USD Billion; 2019-2030)
• Food Industry
• Households
• HoReCa
• Others

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• Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
1. US
2. Canada
3. Mexico
• Europe
1. Germany
2. UK
3. France
4. Italy
5. Spain
6. Sweden
7. BENELUX
8. Rest of Europe
• Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
• Latin America
1. Brazil
2. Rest of LATAM
• MEA
1. Saudi Arabia
2. UAE
3. South Africa
4. Israel
5. Rest of MEA

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