Plant-Based Meat Market to Grow by USD 27.29 Billion (2024-2028) with New Product Launches Driving Revenue, Report on How AI Redefines Market Landscape - Technavio

NEW YORK, Nov. 27, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global plant-based meat market  size is estimated to grow by USD 27.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 36.92%  during the forecast period. New product launches is driving market growth, with a trend towards changing consumer demographics. However, increasing consumption of animal meat  poses a challenge.Key market players include Albertsons Co. Inc, Beyond Meat Inc., Conagra Brands Inc., Ecozone Ltd., Gathered Foods Corp., Green Monday, Hormel Foods Corp., Impossible Foods Inc., Jensen Meat Co., Kellogg Co., Kerry Group Plc, Kroger Co., Maple Leaf Foods Inc., Monde Nissin Corp., Nestle SA, New Wave Foods, The Kraft Heinz Co., The Tofurky Co. Inc., Tyson Foods Inc., and Unilever PLC.

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Key Market Trends Fueling Growth

The plant-based meat market is experiencing significant growth due to increasing consumer interest in plant-based diets for health, environmental, and animal rights reasons. Key ingredients include wheat, soy, corn, rice, oats, and chickpeas, which are rich in essential amino acids for human nutrition. Companies like Impossible Foods and Beyond Meat produce plant-based chicken, pork, beef, seafood, and sausages with textures and aromas that mimic animal-based foods. Refrigerated plant-based meat products are gaining popularity in the foodservice channel, including hotels, fast food chains, and casual dining venues. Shelf life, protein content, and nutritious profiles are crucial factors. Plant-based meat alternatives offer health benefits such as fiber, vitamin C, and iron, and have a lower carbon footprint compared to animal-based foods. However, challenges include trade restrictions, food supply chain disruptions, and regulations related to genetically modified forms like soy-based meat and pea-based patties. Consumers seek plant-based alternatives that look, sizzle, and satisfy, while avoiding hormones, nitrates, nitrites, gluten, animal fats, and cholesterol. Startup ventures are entering the market with innovative products, and sales channel partnerships are crucial for success. Food sustainability and safety are top priorities, as is addressing ethical concerns related to cruelty towards animals. Plant-based meat products include burger patties, nuggets, strips, and veggie bacon. The market for plant-based meat is diverse, with offerings in various categories, including lobster, veal, and other seafood alternatives. 

The global health consciousness trend is driving the demand for healthier food and beverage options, including plant-based meat. Chronic health issues such as diabetes, digestive disorders, allergies, and obesity have become common worldwide. In response, consumers seek food products with fewer calories but essential nutrients. This preference for healthier eating is fueling the growth of the plant-based meat market. The market's expansion is expected to continue during the forecast period due to the increasing popularity of plant-based alternatives to traditional meat. 

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Market Challenges

• The plant-based meat market is experiencing significant growth due to increasing consumer interest in plant-based diets for health, ethical, and environmental reasons. However, challenges exist in creating plant-based alternatives that mimic the taste, texture, and aroma of animal-based foods. Key ingredients include wheat, soy, corn, rice, oats, and chickpeas, which require careful processing to ensure solubility, emulsification, water absorption, and viscosity. Companies like Impossible Foods and Beyond Meat use amino acids and anti-oxidants to create plant-based meat with nutritious profiles similar to chicken, pork, beef, and seafood. Refrigerated plant-based meat faces challenges in the food supply chain due to trade restrictions and distribution in foodservice channels and retail sales. Plant-based meat offers health benefits such as fiber, vitamin C, and iron, but challenges include shelf life, texture and consistency, and nutrient content. Startup ventures are exploring pea-based meat and plant-based burgers, sausages, and veggie bacon. However, challenges include consumer acceptance, animal fats, hormones, nitrates, GMOs, nitrites, gluten, and carbon footprint. Companies must navigate regulations, food safety, and ethical considerations, such as cruelty towards animals and portfolio diversification. The market includes a range of products, from plant-based chicken and beef to plant-based lobster and veal. Sales channel partnerships with restaurants, retail chains, and online retailing channels are crucial for success.
• The global plant-based meat market may face challenges due to the continued growth in the consumption of traditional animal meat, particularly in major markets such as the US, China, India, Russia, and Brazil. These countries are significant consumers of pork, beef, and chicken, with the US being the largest consumer of beef and veal, and the top consumer of chicken along with China. The increasing population, disposable income, and protein demand are driving the consumption of animal meat and related products. This trend may impact the growth of the plant-based meat market during the forecast period.

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This plant-based meat market report extensively covers market segmentation by

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 Frozen-  Frozen meat preservation is a crucial aspect of the meat industry, extending the product's shelf life while maintaining its nutritional value. Consumers seeking protein-rich diets may drive demand for frozen meat. Vendors, like Continental Coffee, Ltd., expand their offerings by introducing plant-based frozen meat brands, such as Continental Greenbird, which includes chicken-like nuggets, sausages, and kebabs. These expansions may boost sales and fuel the growth of the frozen meat segment in the market during the forecast period.

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Research Analysis

Plant-based meat is a burgeoning category in the food industry, made from various plant sources such as wheat, chickpeas, soy, corn, rice, oats, and more. Consumer interest in plant-based diets, driven by health, environmental, and animal rights concerns, is fueling this market's growth. Plant-based meat alternatives to chicken, pork, beef, and seafood are being developed using advanced techniques like texturization, emulsification, and water absorption. These processes enhance the solubility, viscosity, and anti-oxidation properties of the plant-based ingredients, making them indistinguishable from their animal-based counterparts in terms of taste, texture, and nutritional value. The human body requires specific amino acids, which are abundant in these plant sources, ensuring optimal nutrition. The refrigerated plant-based meat market is expected to grow significantly in the food supply chain as more consumers opt for these sustainable and ethical alternatives.

Market Research Overview

The plant-based meat market is experiencing significant growth due to increasing consumer interest in plant-based diets for health, environmental, and ethical reasons. Wheat, chickpeas, soy, corn, rice, oats, and other plant-based ingredients are used to create plant-based alternatives to animal-based foods such as chicken, pork, beef, seafood, and even chicken nuggets and burgers. These plant-based options are engineered to have the same texture, aroma, and flavor as their animal-based counterparts through processes like water absorption, solubility, emulsification, and anti-oxidation. Plant-based meat is not only beneficial for human health, with high fiber, vitamin C, iron, and other nutritious profiles, but also for the environment, as it has a smaller carbon footprint compared to animal-based foods. The market includes a range of products, from refrigerated plant-based meat to meatless meat products, and is distributed through various channels, including foodservice and retail, both online and offline. Despite the benefits, challenges such as food supply chain disruptions, trade restrictions, and regulations, as well as consumer perception and acceptance of genetically modified forms and additives like nitrites and hormones, remain. However, startup ventures and established food companies continue to innovate and expand their plant-based offerings, including plant-based sausages, veggie bacon, and even plant-based lobster and veal. The market is expected to continue growing as more consumers adopt plant-based diets and lifestyle choices.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Foodservice System
• Frozen
• Refrigerated
• Shelf-stable
• Type
• Plant Based Beef
• Plant Based Chicken
• Plant Based Pork
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio