March 1, 2024

Global Plant Based Meat Market Is Estimated To Witness High Growth Owing To Rising Adoption of Vegan Lifestyle

The global Plant Based Meat Market is estimated to be valued at US$ 5.06 billion in 2021 and is expected to exhibit a CAGR of 19.3% over the forecast period 2022-2030.

A) Market Overview:

Plant-based meat refers to meat substitutes that are derived from plant-based sources such as soy, wheat, pea protein, and others. These products are gaining popularity due to their environmental and health benefits. They provide a similar taste and texture to conventional meat but with lower environmental impact. The increasing adoption of vegan and vegetarian lifestyles, along with growing concerns over animal welfare and sustainability, is driving the demand for plant-based meat products. These products offer several advantages such as reduced greenhouse gas emissions, lower water consumption, and improved animal welfare.

B) Market Key Trends:

One key trend in the plant-based meat market is the rising popularity of alternative protein sources. With the increasing demand for plant-based meat products, companies are exploring innovative sources of protein to develop new and exciting products. For example, companies like Beyond Meat and Impossible Foods are using advanced technologies to create plant-based meat products that closely mimic the taste and texture of traditional meat. They are incorporating ingredients such as beet juice and coconut oil to replicate the juiciness and sizzle of beef patties. This trend of using alternative protein sources is expected to drive the growth of the plant-based meat market.

C) Porter’s Analysis:

Threat of New Entrants: The Plant-Based Meat Market is witnessing a growing number of new entrants due to the high demand and potential growth opportunities. However, established players have strong brand recognition and extensive distribution networks, which can pose a barrier to new entrants.

Bargaining Power of Buyers: With the increasing availability of plant-based meat products and rising competition among manufacturers, buyers have the advantage of choosing from a wide range of options. This gives them the power to negotiate prices and quality standards.

Bargaining Power of Suppliers: The availability of raw materials such as soy, wheat, and pea protein is essential for manufacturers of plant-based meat products. Suppliers of these ingredients hold some bargaining power due to their limited availability.

Threat of New Substitutes: The plant-based meat market faces a potential threat from the development of new substitutes, such as lab-grown meat. While these alternatives are still in the early stages of development, they have the potential to disrupt the market.

Competitive Rivalry: The plant-based meat market is highly competitive, with several key players vying for market share. Companies such as Beyond Meat, Impossible Foods, and Maple Leaf Foods are investing in product development, marketing, and expanding their distribution networks to gain a competitive edge.

D) Key Takeaways:

  1. The global plant-based meat market is expected to witness high growth, exhibiting a CAGR of 19.3% over the forecast period. This growth is driven by increasing adoption of vegan and vegetarian lifestyles and the growing concerns over environmental sustainability.
  2. In terms of regional analysis, North America is the fastest-growing and dominating region in the plant-based meat market. The region has a high concentration of key players and a strong consumer demand for plant-based meat products.
  3. Key players operating in the global plant-based meat market include Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Vegetarian Butcher, Conagra, Inc., Kellogg NA Co., Quorn, Amy’s Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe’s, Yves Veggie Cuisine, Marlow Foods Ltd., Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, and Dr. Praeger’s Sensible Foods. These players are focusing on product innovation, expanding their distribution networks, and strategic collaborations to gain a competitive advantage in the market.

In conclusion, the global plant-based meat market is poised for significant growth due to the increasing demand for sustainable and healthier food options.