June 24, 2024
Plant-Based Meat Market

Growing Awareness About Health And Environmental Benefits Is Driving The Plant-Based Meat Market

With rising concerns over animal welfare and environmental sustainability, plant-based meat products are gaining widespread popularity as a healthier and more eco-friendly alternative to conventionally produced meat. Made from plant-based ingredients like soy, wheat and pea protein, plant-based meats mimic the taste, texture and nutritional profile of animal meat without compromising on health or the environment. They contain no cholesterol or artificial ingredients and require less land and water resources to produce in comparison to livestock farming. The global plant-based meat market has witnessed tremendous growth in recent years with product innovations that closely resemble ground beef, sausages, chicken strips and more. The product range now includes bite-sized nuggets, burgers, fillets and deli slices to suit consumer preferences. Growing health consciousness among consumers combined with food sustainability movements have fueled the demand for these faux meat products.

The global Plant-Based Meat Market is estimated to be valued at US$ 7.2 Bn  in 2023 and is expected to exhibit a CAGR of 6.9%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the key trends shaping the plant-based meat market landscape is the mainstreaming of plant-based products. Consumers are increasingly showing willingness to incorporate more plant-based options into their everyday diets and see them as viable meat alternatives instead of occasional replacements. This has encouraged major retail chains to designate separate in-store sections for these products and expand offerings beyond vegan and vegetarian sections. Many quick service restaurants are also featuring plant-based meat entrees to cater to flexitarian diners. With increasing acceptance and availability, flexitarianism is expected to be a major driver of plant-based meat sales over the coming years.

Porter’s Analysis

Threat of new entrants: The plant based meat market features moderate threat of new entrants due to high capital requirements for R&D, production, and marketing.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes like animal meat. However, demand for plant based meat is increasing.

Bargaining power of suppliers: Suppliers of raw materials like soy, wheat, and pea protein have low to moderate bargaining power due to availability of substitute suppliers.

Threat of new substitutes: Threat of substitutes is moderate as animal meat and other meat alternatives pose competition. However, demand for sustainable and healthy products is growing.

Competitive rivalry: The market features high competition among key global players to cater to niche customer segments and regions.

Key Takeaways

The global Plant Based Meat Market Demand is expected to witness high growth. The global plant-based meat market is estimated to be valued at US$ 7.2 Bn  in 2023 and is expected to exhibit a CAGR of 6.9%  over the forecast period 2023 to 2030.

North America dominates the market currently due to growing vegan and vegetarian population. Increased investments by manufacturers in the production of innovative plant based meat products will drive market expansion in Asia Pacific region over the forecast period.

Key players operating in the plant based meat market are Beyond Meat, Impossible Foods, Maple Leaf Foods, and Garden Protein International. Key players are investing in product initiatives and marketing strategies to cater to the rising demand for plant based meat globally. Beyond Meat launched new products under existing categories to expand its offerings. Impossible Foods is focusing on expanding its retail presence and entering new markets internationally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it