July 17, 2024
Plant Based Meat Market

Plant Based Meat Market Propelled By Rising Health Consciousness

Plant-based meat, also known as meat substitutes, are products that replicate the texture, flavor and appearance of conventional meat but are made from plant-derived ingredients rather than animal flesh. Plant-based meat offers several health advantages over traditional meat as they are low in cholesterol and saturated fat. With growing concerns over animal welfare and environmental sustainability, plant-based meat is emerging as a viable alternative to animal meat. The Global Plant Based Meat Market Size is estimated to be valued at US$ 8.3 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Rising health consciousness among consumers is a major driver propelling the growth of the plant-based meat market. With growing awareness about health risks associated with excessive consumption of red and processed meat, many consumers are switching to plant-based meat products. According to studies, diets rich in plant-based meat are linked to reducing the risk of heart diseases, diabetes and obesity. As consumers become more health-cautious, demand for nutritious and sustainable food options like plant-based meat is increasing substantially. This rising health consciousness is a key trend boosting the plant-based meat market.

SWOT Analysis

Strength: Plant based meat offers environmentally friendly and healthy alternatives to animal meat. It reduces carbon footprint and relies less on natural resources.

Weakness: The taste and texture of plant based meat products still cannot fully mimic animal meat. It also has a higher price point than conventional meat which limits its mass adoption.

Opportunity: Increasing global awareness about environmental sustainability and animal welfare is driving demand for plant based meat. Many people also switch to vegan or vegetarian diets for health reasons opening new opportunities.

Threats: Agricultural lobby groups may oppose the growth of plant based meat industry. Established meat producers can also imitate plant based meat products threatening the uniqueness of startups.

Key Takeaways

The global plant based meat market is expected to witness high growth over the forecast period supported byrising health and environmental concerns.

The North American region currently dominates the market owing to growing vegan and vegetarian population. Theregionwitnessesincreasing investment from key players to develop innovative products and expand market presence.

Key players operating in the plant based meatmarketare Abbott Laboratories, ACON Laboratories Inc., Nipro Corporation.With rising competition, manufacturers are focusing on improving taste, texture and nutritional profile of products.Startupscollaborate with food technologists and chefs to closely replicateanimal meat attributes. Players also focus on sustainabilityand adopting green manufacturing practices to appeal ethical consumers.

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