SAN FRANCISCO, Feb. 1, 2022 /PRNewswire/ -- The global plant-based meat market size is projected to reach USD 24.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 19.3% from 2022 to 2030. Growing adoption of vegan lifestyle and diet among health-conscious consumers in traditionally meat-eating developed economies are expected to drive the market over the forecast period.
Key Insights & Findings from the report:
- The plant-based sausages segment is projected to ascend at a CAGR of 20.4% over the forecast period. Shifting consumer inclination towards plant-based diets and rising consumption for sausages from retail channels on account of its taste, texture, and convenience are anticipated to spur the product demand across the globe
- The soy-based product segment accounted for more than 48.3% of the revenue share in 2021, owing to its protein-rich content and widespread popularity
- The rising trend of vegan diet in European countries has pushed the demand for plant-based meat products in the region. Conversely, the U.K. is known for its progressiveness in providing a variety of fresh and high-quality food products to its population and is associated with the habitation of the largest vegan populations across the globe
- In June 2020, Starbucks, in collaboration with Impossible Foods Inc., introduced the Impossible Breakfast Sandwich to its menu in most of its locations in the U.S. The sandwich is made with plant-based sausage, and was launched as the Starbucks' sustainability initiatives to meet the rising consumer interest in the plant-based options
Read 140 page market research report, "Plant-based Meat Market Size, Share & Trends Analysis Report By Source (Soy, Pea, Wheat), By Product (Burgers, Patties, Sausages), By Type (Chicken, Pork, Beef), By End-user, By Storage, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Growing concern of consumers regarding animal welfare and greenhouse gas emission created by the distinguished practices of the meat industry is driving the market. Celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for meat alternatives in the global market. In addition, launch of new products by the manufacturers similar to meat in terms of flavor, texture, color, and taste is increasing product demand.
The plant-based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector. Key companies in the industry are collaborating with fast-food joints and restaurants chains to promote the adoption of their products. For instance, fast-food joints such as Burger King, MacDonald's, and Subway are launching new vegan meat products to capitalize on the industry dominated by health-conscious customers.
Plant-based burgers are likely to exhibit steady growth over the upcoming years on account of rising consumer concerns regarding conventional meat products in the wake of coronavirus pandemic. The plant-based burgers are known to offer low-gluten and low-fat contents, which makes them a highly favored product amongst health-conscious individuals.
Market Segmentation:
Grand View Research has segmented the global plant-based meat market on the basis of source, product, type, end-user, storage, and region:
- Plant-based Meat Source Outlook (Revenue, USD Million, 2017 - 2030)
- Soy
- Pea
- Wheat
- Others
- Plant-based Meat Product Outlook (Revenue, USD Million, 2017 - 2030)
- Burgers
- Sausages
- Patties
- Nuggets, Tenders & Cutlets
- Grounds
- Others
- Plant-based Meat Type Outlook (Revenue, USD Million, 2017 - 2030)
- Chicken
- Pork
- Beef
- Fish
- Others
- Plant-based Meat End-user Outlook (Revenue, USD Million, 2017 - 2030)
- Retail
- HORECA
- Plant-based Meat Storage Outlook (Revenue, USD Million, 2017 - 2030)
- Refrigerated Plant-based Meat
- Frozen Plant-based Meat
- Shelf-stable Plant-based Meat
- Plant-based Meat Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- The Netherlands
- Asia Pacific
- China
- Japan
- Australia & New Zealand
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- UAE
List of Key Players of Plant-based Meat Market
- Beyond Meat
- Impossible Foods Inc.
- Maple Leaf Foods (Field Roast & Maple Leaf)
- Vegetarian Butcher
- Conagra, Inc. (Gardein Protein International)
- Kellogg NA Co. (MorningStar Farms)
- 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 (The Hain-Celestial Canada, ULC)
- Marlow Foods Ltd. (Cauldron)
- Ojah B.V.
- Moving Mountains
- Eat JUST Inc.
- LikeMeat GmbH
- Gooddot
- OmniFoods
- No Evil Foods
- DR. Praeger's Sensible Foods
Check out more studies related to plant-based eatables and supplements, published by Grand View Research:
- Plant Based Protein Supplements Market - The global plant based protein supplements market size was valued at USD 5.35 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2020 to 2028. The growth of the market can be attributed to the increasing awareness among consumers regarding the nutritional values of plant-based products such as low sodium and high amino acids.
- Plant-based Beverages Market - The global plant-based beverages market size was valued at USD 22,859.4 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 14.3% from 2021 to 2028. Increasing health concerns have compelled consumers to shift their preference to vegan foods and beverages.
Browse through Grand View Research's coverage of the Global Processed & Frozen Foods Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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