Plant-based Meat Market Analysis Report By Source, By Product, By Type, By End-user, By Storage, By Region And Segment Forecasts From 2020 To 2027

Synopsis

With reference to the report published, the global plant-based meat market size was accounted for USD 3.3 billion in 2019. It is estimated to witness a 19.4% CAGR from 2020 to 2027.

Drivers

Rising interest of the end-users, in plant-based eating habits, together with the increased responsiveness, regarding animal rights, is anticipated to power the expansion of the market. Plant-based meat is an essential part of a vegetarian pattern of eating, in which the persons take on a vegan intake daily life that is free of animal-sourced foodstuffs.

In this manner, a growing number of persons following a vegetarian pattern of eating will enhance the expansion of the market for plant-based meat. The U.S.A. market is estimated to show the signs of excessive progress, due to increasing demand from the clients for vegetarian foodstuff products, which are loaded with iron, fiber, and vitamin C, and are processed in lesser calories, as well as saturated fats. Besides, manufacturing companies are concentrating on developing the foodstuffs with an improved nourishing profile, extended shelf life, in addition to enhanced feel & fragrance. This will increase the expansion of the plant-based meat market within the nation.

Restraints

On the other hand, the soaring prices of plant-based meat sausages, burgers, and patties, in contrast to the usual meat products, are expected to cause a challenge for the business. The Beyond Burger is having its maximum retail price of USD 12 for a pound, whereas a conventional beef burger expenses roughly USD 5 a pound, in the U.S. superstore.

Effect of Covid-19

Increasing adoption and rising penetration of the Omnichannel method is likely to hold the e-commerce retailing outlet, within the market. The Covid-19 pandemic caused the obligation of the lockdowns in the most important metropolis, throughout the world. It is estimated to promote online shopping. Consecutively, this is expected to propel the distributors to move to online vending channels.

Storage Insight

In 2019, the sector of frozen storage for plant-based meat was the most important and it held above 57.0% share of the international revenue. The increasing demand for the new vegetarian foodstuffs has caused a considerable augmentation in the development of the new products, within this segment. Sequentially, this offers the customers an extensive range of the products and trade names, permitting plant-based meat commodities to increase their space on the shelf as well as the appreciation.

End-User Insight

The hotel/Restaurant/Café (HORECA) sector ruled the plant-based meat market and retained the global revenue share of above 57.0% in 2019. Several fast-food chains, casually eat dinner places, as well as restaurants, are offering a division of their list of options, exclusively for “free of meat” alternatives, owing to the increasing attractiveness of vegetarian food as well as drink. Sequentially, this is expected to impel the enlargement of the section.

Type Insight

The plant-based chicken sector headed the plant-based meat market in 2019 and retained over 34.0% revenue share of the global market. Chicken is the most important element in the variety of usual meat products, for instance, cutlets, patties, and nuggets, since it is full of protein, animal fats, and cholesterol. The plant-based chicken products comprise roughly a similar quantity of protein, whereas the additional nutrients are likely to differ.

Product Insight

On account of the increasing requirement for these foodstuffs, the plant-based sausages section is projected to record the highest CAGR, during the period of the forecast. Strong funding by the companies to launch the novel tastes to their plant-based meat sausages, like spinach pesto, sweet Italian, and hot Italian, are expected to prompt the demand for the product.

The sector of plant-based burgers directed the market and was accounted for over a 29.0% share of the universal revenue in 2019. The constituents in these burgers try hard to reproduce the feel, smell, and taste of meat.

Source Insight

In 2019, soy-based meat ruled the plant-based meat market and held a global revenue share of above 48.0%. Soy is a good quality resource of Branch Amino Acids (BCAAs) and it helps to construct and make stronger muscles. Not only do the soy-based meat foodstuffs decrease the formulation overheads but show a lesser carbon footprint also, as contrasting to usual dairy and animal-based foodstuff goods.

The pea-based meat source sector is expected to record the highest CAGR for the duration of the forecast. Pea-based meat is simple to cultivate and its farming is reasonably priced. It is loaded with nutrients, like vitamin K & C, manganese, fiber, folate, phosphorous, and thiamine. The capability of the product to support preserve metabolic actions in the individual body, as well as cell separation and lipid synthesis, is estimated to increase its requirement during the period of the forecast.

Regional Insight

The European market is expected to observe the best development, during the forecast period due to the optimistic viewpoint of the consumers, on vegan meat and vegetarian foodstuffs as well as the strict set of laws in contrast to animal brutality. Important manufacturing companies are implementing tactical plans, such as mergers & acquisitions, capacity growth, and product improvement, to boost their trade in the local market.

In 2019, North America ruled the global plant-based meat market and held a revenue share of more than 39.0%. The enlargement of the provincial market is credited to the increasing utilization of the meatless meat foodstuffs, together with the increasing wakefulness of the clients about the probable possibility of consuming unhygienic meat provisions.

Companies

The companies are concentrating on the research & development actions and on expanding their range to introduce fresh and inventive unconventional meat goods, which imitate the feel and flavor of unusual meats, comprising veal and lobster. The most important companies, operating in the market, are distinguished by a strong sales network amid the restaurants along with global retail chains, for the delivery of their goods.

Some of the companies for plant-based meat market are:

    • Dr. Praeger’s Sensible Foods
    • Omni Foods
    • Like Meat GmbH
    • Moving Mountains
    • Marlow Foods Ltd. (Cauldron)
    • Trader Joe's
    • S Kraft Foods, Inc.
    • Sun fed Ltd.
    • Tofurky
    • Quorn
    • Conagra, Inc. (Gardein Protein International)
    • Maple Leaf Foods (Field Roast & Maple Leaf)
    • Beyond Meat
    • No Evil Foods
    • Good dot
    • Eat JUST Inc.
    • Ojah B.V.
    • Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
    • Light life Foods, Inc.
    • VBites Foods Limited
    • Gold&Green Foods Ltd.
    • Amy’s Kitchen, Inc.
    • Kellogg NA Co. (Morningstar Farms)
    • Vegetarian Butcher
    • Impossible Foods Inc.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insight has segmented the global plant-based meat market report on the basis of source, product, type, end-user, storage, and region:

• Source Outlook (Revenue, USD Million, 2016 - 2027)
    • Soy
    • Pea
    • Wheat
    • Others

• Product Outlook (Revenue, USD Million, 2016 - 2027)
    • Burgers
    • Sausages
    • Patties
    • Nuggets, Tenders & Cutlets
    • Grounds
    • Others

• Type Outlook (Revenue, USD Million, 2016 - 2027)
    • Chicken
    • Pork
    • Beef
    • Fish
    • Others

• End-user Outlook (Revenue, USD Million, 2016 - 2027)
    • Retail
    • HORECA

• Storage Outlook (Revenue, USD Million, 2016 - 2027)
    • Refrigerated
    • Frozen
    • Shelf-stable

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • The U.K.
        • France
        • The Netherlands
        • Italy
    • The Asia Pacific
        • China
        • Japan
        • Australia & New Zealand
    • Central & South America
        • Brazil
        • Argentina
    • Middle East & Africa
        • UAE