Plant Based Meat Products Market is expected to reach US$ 14,527.55 million by 2028

Published Date: 18 May 2022

Rising Importance of Environment Sustainability to Drive Plant Based Meat Products Market

 

According to our latest market study on “Plant Based Meat Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others),’’ the market is projected to reach US$ 14,527.55 million by 2028 from US$ 5,354.72 million in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028.

 

Plant based meat products include burger patties, nuggets, sausages, etc. These products are made using plant proteins such as soy protein, wheat protein, and pea protein. Plant proteins offer similar texture and flavor as animal meat products. The surging trend of veganism owing to increasing empathy for animals and growing sustainability concerns is driving the plant based meat products market. Moreover, changing dietary preferences of consumers due to increased health concerns is driving the demand for plant based meat products.

 

The livestock industry is one of the key contributors to anthropogenic greenhouse gas emissions. According to the Food and Agriculture Organization (FAO) of the United Nations (UN), the worldwide livestock industry emits 7.1 gigatons of carbon dioxide per year, accounting for 14.5% of all human-caused greenhouse gas emissions. As per industry experts, livestock production emits more carbon dioxide than the whole transportation industry combined. Due to the rising awareness regarding the negative impacts of the meat and livestock industry on the environment, consumers are rapidly switching to plant based meat and dairy products. The consumption of plant based meat products helps minimize carbon footprints, save water and other natural resources, and reduce overall environmental impacts. Thus, the rising importance of environmental sustainability is significantly driving the growth of the plant based meat products market.

 

The key players operating in the global plant based meat products market include Beyond Meat; Conagra Brands, Inc.; Impossible Foods Inc.; Quorn Foods, Inc.; Kellogg Company; Hilary’s Eat Well; Vbites Foods, Ltd.; Before the Butcher; Field Roast; and Tofurky; among others. These companies are making significant investments in R&D to develop innovative products such as gluten-free, soy-free, allergen-free, organic, and Kosher and Halal-certified products to address the emerging consumer trends in the plant based meat products market.

Impact of COVID-19 Pandemic on Plant Based Meat Products Market

The COVID-19 pandemic brought unprecedented challenges for many industries, including the food & beverages industry. Lockdowns, border restrictions, travel bans, plant shutdowns, and other government-led safety protocols disturbed the operations of manufacturing companies. The COVID-19 pandemic also created a shortfall in production due to raw material and labor shortages, which hampered the market shares of small-scale and large-scale food and beverage manufacturers across different geographies. However, due to a significant shift in consumer dietary preferences, the demand for plant based meat products increased dramatically after the COVID-19 outbreak. The World Health Organization (WHO) published a recommendation for food products that should be consumed during the COVID-19 pandemic. The guideline suggested limiting red meat consumption due to its high percentage of saturated fat. Moreover, people focused on reducing their overall meat consumption shifted to vegetarian and vegan diets to improve immunity. Thus, the plant based meat products market players experienced the mixed impact of the COVID-19 pandemic. 

 

Plant Based Meat Products Market Breakdown – by Region

Plant Based Meat Products Market Breakdown – by Region

Report : Plant Based Meat Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)

The report segments the plant based meat products market as follows:

Based on type, the plant based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. Based on category, the market is segmented into frozen, refrigerated, and ambient. Based on distribution channel, the plant based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. Based on geography, the plant based meat products market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).


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