Plant Based Meat Products Market Growth & Opportunity 2028

The Plant Based Meat Products 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 patties, meatballs, nuggets, sausages, and ground meat, among others. Plant-based meat products are free of unsaturated fat and have low calorific value, which makes them healthier than conventional meat products. Consumers are increasingly shifting to plant based meat products from animal meat products owing to the rising prevalence of obesity, diabetes, and other diseases.

In 2020, Europe held the largest share of the global plant based meat products market, and North America is estimated to register the fastest CAGR during the forecast period. According to the “Plant-Based Food Association,” the retail sales of plant based foods in the US increased by 11% in 2019, compared to that in 2018, hitting the market value of US$ 4.5 billion. The high nutritional value of plant based meat products, such as sausages, meatballs, and nuggets, has triggered their demand in North America in the last few years, especially among young adults. Moreover, the plant based meat market is centered in this region due to the presence of start-ups such as Impossible Foods Inc. and Beyond Meat that pioneered the production of these products.

Strategic Insights

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

The food & beverages sector faced unexpected challenges amid the COVID-19 pandemic. Various restrictions imposed by governments, such as lockdowns, production shutdowns, travel bans, and border restrictions, disrupted the global supply chains in 2020. This led to a shortage of raw materials and labor, which hampered the production of various small-scale and large-scale food and beverage manufacturers. However, the health and wellness trends evolved dramatically due to the COVID-19 pandemic, as people became more concerned about their health and immunity, which created massive demand for plant based products. Health and wellness are the key motivators for adopting alternative or plant based proteins. Further, in 2021, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap. This factor is projected to offer ample opportunities for the plant based meat products market players during the forecast period.

Plant Based Meat Products Market Breakdown, by Region

Get more information on this report : Request Free Sample PDF

Market Insights

Surging Veganism and Vegetarianism Trends Drive Plant Based Meat Products Market

The vegetarian population, especially the vegan population, has grown significantly in recent years. People are increasingly switching to vegetarian diets, owing to increased health concerns. Many dieticians and health practitioners recommend reducing meat consumption and switching to a vegetarian diet to reduce the risks of chronic health issues, such as obesity, heart diseases, high blood pressure, and digestive disorders. According to Google Trends, veganism was one of the Top 5 searched terms on Google in 2019 in the UK and across the world. Thus, the surging trend of veganism and vegetarianism boosts the plant based meat products market progress.

Type Insights

Based on type, the plant based meat products market is categorized into patties, nuggets, meatballs, sausages, and others. The patties segment held the largest share in the market, however, the others segment is expected to register the highest CAGR during the forecast period. Other plant based meat products include cold cuts, minced, and fillets. Soy is commonly used to make plant based alternatives to fillets, minced meat, and cold cuts, among other red and white meat products, providing consumers the freedom to prepare various cuisines, such as Italian, Thai, Vietnamese, American, and Indian, without compromising on their health.

Plant Based Meat Products Market, by Type – 2020 and 2028

Get more information on this report : Request Free Sample PDF

Category Insights

Based on category, the plant based meat products market is segmented into frozen, refrigerated, and ambient. The frozen segment held the largest share of the market, whereas the refrigerated segment is projected to register the highest CAGR during the forecast period. Frozen plant based meat products have a longer shelf life. These products can be stored for months in freezer. Moreover, they are easy to prepare and store. Thus, the extended shelf life of frozen plant based meat products is a major factor driving their popularity among consumers.

Distribution Channel Insights

Based on distribution channel, the plant based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest market share in 2020. Supermarkets and hypermarkets are large retail establishments that offer a wide range of groceries, foodstuffs, beverages, and other household goods. Products from various brands are available at reasonable prices in these stores, allowing shoppers to find the right product quickly. Moreover, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience. Manufacturers of plant based meat products usually prefer to sell their products through supermarkets and hypermarkets owing to the high footfall received by these stores.

The major players operating in the 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 mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.

Report Spotlights

• Progressive industry trends in the plant based meat products market to help companies develop effective long-term strategies
• Business growth strategies adopted by the plant based meat products market players in the developed and developing countries
• Quantitative analysis of the market from 2019 to 2028
• Estimation of global demand for plant based meat products
• Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers in the plant based meat products market
• Recent developments to understand the competitive market scenario
• Market trends and outlook, as well as factors driving and restraining the growth of the plant based meat products market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest
• Size of the plant based meat products market at various nodes
• Detailed overview and segmentation of the market, as well as the plant based meat products industry dynamics
• Size of the plant based meat products market in various regions with promising growth opportunities