Plant Based Meat Products Market Demand & Forecast to 2028

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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)

Publication Month: May 2022 | Report Code: TIPRE00028970 | No. of Pages: 178 | Category: Food and Beverages | Status: Published

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

Report Coverage - Plant Based Meat Products Market
Report CoverageDetails
Market Size Value inUS$ 5,354.72 million in 2021
Market Size Value byUS$ 14,527.55 million by 2028
Growth rateCAGR of 15.3% from 2021 to 2028.
Forecast Period2021- 2028
Base Year2021
No. of Pages178
No. of Tables86
No. of Charts & Figures81
Historical data availableYes
Segments coveredType, Category, and Distribution Channel
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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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

Plant Based Meat Products Market Breakdown, by Region

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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

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

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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

Frequently Asked Questions

The major players operating in the global plant-based meat products market are Beyond Meat; Conagra Brands, Inc.; Kellogg’s Company; Tofurky; Field Roast; Before the Butcher; VBites Foods Inc.; Hilary’s – Drink Eat Well, LLC.; Quorn; and Impossible Foods Inc.
Plant-based meat is experiencing strong demand in emerging regions like the Asia Pacific and the Middle East & Africa. Rising demand for low or no meat diets owing to shifting consumer priorities towards sustainability and wellness is driving the plant-based meat industry across the Asia Pacific. On the other hand, plant-based meat is also gaining huge traction across the Middle East & Africa as consumers in the region are reducing their meat consumption in an attempt to lead a sustainable and healthy life. Thus, the surging demand for plant-based meat in emerging regions will provide a strong market potential over the forecast period.
Based on distribution channel, the supermarkets and hypermarkets segment accounted for the largest revenue share as the increasing urbanization, rising working-class population, and competitive pricing are boosting the popularity of supermarkets and hypermarkets in developed and developing regions. Moreover, manufacturers of plant-based meat products usually prefer to sell their products through supermarkets and hypermarkets owing to a heavy customer base.
Europe accounted for the largest share of the global plant-based meat products market. Europe has emerged as a significant plant-based meat products market due to considerable demand for animal-meat alternatives from consumers owing to increasing health consciousness and the rising veganism trend.
The market scope for global plant-based meat products takes into consideration the retail sale of plant-based meat products and not the foodservice consumption.
The growing importance of environmental sustainability is expected to significantly drive the development of the plant-based meat products market over the forecast period. Also, the growth of the veganism trend is also attributed to growing affiliation with animals. Animals are ill-treated in slaughterhouses and factor which is raising concerns related to animal protection among consumers. This factor is also expected to boost the consumption of plant-based food. Thus, rising veganism and vegetarianism trends are projected to significantly drive the growth of the plant-based meat products market over the forecast period.

The List of Companies - Plant-Based Meat Products Market

  1. Beyond Meat
  2. Conagra Brands, Inc.
  3. Kellogg’s Company
  4. Tofurky
  5. Field Roast
  6. Before the Butcher
  7. VBites Foods Inc.
  8. Hilary’s – Drink Eat Well, LLC.
  9. Quorn
  10. Impossible Foods Inc.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global plant-based meat products market, thereby allowing players to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
TIPRE00028970
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