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Global Plant Based Meat Market Share Is Expected To Grow At A CAGR Of 15% By 2028

13-Sep-2022 | Facts and Factors

According to Facts and Factors, the global plant based meat market size was worth around USD 7.5 billion in 2021 and is predicted to grow to around USD 15.8 billion by 2028 with a compound annual growth rate (CAGR) of roughly 15% between 2022 and 2028.

Plant based meat products are substitutes for animal meat and are created using only plants. The main concept here is to avoid the use of animals to convert plants into meat. Organic products are composed of the same nutrients that can be found in animal meat like fat, protein, mineral, vitamins, and water. With technological advancement, the new range of plant based meat has the same tastes, looks, and texture as animal meat. Even though discussions about plant substitutes have been in existence for decades, it has only recently gained more momentum owing to efforts of various domestic and international organizations in creating awareness about the benefits of switching to plant-based food items in general. One of the key factors in the production of these meat items is that they are free of external antibiotics, unlike animal meat. The overuse of anti-bacterials is anticipated to result in the creation of antibiotic-resistant superbugs resulting in the loss of effective antibiotics. Hence it is important to look for alternatives so that antibiotic utilization is reduced to a large extent. Eliminating the use of animals in any form or process during food manufacturing will potentially eliminate the risk of future pandemics or other deadly diseases that spread from animals to humans. Most of these diseases do not have concrete cures which makes them more fatal and dangerous as a result of constant virus mutation.

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Browse the full “Plant Based Meat Market Size, Share, Growth Analysis Report By Product (Patties, Burgers, and Sausages), By Source (Pea, Soy, and Wheat), By Type (Beef, Pork, and Chicken), By Storage (Frozen, Refrigerated, and Shelf-Stable), By End-User (Hotel / Restaurant/ Cafe, and Retail), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/plant-based-meat-market

During Covid-19, even though there was a disturbance in the global plant based meat market cap at the initial stage driven by supply chain issues along with lowered production rate, in the long run, it is projected to help grow the market revenue further. This could be driven by the increased concerns amongst the population about eating animal meat since the most widely accepted origin of the virus was bats.

The global plant based meat market is projected to grow owing to the rising awareness amongst the population about the negative environmental impact of meat consumption. As per an article published by the Guardian, meat when used as food items results in almost 60% of the entire greenhouse gasses. The meat industry is one of the industries that cause water, soil, and air pollution together. It is also one of the largest waste-creating sectors. There are a significant number of people who are voluntarily choosing not to use or consume any kind of animal-derived products as a way of contributing to the environment which will subsequently help in increasing the consumption of plant based meat. The global market size may also benefit from the actions undertaken by responsible authorities toward developing meat substitutes that provide the same benefit without the negative impact. This may also be consulted with the rising number of key players from the food industry trying their hands in the meat substitute market.

Some concerns over labeling are projected to restrict the global market growth while the rising number of players may provide expansion opportunities. Questions about the authenticity of plant based meat are anticipated to challenge global market growth.

Segmental Overview

The global plant based meat market is segmented by product, source, type, storage, end-user, and region

Based on product, the global market is divided into patties, burgers, and sausages with over 29% of the global market segment being led by the sale of burgers, in 2021. Based on source, the global market is segmented into pea, soy, and wheat. Meat products derived from soy accounted for more than 48% of the global market in the last year

Based on type, the global market segments as beef, pork, and chicken; with 34% of the market, in 2021, dominated by the chicken segment Based on storage, the global market is divided into frozen, refrigerated, and shelf stable. Frozen items witnessed the highest sale in the last year and shared around 56.65% of the global market revenue.

Regional Overview

North America is anticipated to generate the highest revenue in the global plant based meat market owing to the rising protestors against the meat industry who have undertaken initiatives to generate awareness about the cruelty animals go through while being processed for human consumption. There are many socially influential people in the regions like USA and Canada who on a personal level participate in events that highlight animal cruelty at food farms. Followers of such personalities tend to take the matter being discussed more seriously. There are multiple documentaries made for public viewing depicting the unhygienic conditions the animal lives in along with other processes like artificial insemination which goes against animal rights. All these factors together are projected to help generate high regional revenue.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 7.5 Billion

Projected Market Size in 2028

USD 15.8 Billion

CAGR Growth Rate

15% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Impossible Foods Inc, Beyond Meat, Tofurky, Gold&Green Foods Ltd, Maple Leaf Foods, Unilever, Vbites Food Limited, Monde Nissin, Conagra Foods, and Others

Key Segment

By Product, Source, Type, Storage, End-User, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

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Competitive Landscape

The global plant based meat market is led by players like Impossible Foods Inc, Beyond Meat, Tofurky, Gold&Green Foods Ltd, Maple Leaf Foods, Unilever, Vbites Food Limited, Monde Nissin, and Conagra Foods

Recent Developments:

  • In June 2020, Fitday.in announced the launch of a new line comprising plant based meat products. The company is a nutraceutical startup.
  • In December 2021, Imperial Tobacco Company of India Limited announced its plan to launch plant-based meat products for the Indian Market.

The global plant based meat market is segmented as follows:

By Product

  • Patties
  • Burgers
  • Sausages

By Source

  • Pea
  • Soy
  • Wheat

By Type

  • Beef
  • Pork
  • Chicken

By Storage

  • Frozen
  • Refrigerated
  • Shelf-Stable

By End-User

  • Hotel / Restaurant/ Cafe
  • Retail

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

About Us:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

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