Plant-Based Meat Market size was valued at around USD 4.39 billion in 2022 and is expected to rise from USD 5.48 billion in 2023 to reach a value of USD 32.47 billion by 2031, at a CAGR of 24.9% over the forecast period (2024–2031).
The global plant-based meat market is growing significantly attributed to rise in demand for environmentally friendly and nutritional options. Producers within the market are putting efforts to provide a viable alternative to traditional meat products, which have been connected to environmental and health concerns. This plant-based meat is prepared out of natural ingredients, including soy, peas, and wheat. It has a far lower environmental impact than traditional meat. In addition, surge in the popularity of vegan and flexitarian diets drives the market forward. Meatless alternatives have been a preferred choice of consumers. They are consuming these alternatives to reduce their meat consumption for ethical, health, and environmental concerns.
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Top Player’s Company Profiles in Plant-Based Meat Market
- Beyond Meat (US)
- Impossible Foods (US)
- Nestle (Switzerland)
- Tyson Foods (US)
- Kellogg Company (US)
- Maple Leaf Foods (Canada)
- Conagra Brands (US)
- The Vegetarian Butcher (Netherlands)
- Quorn Foods (UK)
- Tofurky (US)
- Gardein (Canada)
- Before the Butcher (US)
- Lightlife Foods (US)
- Alpha Foods (US)
Global Growth: Evolution of Plant-Based Meat Products
Product R&D: Plant-based meat companies are investing substantially in R&D to create innovative products that have the flavor, texture, and nutritional value of traditional meat products. This trend promotes the creation of distinctive plant-based meat products that provide customers with a more authentic meat-like experience.
Expansion into other markets: Plant-based meat producers are expanding in Asia and Africa. These regions have great growth potential for these producers. This trend is propelled by rise in demand for meat substitutes in these countries and increase in consumer awareness toward the benefits of plant-based diets.
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Segments covered in Plant-Based Meat Market are as follows:
- Source
- Soy, Pea, Wheat, Blends, Others (Quinoa, Oats, Beans, Nuts, Seeds)
- Type
- Beef, Chicken, Pork, Fish, Others (Lamb, Turkey)
- Products
- Burger patties, Strips & nuggets, Sausages, Meatballs, Others (Slices, Fillets, Cutlets, Slides, Fingers, Crumbles)
- Distribution Channel
- Food retail, Food services, E-commerce
- Storage
- Frozen, Refrigerated, Shelf-stable
How Product Innovation and Marketing Shape the Plant-Based Meat Market
The global plant-based meat market is getting more competitive as new companies enter the market and existing competitors extend their products. The market is predicted to grow significantly in the next years. This growth is driven by rise in health and environmental awareness, changes in dietary habits, and emergence of flexitarians. There are several companies operating within the market globally and the competition between them is projected to intensify as the market increases. Product innovation, pricing, distribution, and marketing techniques will all influence which companies emerge as industry leaders.
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Key Strategies Adopted by Market Players
January 2024: Better Balance, a plant-based subsidiary of Sigma Alimentos, a major Latin American meat and dairy producer, will join with Chunk Foods, a New York-based company, to manufacture co-branded plant-based whole cuts for Latin America.
July 2024: Juicy Marbles, an alternative meat company, plans to launch a new baby ribs product. They introduced a similar soft product that was supplied to clients in August 2023. The product contains edible rib bones made of soy protein, which may be used in a range of snacks and broths, including jerky and soup stock.
July 2024: Maggie Rindecarne will be introduced by Nestle. This product is a plant-based meat replacement. It aims to lengthen meals in Chile. Maggie Rindecarne includes spice and soy. It allows consumers to prepare a dish with both meat and plant-based proteins, boosting the number of servings at a reasonable cost. It offers nutritional benefits without sacrificing taste and is completely customizable.
Environmental and Health Factors Boosting Plant-Based Meat
The global plant-based meat sector is a rapidly growing component of the wider meat substitute market. One of the key drivers of this expansion is rise in awareness of the negative impact of traditional meat production on the environment and animal welfare, which has resulted in a shift toward plant-based diets. Customers are growing more health conscious, seeking alternate protein sources that are low in fat, calories, and cholesterol. North America now dominates the global plant-based meat market, followed by Europe and Asia-Pacific. This is due to growing awareness and adoption of plant-based diets in these regions, as well as the presence of major market competitors.
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