The plant-based meat market is estimated to be valued at US$ 7.2 Bn in 2023 and is expected to exhibit a CAGR of 19.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Plant-based meat includes meat alternatives that are made from plant-based ingredients like soy, wheat, and others and mimic the taste and texture of animal meat. Plant-based meat provides various health advantages such as lower fat content, fewer calories, no cholesterol, and protein-rich diet. The growing concerns towards animal welfare and environmental sustainability have increased the demand for plant-based meat.
Market key trends:-
One of the key trends driving the growth of the plant-based meat market is rising health consciousness among consumers. In recent years, more people are becoming aware of the adverse health effects of consuming meat and are switching to plant-based meat alternatives. Plant-based meat contains zero cholesterol, has lower fat and calories compared to animal meat. It helps promote a healthy heart, maintain weight and reduces the risk of cancer, diabetes and other diseases. Furthermore, plant-based meat has a similar taste and texture to animal meat which appeals to flexitarians and is readily accepted as a substitute. The growing preference for vegan and vegetarian food products has further accelerated the demand for plant-based meat worldwide.
- Threat of new entrants: The threat of new entrants is moderate as plant-based meat market is growing at a rapid pace. However, developing new plant-based meat products require huge R&D investments and establishing supplier networks is challenging.
- Bargaining power of buyers: The bargaining power of buyers is high as plant-based meat products are increasingly becoming commodity products with presence of many established brands. Buyers can switch between brands easily based on price and quality.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate. While key raw material suppliers have considerable influence, availability of alternative raw material suppliers limits their power.
- Threat of new substitutes: Threat of substitutes is high as consumers have many meat alternatives like dairy, eggs, etc. to choose from based on taste and pricing.
- Competitive rivalry: Intense as the market comprises global and local players competing on product variety, quality, pricing and marketing.
- Strength: Varied product portfolio and extensive distribution are key strengths. Growing health and environment consciousness drive the demand.
- Weakness: High costs and limited product varieties can be challenges. Maintaining taste and nutrition is crucial.
- Opportunity: Huge growth potential in developing countries. Scope for collaborations with restaurants and retail chains.
- Threats: Negative campaign against processed foods. Scarcities in key raw materials can impact supplies.
The Global Plant-Based Meat Market Demand is expected to witness high growth at a CAGR of 19.3% over the forecast period, due to increasing health awareness and vegan lifestyle adoption. The market size is projected to reach US$ 7.2 Bn by 2023.
The Asia Pacific region is expected to be the fastest growing market for plant-based meat exhibiting a CAGR of over 21% through 2030 owing to rapid urbanization and changing consumption patterns in major countries like China, India and Japan. North America currently dominates the global market with over 35% revenue share in 2023 primarily due to strong presence of key players in the region.
Key players operating in the plant-based meat market include Beyond Meat, Impossible Foods Inc., Maple Leaf Foods , Vegetarian Butcher, Conagra, Inc. , Kellogg NA Co., Quorn, Amy’s Kitchen, Inc., Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Foods Limited, Kraft Foods, Inc., Lightlife Foods, Inc., Trader Joe’s, Yves Veggie Cuisine, Marlow Foods Ltd. , Ojah B.V., Moving Mountains, Eat JUST Inc., LikeMeat GmbH, GoodDot, OmniFoods, No Evil Foods, Dr. Praeger’s Sensible Foods.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it