March 1, 2024
Plant Based Meat Market

Plant Based Meat Market Is Expected To Be Flourished By The Growing Health Awareness Among Consumers

Plant-based meat refers to meat alternatives created from plant-based ingredients such as soy, wheat, pea, and others to resemble animal meat in taste, texture, and appearance. It contains protein sources other than animals and incorporates various flavors and colors to look similar to conventional meat. Some popular plant-based meat products include burgers, sausages, chick’n nuggets, and others. There is a rise in demand for plant-based meat owing to factors such as increasing health consciousness among consumers, animal welfare, and environmental sustainability. Consumers are shifting to meat alternatives due to their lower cholesterol and saturated fat content compared to red meat. The growing veganism and flexitarian trend have accelerated the adoption of plant-based proteins globally.

The global plant based meat market is estimated to be valued at US$ 7.2 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing health awareness among consumers is expected to flourish the plant based meat market over the forecast period. Consumers are increasingly considering their diets and shifting towards plant-based proteins perceived as more natural and healthy than conventional meat. This growing focus on health and fitness has led many flexitarians and meat reducers to incorporate meat alternatives in their diets. Plant-based meat provides similar nutritional content as animal meat while being lower in cholesterol and saturated fat.

Furthermore, plant based meat is becoming mainstream as product innovations allow meat alternatives to replicate animal meat taste and texture more closely. Several startups are developing cultured or lab-grown meat using cell culture techniques that could overcome challenges related to taste, appearance and production costs of plant-based meat. Such advancements will drive the growth of plant based meat market over the forecast period.

Segment Analysis

The global plant-based meat market is divided into two key segments based on product- type – tofu-based and tempeh-based segments. Within these segments, the tofu-based segment currently dominates the market with over 60% share. Tofu has been popular for a long time as a vegetarian protein source in several cuisines across Asia. It can mimic the texture of meat very closely and absorb flavors easily during cooking. These properties make it a versatile ingredient for various plant-based meat recipes.

PEST Analysis

Political: The plant-based meat market is positively impacted by supportive regulations promoting sustainable food systems. Many governments offer subsidies and incentives for businesses developing innovative alt protein options.

Economic: Rising income levels and health awareness have boosted demand for plant-based foods. Lower costs of production compared to animal meat is another driver. However, high R&D investments required for product development pose challenges.

Social: Growing vegan/vegetarian/flexitarian customer base is a key factor. Health, ethics and environmental concerns related to industrial animal agriculture are driving more people to seek meat alternatives.

Technological: Advancements in food science facilitating creation of highly realistic mock meats that closely match animal meat flavors and textures. Digital marketing capabilities help build brands and connect with target audiences effectively.

Key Takeaways

The global Plant-Based Meat Market Share is expected to witness high growth over the forecast period. The global plant based meat market is estimated to be valued at US$ 7.2 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.

The North American market currently holds the largest share of over 40% due to fast adoption of vegan lifestyles. Rising awareness campaigns by advocacy groups and easy availability of plant-based meat products in mainstream retail channels have made the region the forerunner. The Asia Pacific regional market is growing at the fastest pace led by countries like China, India and Japan. Rapid economic development, western influence on diets, expanding middle class and large health-conscious younger demographic present huge opportunities. Local companies are launching customized alt protein options leveraging regional cuisines to appeal to local palates.

Key players operating in the plant-based meat market include Beyond Meat, Impossible Foods, Maple Leaf Foods, Quorn Foods, Gardein, Morningstar Farms. Beyond meat leads the market and has partnered with various restaurants and food chains for product placement and trials. Impossible foods has gained popularity for its heme-based burger that realistically mimics the taste and texture of beef.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it