Key Takeaways

• The current (2021) market size for the global plant-based meat market is $5.06 billion.

• According to an industry report by GM Insight, corroborated by PR Newswire, expect consumption at over 400 kilotons up to 2025.
• Using a CAGR calculator (with the 2020 to 2025 CAGR and the 2025 market size), the 2020 global plant-based meat market size is calculated as 217.10 kilotons.

• Plant-based meat is expected to grow at a CAGR of 13% from 2020 to 2025, 22% from 2025 to 2030, and 8% from 2030 to 2035.

Introduction

I- Market Analysis

Global Plant-Based Market Size & CAGR

• According to an industry report by Grand View Research, corroborated by Polaris Market Research, Report Linker, and a news article by Yahoo Finance, the current (2021) market size for the global plant-based meat market is $5.06 billion.
• The industry is expected to grow at a CAGR of 19.3% from 2022 to 2030.
• Based on the CAGR, the industry is expected to hit $24.8 billion by 2030.

Global Consumption of Plant-Based Meat in Volume & CAGR

• According to an industry report by GM Insight, corroborated by PR Newswire, expect consumption at over 400 kilotons up to 2025.
• Plant-based meat is expected to grow at a CAGR of 13% from 2020 to 2025, 22% from 2025 to 2030, and 8% from 2030 to 2035.
• Using a CAGR calculator (with the 2020 to 2025 CAGR and the 2025 market size), the 2020 global plant-based meat market size is calculated as 217.10 kilotons.

• In 2020, 13 million metric tons of protein alternatives were consumed globally, just 2% of the market.
• By 2035, plant-based proteins will capture 11% of the meat and seafood market increasing to 97 million metric tons.

 

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Growth Drivers

Growing Consumer Interest in Plant-Based Diets

• According to Grand View Research, growing consumer interest in plant-based diets is one of the major factors propelling the global plant-based meat industry.
• Consumer knowledge of plant-based non-veg substitutes is "rapidly increasing, with more customers wanting these goods owing to their health advantages such as the avoidance of noncommunicable illnesses, digestion issues, and overweight."
• Nielsen IQ reported that an increasing number of consumers are buying plant-based foods, particularly, protein alternatives in the meat and dairy aisles.
• Meat alternatives have increased by 60% over the past two years, backed by good-tasting and more widely available products.
• Grocery sales of plant-based products that directly replace animal products increased by 12.1% to $1.3 billion in the 52 weeks ending July 31, 2021, and 53% in the past two years.
• Sales of meat alternatives grew 11% during the same time to $922.2 million, powered by a 43% growth in households that purchased meat alternatives.
•  Over half (52%) of U.S. consumers are consuming more plant-based foods and they acknowledge that it makes them feel healthier.
• Consumers are said to be "prioritizing health, wellness, and social issues in increasing numbers, which translates to more conscious shopping choices—such as buying products that align with specific diets, lifestyles, and values, as well as avoiding unwanted ingredients due to allergies or food sensitivities."

The Rising Consciousness for Animal Rights

• The expansion of ethical and health-conscious consumer groups is listed as one of the major factors driving the market for plant-based meat.
• Additionally, other consumers are going for vegetarian ingredients to avoid animal cruelty and to consume sustainable food and beverage products.
• Meat alternatives are often viewed as a means of mitigating environmental, animal welfare, and, public health problems.

• Across the United States, concern about unhealthy diet is surging and the increasing awareness about animal rights is driving the plant-based meat industry.
• The rising awareness of animal cruelties has led an increasing number of consumers to go for vegan meat that tastes just like meat but has none of the drawbacks.
• Additionally, celebrities have started endorsing and promoting veganism and alternatives for non-vegetarians, including trends such as ‘Veganuary’

Growth Opportunities

Favorable Marketing and Correct Positioning of Plant-Based Meat

• According to an industry report by Markets and Markets, the sales of plant-based meat can be increased via the adoption of marketing strategies like diversification and segmentation.
• The goal will be to create more demand among consumers, such as vegetarians, flexitarians, health-conscious consumers, and vegans.
• Along with this, the source pointed out the need to position the product at the right place via the proper sales channel.
• Furthermore, it recommends that organizations need focus on this criterion to sustain in the market and increase their sales.
• Companies need to prepare themselves by expanding their customer relationships and extending their global footprint.
• Additionally, proper labeling can further accelerate market growth.
• The North American and European plant-based meat markets "relatively emphasize the labeling criterion. It is expected that this will be followed by the Asia-Pacific region as well, leading to market growth."

Satisfy the Consumer Demands/Growing Investment

• According to Report Linker, plant-based meat producers are examining different meat alternatives to satisfy the consumers’ demand.
• In recent years, regular product innovations and improving product lines have cleared the path for the success of the plant-based meat industry.
• Additionally, "a growing number of angel investors, venture capitalists, and accelerators, as well as increased investment activity from strategic food industry investors such as General Mills, 301 Inc, and Kraft Heinz, as well as direct investors such as Mapleleaf Foods, Cargill, and Danone, are all helping to propel the industry growth."

II- Dominant Product Segmentation

• The plant-based meat market is divided into;
• Burger Patties: 29.2% revenue share in 2021 (largest share by product)
•  Sausages 
•  Patties 
•  Nuggets, Tenders, & Cutlets 
•  Grounds 
•  Meatball.

Helpful Findings

• The plant-based sausages segment is expected to grow at a CAGR of 20.4% over the forecast period from 2022 to 2030, propelled by the shifting consumer interest towards plant-based diets and increasing consumption for sausages from "retail channels on account of its taste, texture, and convenience are anticipated to spur the product demand across the globe."
• The increasing investment by organizations welcoming new and innovative flavors to their plant-based sausages, like hot Italian, sweet Italian, spinach pesto is expected to spur the product demand.
• Some of the key players in the plant-based sausages space are Marlow Foods Ltd., Impossible Foods Inc., and Moving Mountains.
• The plant-based burger patties industry is expected to grow by $1.48 billion between 2021-2025 at a CAGR of 41.00%.

III- Comparison: Plant-Based Meat Market Vs. Animal-Based Protein-Based Market

Helpful Findings

• According to an industry report by Allied Market Research, the global animal-based protein was worth $44.09 billion in 2019.
• The market is expected to reach $58.5 billion by 2027, at a CAGR of 5.4%.
• Using a CAGR calculator, the 2021 global animal-based protein market is calculated as $48.98 billion.
• The current (2021) market size for the global plant-based meat market is $5.06 billion.
• Therefore, the penetration of the global animal-based protein market by the global plant-based meat market is given by ($5.06 billion of $48.98 billion), which is 10.33%.

• According to an industry report by Research and Markets, the global animal-based meat market was valued at $1.95524 billion in 2016.
• The market grew with a CAGR of 4.2% over the forecast period.
• Using a CAGR calculator and the above data points, the global animal-based meat market for 2018 is calculated as $2.12 billion.

 

Source

 

IV- Plant-Based Meat Market: Top Players

• Seven of the top players in the global plant-based meat industry include Beyond Meat, Impossible Foods Inc., Vegetarian Butcher, Quorn, Amy's Kitchen, Inc., Tofurky, and Gold&Green Foods Ltd.

Beyond Meat

• A link to Beyond Meat's website is provided herein.
• Beyond Meat, Inc. is a plant-based meat outfit.
• It believes that there is a better way to feed the planet by shifting from animal to plant-based meat, in order to address four growing global issues: climate change, human health, animal welfare, and constraints on natural resources.
• It offers a range of plant-based meat products across the three major platforms of beef, pork, and poultry and is offered in ready-to-cook or ready-to-heat formats.
• Beyond Meat’s product offerings include "Beyond Burger, Cookout Classic, Beyond Sausage, Beyond Beef, Beyond Meatballs, Beyond Breakfast Sausage Patties, Beyond Breakfast Sausage Links, Beyond Beef Crumbles, Beyond Italian Sausage Crumbles, and Beyond Chicken Tenders."
• The Company's products can be bought in about 130,000 retail and foodservice outlets in over 90 countries worldwide.
• Its primary production facilities are located in Missouri, Columbia, and Devault, Pennsylvania.

Impossible Foods Inc.

• A website address to Impossible Food is provided herein.
• Impossible Foods makes meat, dairy, and fish from plants.
• Its mission is to make the global food system truly sustainable by readicating the need to make food from animals.
• It was founded on July 16, 2011, and is headquartered in Redwood City, California, USA.
• The company currently has 750 employees.
• Its markets include the USA, Canada, Hong Kong, Macau, and Singapore.
• Its product offering includes Impossible Burger, Impossible Sausage, Impossible Chicken Nuggets, Impossible Meatballs, and Impossible Pork.
• The flagship product, Impossible Burger, cooks and tastes like ground beef from cows and is sold at restaurants in Canada, Hong Kong, the United States, Singapore, and Macau.

Vegetarian Butcher

• A website address to Vegetarian Butcher is provided herein.
• The company was launched in 2010.
• The Vegetarian Butcher offers plant-based meat alternatives for vegetarians and vegans, including gluten-free and GMO-free products for those with food allergies and sensitivities.

• Its plant-based offerings include Vegan burgers, Vegan Chicken, Vegan Sausages, Vegan Ground Meatballs, Vegan Jerky, and Dairy-free cheeses.

Quorn

• A website link to Quorn is provided herein.
• Quorn is focused on delivering meat analogs that can be easily integrated into existing consumption patterns and meal planning.
• The company already offers a wide range of plant-based meat substitutes, from meat-free mince, sausage, and burgers to chicken-like products.
• A list of all of its plant-based food is provided herein.

Amy's Kitchen, Inc.

• A website address to Amy's Kitchen, Inc. is provided herein.
• Amy's Kitchen is a "family-owned, privately-held American company based in Petaluma, California, that manufactures organic and non-GMO convenience and frozen foods."

• A list of its vegan foods is provided herein.

Tofurky

• A website address to Tofurky is provided herein.

• Tofurky is one of the largest producers of vegan plant-based proteins in the U.S. It produces more than 40 delicious vegan products, including a large line of deli slices, sausages, burgers, grounds, chickÕn, pizzas, pockets, tempeh, and (of course) the Tofurky holiday roast.

• All the products are provided herein.

Gold&Green Foods Ltd.

• A website address to Gold&Green Foods Ltd. is provided herein.

• Gold&Green Foods is a cross-cultural food tech organization, selling and developing novel, delicious and sustainable plant protein foods.
• It combines the "latest Nordic food science findings and the naturally nutritious and trendy Nordic ingredients with some specific Asian food technologies in our innovative products."

• Its plant-based meat products include Pulled Oats® and Deli OatBites. A list of all products offered by the company is provided herein.

Disadvantages of Plant-Based Meat Companies

Research Strategy