Plant-based Meat Market Research

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Plant-based Meat Market Research

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

This report provides a breakdown of the market size (in value and volume) and the growth rates of the global plant-based mear market, a comparison of the global plant-based meat market with the global animal-based meat market, and an overview of the key players in the industry. However, there is no pre-existing information to fully triangulate and provide a comparison of the global plant-based meat market with the global animal-based meat market (five years ago). Additionally, we were unable to identify sources on the risks faced by companies that rely on soy, wheat, and peas, or the pros and cons of plant-based meat companies and their products.

While there is no pre-existing information to fully answer your question, we've used the available data to pull together key findings. Our findings and triangulations are detailed below while further details on the logic can be found in the Research Strategy section.

We have also linked additional paid industry reports that can provide information on the market sizes/shares specific to the global plant-based meat market (five years ago).

I- Market Analysis

Global Plant-Based Market Size & CAGR

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.

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

Growth Opportunities

Favorable Marketing and Correct Positioning of Plant-Based Meat

Satisfy the Consumer Demands/Growing Investment

II- Dominant Product Segmentation

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

Comparing the Markets in 2021
Comparing the Markets in 2018 (5 Years Ago)
  • 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.

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

Impossible Foods Inc.

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 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.

Disadvantages of Plant-Based Meat Companies



Research Strategy

After an extensive search through the public domain, we were unable to find enough data points to triangulate and provide a comparison of the global plant-based meat market with the global animal-based meat market (five years ago). Additionally, we were unable to identify sources on the risks faced by companies that rely on soy, wheat, and peas, or the pros and cons of plant-based meat companies and their products. To ensure due diligence, we scoured through several industry reports, market publications, and news articles relating to the global plant-based meat market. However, most reports identified such as this included dairy products in the analysis.
We were unable to use the reports by Good Food Institute, as all of their findings, including this, are focused on the US market.

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