As per the report published by Facts & Factors, the global plant-based meat market was valued at approximately USD 3.77 Billion in 2019 and is projected to generate revenue of around USD 9.43 Billion by end of 2026, growing at a CAGR of around 14% between 2020 and 2026.
Plant-based meat protein is mainly made up of soy or gluten. It is a great substitute for animal meat protein. No animal product, such as milk or meat, is involved while producing it. Fiber spinning and thermoplastic extrusion are the two techniques of processing these products. Mostly the thermoplastic extrusion method has been used for large-scale production due to its affordable rate.
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Top Market Players
Major players in the market are Beyond Meat Inc., Royal Wessanen, Maple Leaf Foods Inc., Tyson Foods Inc., Nestle S.A., Pinnacle Foods Inc, Marfrig Global Foods S.A., MorningStar Farms, Impossible Foods Inc., Orkla Foods, Sunfed Ltd., Quorn Foods, Amy’s Kitchen, and VBites Food Limited among others.
Increasing Consumer Awareness Regarding the Health Benefits Offered by Plant-based Meat
The growing trend towards plant-based meat encourages people to consume more fruit, nuts, legumes, vegetables, and seeds. Excessive animal meat consumption can lead to dietary-related diseases like cardiovascular diseases; type 2 diabetes, and obesity. Vegetable-based meat consumption does not lead to these diseases. They also help to build better immunity. The nutritional advantages of meat and its safety compared to conventional meat are some factors that are gaining popularity among consumers. Conventionally processed meat products get replaced by plant-based meat products as plant-based meat consists of lower levels of calories, fat, and cholesterol than any other animal-based meat. Animal-based meat often contains higher levels of micronutrients, such as iron, zinc, and calcium.
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Europe is projected To Dominate the Global Plant-based Meat Market
The European market holds the largest global market share in 2019. In Europe, the rising vegan trends are influencing plant meat products, especially in the UK. In addition, startups such as Beyond Meat and Impossible Foods Inc. support the North American region. Foods based on plants are becoming more popular in the Asia Pacific, as consumers care about healthy lifestyles. Furthermore, in the coming year, the demand for vegetable meat products is expected to rise due to rising public health concerns, ethical concerns, and environmental concerns in relation to animal protein sources.
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