Overview and Scope
Plant-based meat is meat that is prepared from plants and is similar to conventional meat in appearance and taste. The plant-based meat is produced using ingredients such as wheat gluten, lentils, yuba, tofu, soybeans, and a variety of nuts.
Sizing and Forecast
The plant-based-meat market size has grown rapidly in recent years. It will grow from $8.5 billion in 2023 to $9.94 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to growth plant-based ingredients, changing dietary preferences, health and environmental consciousness, retail expansion and availability, global culinary influences.
The plant-based-meat market size is expected to see rapid growth in the next few years. It will grow to $17.23 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to rising concerns about animal welfare, culinary integration in restaurants, government initiatives and regulations, climate change mitigation efforts, expansion of product portfolio. Major trends in the forecast period include technological advancements in production, technological advancements in plant-based alternatives, expansion of product offerings beyond burgers, collaborations and partnerships with foodservice chains, focus on health and nutrition.
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Segmentation & Regional Insights
The plant-based-meat market covered in this report is segmented –
1) By Product Type: Burger Patties, Sausages, Strips, Nuggets, Meatballs, Other Product Types
2) By Source: Soy, Wheat, Pea, Other Sources
3) By Distribution Channel: Grocery Stores, Food & Drinks Specialty Stores, Convenience Stores, Restaurants, Online Stores
Asia-Pacific was the largest region in the plant-based meat market in 2023. Western Europe was the second-largest region in the global plant-based-meat market. The regions covered in the plant-based-meat market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing consumer awareness associated with the benefits of vegetarian diets is projected to contribute to the growth of the plant-based meat market. The vegetarian diet offers various benefits, such as low insulin levels, a decreased rate of heart disease, and improved kidney functions. According to the International Food Information Council survey in August 2021, a US-based non-profit organization for a non-profit organization for food, beverages, and agriculture, Over the past year, the majority of Americans have eaten plant-based meat substitutes, with 2 in 5 doing so on a daily or weekly basis, which Top motives for choosing plant-based substitutes are their healthfulness and availability as a source of high-quality protein. Moreover, rising consumer awareness of animal rights through global welfare organizations such as animal aid unlimited (AAU) and people for the ethical treatment of animals (PETA) is to boost the demand for plant-based meat products, which in turn, is predicted to uptake the revenues of plant-based meat market over the forecast period.
Key Industry Players
Major companies operating in the plant-based-meat market report are Abbots Laboratories Inc., Kraft Heinz Company Inc., Maple Leaf Foods Inc., Morningstar Farms Inc., Amy’s Kitchen Inc., Beyond Meat Inc., Impossible Foods Inc., Quorn Foods Inc., Greenleaf Foods LLC, Don Lee Farms Inc., The Vegetarian Butcher LLC., Sweet Earth Inc., LightLife Foods Inc., Atlantic Natural Foods Inc., Gardein Inc., Ojah BV, Tofurky Inc., The Very Good Food Company Inc., Next Level Burger LLC., Gold&Green Foods Ltd., Gold&Green Foods Ltd Oy, Hungry Planet Inc., Monks Meats Inc., No Evil Foods Inc., Ocean Hugger Foods Inc., Sophie’s Kitchen Inc., Yves Veggie Cuisine Inc., VBites Inc., Dr. Praeger’s Inc., Good Catch Foods Inc.
The plant-based-meat market report table of contents includes:
1. Executive Summary
2. Plant-Based-Meat Market Characteristics
3. Plant-Based-Meat Market Trends And Strategies
4. Plant-Based-Meat Market – Macro Economic Scenario
5. Global Plant-Based-Meat Market Size and Growth
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32. Global Plant-Based-Meat Market Competitive Benchmarking
33. Global Plant-Based-Meat Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Plant-Based-Meat Market
35. Plant-Based-Meat Market Future Outlook and Potential Analysis
36. Appendix
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