The plant-based meat market is estimated to account for a value of USD 12.1 billion in 2019 and is projected to grow at a CAGR of 15.0% from 2019, to reach a value of USD 27.9 billion by 2025. An increasing number of consumers are demanding plant-based meat, either for medical reasons or as a healthy lifestyle. As a result, the demand for plant-based meat continues to expand. Additionally, continuous efforts in research & development by plant-based meat manufacturers, in terms of better aroma, texture, longer shelf life, and better nutritious profiles, is projected to escalate the growth of global plant-based meat market in the coming years. Companies, both start-ups and established players are entering this high growth market owing to the growing preference for plant-based diets among consumers at a global level. Established food companies such as Cargill (US) and Tyson Foods (US) have invested in start-ups that are producing plant-based meat products; this is further expected to boost sales of plant-based meat products in the coming years.
By source, the soy segment is projected to dominate the plant-based meat market during the forecast period.
By source, the plant-based meat market is segmented into soy, wheat, pea, and others (quinoa, oats, beans, and seeds). Soy is widely used as a base ingredient for plant-based pork, beef, and chicken products, owing to its high protein content and meat-like texture. The growing health concerns associated with the consumption of animal protein-sourced foods and adoption of flexitarian and vegetarian diets are expected to drive consumption of soy as a source in the global market. Impossible Foods offers soy-based burgers and is backed by a strong distribution network in the US. In January 2019, the company launched an upgraded version of its burger, which would have 30% less sodium and 40% less saturated fat.
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By type, the chicken segment is projected to dominate the plant-based meat market during the forecast period.
Various sausages, nuggets, strips, and burgers have chicken as their major meat ingredient. Chicken flesh and eggs are loaded with animal protein, fats, and cholesterol. On the other hand, the protein content in plant-based meat chicken products is about the same while the other nutrients may vary. Beyond Meat’s (US) plant-based burger includes ingredients such as pea protein and canola oil. Impossible Food’s (US) patties contain soy protein and coconut oil to replicate the taste of chicken.
Environmental hazards associated with the killing of animals is projected to drive the plant-based meat market in Asia Pacific.
The raising of awareness through global animal welfare organizations such as PETA (People for the Ethical Treatment for Animals) has encouraged people to consider a meat-free diet. The Asia Pacific plant-based meat market is projected to be dominated by China. The increasing environmental impact due to the excessive animal killing for meat consumption has created significant demand for plant-based meat in China. The Chinese market is projected to witness significant growth due to the increase in demand from consumers for meatless food products.
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Key Market Players:
The key players in global plant-based meat market include Impossible Foods (US), Beyond Meat (US), Garden Protein International (US), Morningstar Farms (US), Quorn Foods (UK), Amy’s Kitchen (US), Maple Leaf Foods (Canada), the Vegetarian Butcher (Netherlands), Tofurky (US), Gold&Green Foods (US), Sunfed (New Zealand), and VBites (UK). Beyond Meat (US) and Impossible Foods (US) are the top two players in the market. These companies are backed by a robust distribution network with retail chains and restaurants at a global level for the distribution of its plant-based meat products. These companies have adopted new product launches as a key strategy to expand their presence in the market. For instance, in March 2019, Impossible Foods (US) launched plant-based meat in Singapore.
Recent Developments:
- In March 2019, Impossible Foods launched its plant-based meat, with a variety of dishes available at eight restaurants throughout Singapore. The motive behind the launch was to expand its global reach.
- In March 2019, Beyond Meat launched a plant-based ground beef product to meet the rising consumer demands and enhance its plant-based meat product portfolio.
- In March 2019, Morningstar Farms launched a plant-based vegan cheeseburger to meet the demand of its consumers.
