Sizzling Success: Unveiling the Plant-Based Meat Market Boom
The Plant-Based Meat Market has witnessed exponential growth in recent years, driven by increasing health and environmental concerns. Consumers are embracing plant-based alternatives due to their low cholesterol and sustainable nature.A wide range of ecologically responsible and health-sensitive consumers have been drawn to the market as a result of creative product development and enhanced flavour and texture.
The plant based meat market is anticipated to exceed US$ 4,915.7 million by 2023 from US$ 7,634.0 million in 2033. Demand for plant based meat is projected to escalate at a CAGR of 4.6% throughout the forecast period from 2023 to 2033.
Plant-based meat products are referred to as meat substitutes since they are created to mimic the properties of real meat. Compared to animal products, plant-based meats provide consumers a larger selection of meat substitutes, the majority of which are more sustainable and environmentally friendly.
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They are created to taste, look, and want like meat using plants and other non-animal items. The texture, flavour, and appearance of plant-based meats are created to imitate those of animal meat.
Thanks to digitalization, a wide range of industries have recently seen great growth on the global market. Due to rising internet usage and the simplicity of online transactions, many producers of plant-based meat are choosing to advertise and sell their products online.
Businesses are encouraged to establish an online presence because many customers prefer to make purchases from online retailers. Other locations have also developed more lately, like specialised shops and food delivery services.
Key Takeaways from the Plant Based Meat Market Study
Soy segment is projected to be the most popular source in the global plant based meat market by 2033.
The plant-based chicken segment by type is likely to garner a significant plant based meat market share by 2023.
The plant based meat market is projected to exhibit considerable growth at a CAGR of 6% from 2023 to 2033.
In Asia Pacific, India is expected to remain at the forefront by generating a lion’s share through 2033.
The United Kingdom plant based meat market is predicted to experience a rapid growth rate in the next ten years.
Competitive Landscape: Plant-Based Meat Market
The plant-based business is presenting the meat industry with unprecedented and unequaled competition. Companies that produce plant-based meat are bringing about a revolution to enhance the sustainable food system in response to the flourishing veganism trend around the world.
The emergence of the plant-based meat era has given businesses that are producing these goods a tremendous boost. Beyond Meat is one of the top brands in this sector. It is a pioneer in the production of ground beef, jerky, and burger patties made from plant-based meat.
GMO-free, soy-free, gluten-free, and kosher plant-based meat is available from Beyond Meat. Taking advantage of the fact that millennials are driving this change, the company is increasing its production capabilities.
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A few of the leading players operating in the plant-based meat market are Dr. Praeger’s Sensible Foods, Tofurky, Impossible Foods Inc., Marlow Foods Ltd., Beyond Meat, Lightlife Foods, Inc., Vegetarian Butcher, No Evil Foods, Amy’s Kitchen, Inc., LikeMeat GmbH, Maple Leaf Foods (Field Roast & Maple Leaf), Ojah B.V., Kellogg NA Co. (MorningStar Farms), Conagra, Inc. (Gardein Protein International), Yves Veggie Cuisine (The Hain-Celestial Canada, ULC), Quorn, OmniFoods, VBites Foods Limited, GoodDot, Gold&Green Foods Ltd., Moving Mountains, Trader Joe’s, Eat JUST Inc., Kraft Foods, Inc., and Sunfed among others.
Get Valuable Insights into Plant Based Meat Market
Future Market Insights, in its new offering, provides an unbiased analysis of the plant based meat market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the plant based meat market based on product (burger, patties, nuggets, sausages, strips, meatballs, grounds, tenders, cutlets), end use (hotel, restaurant, café), type (chicken, pork, beef, fish), source (soy, pea, wheat), storage (refrigerate, frozen, shelf-stable), distribution channel (food retail, food service, e-commerce, hotel/restaurant/café), and feature (flavor, texture, aroma) across seven key regions
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