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Plant-Based Meat Market Soaring to US$ 4,915.7 Million by 2023, Fueled by a 4.6% CAGR Shift Towards Eco-Friendly Meat Replacements
The plant based meat market is expected to rise from US$ 7,634.0 million in 2023 to over US$ 4,915.7 million by 2033, driven by a 4.6% CAGR. These products, mimicking meat qualities, offer eco-friendly and diverse alternatives to animal-based goods.
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.
Due to the fact that they are made to resemble the qualities of actual meat, plant-based meat products are also known as meat replacements. In comparison to animal goods, plant-based meats offer consumers a wider range of meat alternatives, the majority of which are more environmentally friendly and sustainable.
They are made from plants and other non-animals but are designed to taste, look, and want like meat. Plant-based meats are made to resemble animal meat in texture, flavour, and appearance.
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A wide variety of sectors have recently experienced tremendous expansion on the worldwide market thanks to digitalization. Several manufacturers of plant-based meat are choosing online platforms for the advertising and sale of their products due to increased internet usage and convenience of online transactions.
Various customers prefer making purchases through online retailers, which motivates companies to have a presence there. In more recent times, other venues such as specialty shops and meal delivery services, have also appeared.
Rising health problems, along with increasing awareness regarding environmental well-being, is leading to the rising demand for plant based meat to be used in food & beverages products. Consumption of plant based meat is expected to rise steadily in developing countries in the next ten years, with further export opportunities. With increasing awareness, the consumer base is shifting towards organic and non-GMO products as they believe that food should be natural.
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.
“Health advantages that plant-based meat offers are expected to boost the global market. They are proven to be a wholesome alternative while maintaining the same texture and flavor. Another factor that would push the global market is rising practice of vegetarianism and veganism,” says a lead analyst at Future Market Insights.
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Competitive Landscape: Plant Based Meat Market
The plant-based business is presenting the meat industry with unprecedented and unequalled competition. Companies that produce plant-based meat are bringing about a revolution to enhance the sustainable food system in response to flourishing veganism trend around the world.
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.
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.
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