Plant-Based Meat Products Market will Revenue to Cross USD 6.7 billion in 2020 Research by Business Opportunities, Size, Share, Upcoming Trends

The size of the market is expected to rise from USD 6.7 billion in 2020 to USD 19 billion by 2030, registering an 18% CAGR over the forecast period of 2020-2030. The increasing health issues, increasing numbers of animal-borne diseases, and increasing demand for the safety label and organic products are factors that are expected to stimulate demand in the plant-based meat industry over the forecast period in 2020-2030. Impossible Foods (US) provides meat based on plants and contains burgers based completely on plants. Before the outbreak, the company had secured USD 520 million in funding and intended to prepare for a huge extension in the restaurants and retail sector in 2020. Given the lockdowns placed, the company is now expected to see losses from its food processing partners.

Plant-based meat goods are made from plant-based items. This has similar characteristics to those of natural foods and is labeled substitutes for meat. Plant-based meat has the same characteristics as traditional meat, such as texture, taste, and look. Foods made from plants are designed to taste just like meat. Despite expanding worldwide meat intake over the preceding decades, there is a booming demand for vegetarian and vegan alternatives. These days, plant-based meat is growing as a healthier option, not only because of vegetarians and vegans but also due to improved nutritional value and attitudes about plant-based meat. The International Cancer Research Agency (IARC) claims that packaged meat and red meat have a cancer-causing impact. They have suggested a diet of less processed meat and red meat and higher in vegetables, fruits, and whole grains due to these health impacts. Additionally, they have issued diet and physical activity recommendations referencing choosing beans rather than red meat and processed meat.

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  • Market size & share analysis
  • Top market players with sales, revenue, and business strategies analysis
  • Market growth drivers and restraints
  • Market opportunities & challenges
  • Research methodology

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Plant-Based Meat Products: Key Players

  • Beyond Meat (US)
  • Impossible Foods (US)
  • Maple Leaf Foods Inc. (Canada)
  • The Meatless Farm Co. (Netherlands)
  • Garden Protein International (Canada)
  • Other Prominent Players

Plant-Based Meat Products: Segments

It is projected that the soy segment accounts for the biggest proportion in the plant-based meat market in 2020.

The reason for its extensive prominence and protein-rich material, the soy segment experiences a rise in demand. The increasing issues associated with the consumption of foods derived from animal proteins as COVID is perceived to be of animal origin, and the acceptance of vegan diets is supposed to augment the use of soy as a raw material on the market dependent on plants. New plant-based products that incorporate soy is anticipated to contribute to the rising market demand for meat products based on plants.

The burger patties division is estimated to be the leading and fastest-growing category in the predicted period in the food category.

In the aftermath of the COVID-19 disease outbreak, the acceptance of plant-based meat is projected to lead further development, which will contribute to consumer concerns about traditional meat products. The burger patties based on plants-meat are known to be low in calories and low in gluten. The rise in this segment is anticipated likely to be driven by evolving customer tastes and increased demand for burger patties from the sales outlets because of its affordability, flavor, and texture.

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Plant-Based Meat Products: Market Dynamics

Drivers

High Investment

Reason for shutdowns enforced due to the COVID pandemic. firms are investing in the retail sector. Many businesses have already begun adjusting their marketing approach because of the rapid rise in demand. Companies such as Beyond Meat Inc., Impossible Foods Inc., and Tofurky Co. are increasing their manufacturing and provide discount coupons on their plant-based meat goods to raise consumer base, broaden shops, and complete stakeholder partnerships.

Restraint

High processing

Most substitute plant-based meat derives its protein and flavor from vegetables and pulses like lentils and soybeans. However, owing to the high degree of processing required,” several of these healthier options in the first place drop their nutritional quality and, in specific, the compounds which make them desired by plant-based eaters.

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Plant-Based Meat Products report also contains analysis on:

Plant-Based Meat Products Segments:

  • By raw material
  • Soy
  • Wheat
  • Pea
  • Other raw materials
  • By product
  • Burger patties
  • Strips & Nuggets
  • Sausages
  • Meatballs
  • Other products
  • By End-User
  • Retail\Household
  • HoReCa

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