London, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Global plant-based meat market is poised for an excellent growth prospect, majorly driven by the rapidly expanding vegan culture, and the proliferating plant-based trend across F&B. A new report of Fairfield Market Research suggests that the market will rise up from around US$5.4 Bn in 2021 to nearly US$13 Bn toward the end of 2026. During the period of forecast, plant-based meat market is slated for nearly 18.9% growth. Global plant-based meat market has been thriving banking on the innovation spree, government support, animal welfare initiatives, mounting R&D investments, and fruitful business partnerships. The report says that in addition to the nutritional benefits, the assurance of greater food safety by plant-based meats will significantly drive demand in global plant-based meat market.
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Key Research Insights
- Chicken remains the most lucrative segment, exhibiting an estimated CAGR of more than 22% through 2026 end
- Soy will continue to be the most sought-after source, whereas pea is likely to emerge as the most profitable segment poised for over 24% growth by 2026 end
- North America held the largest market value share of more than 40% in 2021 and will exhibit robust double-digit growth in the next few years
Insights into Segmental Analysis
Soy continues to account for more than 45% of total demand, followed by pea, reveals market analysis by source. Rising consumer proclivity for plant-sourced proteins will be responsible for the rising pace of pea uptake as a source of plant-based meat. Chicken will remain the most profitable, fastest-growing meat type segment that has been estimated to exhibit a staggering CAGR of more than 22% during 2021 – 2025. Beef however continues to be at the forefront with over 48% market share. Chicken, and beef collectively account for more than 85% share in the overall market value. On the other hand, analysis of global plant-based meat market based on the sales channel reveals that although the super/hypermarkets remain top revenue generating segment, specialty stores are likely to emerge lucrative in the next few years.
Key Report Highlights
- Expanding population of vegans, and flexitarians worldwide will continue to fuel plant-based meat product sales
- Deepening penetration of better-for-you products drives market growth, further complemented by the aggravating concerns around animal welfare
- Based on the market analysis by sales channel, super/hypermarkets remain the top revenue contributors for plant-based meat and related product sales, followed by specialty stores
Insights into Regional Analysis
North America currently accounts for a sizeable market share of more than 40% and awaits a massive incremental opportunity through the end of forecast year according to the report. The region has been projected to demonstrate solid double-digit growth by 2026 end on the back of the unprecedented expanse of specialty foods sector, flourishing trend of veganism, higher accessibility of plant-based line-ups, frequent new product introductions, and higher concentration of industry leaders across the region. By the end of 2026, North America is likely to hold over half the market share and hold a collective revenue share of more than 2/3rd of the global market with Europe. The latter, led by the UK, also remains an important market on account of a sizable vegan population, and strong market presence of plant-based meat manufacturers. Presence of a premium consumer class inclined toward vegan products will continue to be the prime driving force for both North America, and Europe.
Market Leaders in Global Plant-based Meat Space
Beyond Meat, Inc., OmniFoods, Conagra, Inc., Impossible Foods Inc., Maple Leaf Foods Inc., Kellogg's Company, Hormel Foods Corporation, VBites Food Limited, JBS SA, and Sunfed constitute some of the prominent players steering the competition landscape of global plant-based meat market space. The report covers some of the significant players for detailed strategic analysis and profiling.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2025 | |
| Market Size in 2021 | US$5.4 Bn | |
| Estimated Market Size in 2026 | US$13 Bn | |
| CAGR | 18.9% | |
| Key Players | Beyond Meat, Inc., OmniFoods, Conagra, Inc., Impossible Foods Inc., Maple Leaf Foods Inc., Kellogg's Company, Hormel Foods Corporation, VBites Food Limited, JBS SA, Sunfed | |
Market Segmentation
Source Coverage
- Soy
- Wheat
- Pea
- Others
Meat Type Coverage
- Beef
- Chicken
- Pork
- Fish
Sales Channel Coverage
- Supermarket/ Hypermarket
- Convenience Stores
- Online
- Specialty Stores
Leading Companies
- Beyond Meat, Inc
- Impossible Foods Inc
- Conagra, Inc.
- OmniFoods
- Kellogg's Company
- Maple Leaf Foods Inc
- VBites Food Limited
- Sunfed
- JBS SA
- Hormel Foods Corporation
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Source-wise Analysis
- Meat Type-wise Analysis
- Sales Channel-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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