London, April 04, 2023 (GLOBE NEWSWIRE) -- A new Fairfield Market Research study foresees a robust growth outlook for the global plant-based meat market over the tenure of next few years. The notable pace of veganism, and the fast-expanding plant-based trend primarily drive the progression of plant-based meat sales worldwide. Although these sales are predominantly observed across the developed western markets, a favorable growth environment has been shaping up across several other parts of the world, which is likely to elevate the prospects of market in long term. The report expects plant-based meat market size to reach US$13 Bn in 2026, up from the valuation of nearly US$5.4 Bn recorded in the year 2021. “The penetration of better-for-you products has been phenomenal over the recent past. An aggravating concern regarding the impact of meat consumption on animal welfare further complements the scenario,” remarks the analyst at Fairfield.
Key Research Insights
- At an estimated 22% CAGR between 2021 and 2026, chicken will most likely be the most favored segment of plant-based meat market
- Dominating the other sources, soy is poised to be remain the most sought-after one
- In 2021, North America’s plant-based meat market accounted for an impressive share of over 40%
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Insights into Segmental Analysis
Although soy continues to be the leading source segment of the plant-based meat market, the report also points to pea as the most attractive segment to be emerging as an estimated 24% CAGR through 2026 end. The former currently accounts for a sizeable revenue share of over 45% in the market valuation. The rocketing boom around plant-based protein alternatives will continue to drive the success of the pea segment in long term, says the report.
Based on the type of meat, the report marks beef as the preeminent segment that currently captures more than 48% share in market valuation. On the other hand, chicken is expected to represent a highly lucrative segment that would also demonstrate the fastest growth in sales over the period of projection. The report forecasts over 22% CAGR for plant-based chicken toward the end of forecast year. Both the meat type segments account for a collective market share of over 85%, says the report.
Key Report Highlights
- The vegan and flexitarian trend waves majorly drive sales of plant-based meat products
- While super/hypermarkets continue to be the leading revenue contributors, specialty stores are shaping up as an extremely important segment for market
- Markets of North America, and Europe will benefit from the expanding premium consumer class showing preference for vegan goods
Insights into Regional Analysis
North America that currently contributes over 40% share to the total market revenue, the region is expected to account for more than 50% revenue share toward the end of forecast year. The two leading regions in global plant-based meat industry, i.e., North America, and Europe collectively make up for around 3/4th of the overall market valuation, indicate the report findings. Europe especially will remain a significant pocket on the back of a strategically strong position of the UK as the nation houses a notably large vegan population. Besides, both the regions are likely to benefit largely from rapid expansion of the specialty foods sector, growing availability of plant-based products, and growing brand focus on innovating the category.
Key Players in Global Plant-based Meat Market
Conagra, Inc., Beyond Meat, Inc., OmniFoods, Hormel Foods Corporation, Maple Leaf Foods Inc., Impossible Foods Inc., Kellogg's Company, JBS SA, VBites Food Limited, Sunfed
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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 | |
The Global Plant-Based Meat Market is Segmented as Below:
By Source Coverage
- Soy
- Wheat
- Pea
- Others
By Meat Type Coverage
- Beef
- Chicken
- Pork
- Fish
By Sales Channel Coverage
- Supermarket/ Hypermarket
- Convenience Stores
- Online
- Specialty Stores
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Global Plant-Based Meat Market Outlook, 2018 - 2026
4. North America Plant-Based Meat Market Outlook, 2018 - 2026
5. Europe Plant-Based Meat Market Outlook, 2018 - 2026
6. Asia Pacific Plant-Based Meat Market Outlook, 2018 - 2026
7. Latin America Plant-Based Meat Market Outlook, 2018 - 2026
8. Middle East & Africa Plant-Based Meat Market Outlook, 2018 - 2026
9. Competitive Landscape
10. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/plant-based-meat-market/more-information
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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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