Gurugram, India, April 24, 2023 (GLOBE NEWSWIRE) -- Driven by Consumers’ Preference for Vegetarian Alternatives due to Growing Concerns About their Health and the Welfare of Animals, the Global Plant-based Meat Market is Forecasted to Reach $15 Bn by 2028 says Ken Research Study.
Plant-based meat is composed of protein, fat, vitamins, minerals, and water, similar to meat derived from animals. Modern plant-based meat is similar to regular meat in terms of flavor, look, and preparation.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Rising Environmental Concerns to Propel the Market Growth
According to Research estimates, the Global Plant-based Meat Market – which was valued at around US$ 3 Bn in 2017 to reach nearly US$ 7 Bn by 2022 – is expected to grow further to more than US$ 15 Bn opportunity by 2028. The physical characteristics of typical meat products are mimicked in meat replacements, which also share their flavor, texture, and look. Plant-based meat was primarily created to replace or lessen human reliance on animal meat. It is made from different kinds of materials like soy, pea, and wheat are some of the most commonly used raw ingredients for producing these foods. Compared to meat from animals, it is considered to be healthier and more environmentally friendly.
2. Change in Consumer Behaviour to Positively Impact the Market Growth
Consumer food choices are changing considerably on a global scale. People are becoming more conscious of the importance of maintaining a healthy lifestyle and choosing a balanced approach to protein intake. To ensure that they stay active and healthy for a long time, consumers are taking a proactive approach and increasing their protein intake. As a result, they are altering their eating patterns and increasing their intake of plant-based protein foods.
Alternative proteins, such as meat replacements, are growing in popularity due to this reason. As a result, consumers are increasingly adopting vegetarian or flexitarian diets to either eliminate or reduce their meat intake and so indirectly lower carbon footprints, in turn expanding the Plant-based Meat Market.
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3. Shortcomings in the Imitation of Plant-based Meat Impose a Negative Impact on the Market
Few plant-based meat products are much higher in contents like calories and saturated fatty acids which are considered quite harmful to the human body. Products like plant-based burgers have high calorie and saturated fat levels in comparison to meat-based burgers. The high salt content of the burgers may cause problems for the consumer's heart. The increasing use of these products could result in health problems, which impede the market's ability to grow in terms of revenue. Additionally, some plant-based meat substitutes are unhealthy due to their high processing levels, chemical additives, and fillers. These elements could have an impact on the market expansion.
Market Taxonomy
By Source
- Soy
- Pea
- Wheat
- Others
By Type
- Chicken
- Pork
- Beef
- Fish
By Product
- Burgers Patties
- Sausages
- Strips & Nuggets
- Others
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By Geography
North America
- USA
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- Australia
- Rest of Asia Pacific
LAMEA
- Latin America
- Middle East
- Africa
Key Players
- Beyond Meat
- Impossible Foods Inc.
- Starbucks
- Tofurky
- Kraft Foods, Inc.
- Lightlife Foods, Inc
- Maple Leaf Foods
- Sunfed
- VBites Foods Limited
- Trader Joe's
- Ojah B.V.
For more insights on the market intelligence, refer to below link:-
Global Plant-based Meat Market
According to Ken Research Analysis, the Global Dietary Fibers Market was valued at ~US$ 5 billion in 2017. Increased product demand due to growing consumer awareness of eating a healthy diet and leading an active lifestyle is likely to fuel the market expansion of dietary fibers in the forecasted period. It is estimated to be ~US$ 8 billion in 2022 and is expected to reach a market size of ~US$ 15 billion by 2028 growing at a CAGR of ~11% during 2022-2028.
In the near future it is anticipated that the demand will grow at a double digit CAGR on the basis of revenue between FY2022P and FY2027F. Drone Technology, Voice Ordering, Processing Centre Automation and Innovative Product Category is anticipated to drive the Online Meat Delivery Market in future. Demand Prediction and Customer Behaviour Analysis is crucial to ensure sufficient availability of meat products and to ensure minimum spoilage of these products.
The pudding market in Vietnam is expected to experience medium level of growth owing to population growth along with rising incomes, health consciousness and the thriving bakery industry. Market expected to gain momentum with rise in disposable income per capita and increase in target population. Demand from Tier 1 and Tier 2 cities such as HCM, Hanoi and Da Nang to dominate the market in the future. Technical innovation in bakery equipment to result in efficient delivery of a variety of artisanal baked products at scale. New products such as fat free and sugar free pudding is expected to boost the market growth in the coming years.
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Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249
