New York, May 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on Plant Based Meat Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others), and Geography. Plant-based meat products include burger patties, nuggets, sausages, etc. These products are made using plant proteins such as soy protein, wheat protein, and pea protein. Plant proteins offer similar texture and flavor as animal meat products. The surging trend of veganism owing to increasing empathy for animals and growing sustainability concerns is driving the plant based meat products market.
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| Report Coverage | Details |
| Market Size Value in | US$ 5,354.72 million in 2021 |
| Market Size Value by | US$ 14,527.55 million by 2028 |
| Growth rate | CAGR of 15.3% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 178 |
| No. Tables | 86 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Type, Category, and Distribution Channel |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Plant-based Meat Products Market: Competitive Landscape and Key Developments
The key players operating in the plant-based meat products market include Beyond Meat; Conagra Brands, Inc.; Impossible Foods Inc.; Quorn Foods, Inc.; Kellogg Company; Hilary’s Eat Well; Vbites Foods, Ltd.; Before the Butcher; Field Roast; and Tofurky; among others. These companies are making significant investments in research and development to launch cost-effective products that closely resemble the texture, flavor, and appearance of animal meat products. Further, they are partnering with other industry players to expand their market shares and improve their customer reach.
Based on type, the plant-based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. Based on category, the market is segmented into frozen, refrigerated, and ambient. Based on distribution channel, the plant-based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. Based on geography, the plant-based meat products market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
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North America is expected to register the fastest CAGR in the plant-based meat products market during the forecast period. Americans are increasingly focusing on reducing their meat consumption owing to the growing prevalence of obesity, diabetes, and heart diseases. Moreover, they are also concerned about animals being inhumanly treated at slaughterhouses. These factors indicate the strong potential for the plant based meat products market across North America. Low fat and high fiber content of plant-based meat help reduce cholesterol levels and blood pressure in the human body. According to the “Plant-Based Food Association,” Kroger, an American retail company, experienced an increase in its plant based meat customer count by more than 50% from March 2020 to June 2020, compared to the previous year. The growing vegan population is directly influencing the growth of the plant based meat products market across North America.
Surging Demand in Developing Regions to Provide Lucrative Growth Opportunities to Plant-Based Meat Product Market Players
Plant-based meat is experiencing strong demand in emerging regions, such as the Asia Pacific and the Middle East & Africa. According to a recent study commissioned by DuPont Nutrition & Biosciences, an ingredient giant, and IPSOS, a global market intelligence firm, the demand for plant-based meat substitutes in China and Thailand is expected to climb collectively by 200% by 2025. The rising demand for low- or no-meat diets owing to shifting consumer priorities toward sustainability and wellness is driving the plant-based meat industry across the Asia Pacific, and the Middle East & Africa.
To address the augmenting demand for plant-based meat, many companies are expanding their operations in these regions. For instance, in January 2021, VBites, a UK-based vegan food company, expanded its operations across the Middle East & Africa by winning listings with two supermarket chains—Spinneys and Waitrose. Such geographic expansions are expected to open immense growth avenues for the plant-based meat products market players during the forecast period.
Plant-Based Meat Products Market: Segmental Overview
Based on type, the plant-based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. The patties segment held the largest share of the market in 2020. With the growing trend of healthy eating, plant based meat patties are gaining significant popularity, particularly in the Americas and Europe. The plant-based patties are made from ingredients such as beans, soybeans and tofu, nuts, grains, seeds, and mushrooms. A strong nutritional profile of these ingredients makes plant-based meat patties healthier than conventional meat patties. Many leading fast-food companies are replacing their traditional meat patties with plant-based patties to address consumer demand. For instance, in 2021, McDonald launched “McPlant” a new product that was a plant-based substitute for meat burgers patties. Such innovations are projected to boost the plant-based meat products market over the forecast period.
Based on category, the plant-based meat products market is segmented into frozen, refrigerated, and ambient. The refrigerated segment is expected to register the highest CAGR during the forecast period. The plant-based meat products are perishable. Due to their limited shelf lives, these products can easily get spoiled if proper storage conditions are not maintained. Plant-based meat products can be refrigerated at 3–7°C to increase their shelf life. The shelf life of plant based meat products can be extended to ~15–20 days by refrigeration. Retailers find storing refrigerated plant-based products convenient as it doesn’t require any additional cost and workforce.
Based on distribution channels, the plant-based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The online retail segment is expected to register the highest CAGR during the forecast period. E-commerce platforms have witnessed massive growth over the past few years owing to the increasing number of consumers looking for convenient shopping platforms.
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Consumers find online retail channels convenient for shopping as they offer multiple brands of products under one roof and home delivery services. Moreover, these stores provide lucrative discounts and offers, which attract a large number of consumers. In addition to hassle-free shopping experience, the availability of a wide range of plant-based meat products with consumer reviews, multiple payment options, and home delivery services drives the growth of the plant based meat products market for the online retail segment.
The growing importance of environmental sustainability is expected to significantly drive the development of the plant-based meat products market over the forecast period. Also, the growth of the veganism trend is also attributed to growing affiliation with animals. Animals are ill-treated in slaughterhouses and factor which is raising concerns related to animal protection among consumers. This factor is also expected to boost the consumption of plant-based food. Thus, rising veganism and vegetarianism trends are projected to significantly drive the growth of the plant-based meat products market over the forecast period.
Impact of COVID-19 Pandemic on Plant-Based Meat Products Market
The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food & beverages industry was one of the major areas that suffered serious disruptions such as breaks in supply chains and shutdowns of production plants. During the initial phases of the pandemic, various companies announced possible delays in product deliveries and a slump in future sales of their products. However, amid this global health crisis, people became more concerned about their health and fitness. They began shifting toward healthy alternatives that reinforce their immune system and boost their health. People are increasingly replacing conventional meat products with plant based meat products, especially after the outbreak, due to rising safety concerns regarding animal meat consumption. Further, online grocery sales increased as brick-and-mortar stores were closed, while e-commerce platforms provided home delivery amid lockdown restrictions. In line with this trend, the manufacturers of plant based meat products strengthened their online presence by offering their products through e-commerce platforms, such as Amazon.com, Walmart, and Lidl.
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Plant-based meat is experiencing strong demand in emerging regions like the Asia Pacific and the Middle East & Africa. Rising demand for low or no meat diets owing to shifting consumer priorities towards sustainability and wellness is driving the plant-based meat industry across the Asia Pacific. On the other hand, plant-based meat is also gaining huge traction across the Middle East & Africa as consumers in the region are reducing their meat consumption in an attempt to lead a sustainable and healthy life. Thus, the surging demand for plant-based meat in emerging regions will provide a strong market potential over the forecast period.
Based on distribution channels, the supermarkets and hypermarkets segment accounted for the largest revenue share as the increasing urbanization, rising working-class population, and competitive pricing are boosting the popularity of supermarkets and hypermarkets in developed and developing regions. Moreover, manufacturers of plant-based meat products usually prefer to sell their products through supermarkets and hypermarkets owing to a heavy customer base.
Europe accounted for the largest share of the global plant-based meat products market. Europe has emerged as a significant plant-based meat products market due to considerable demand for animal-meat alternatives from consumers owing to increasing health consciousness and the rising veganism trend.
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