New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plant-Based-Meat Global Market Report 2023" - https://www.reportlinker.com/p06284492/?utm_source=GNW
The global plant-based-meat market will grow from $5.67 billion in 2022 to $6.69 billion in 2023 at a compound annual growth rate (CAGR) of 17.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The plant-based-meat market is expected to grow from $12.12 billion in 2027 at a CAGR of 16.0%.
The plant-based meat market consists of sales of products in the form of a burger patty, crumbles, nuggets, sausages, and other plant-based meat products.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Plant-based meat is meat that is prepared from plants and is similar to conventional meat in appearance and taste. The plant-based meat is produced using ingredients such as wheat gluten, lentils, yuba, tofu, soybeans, and a variety of nuts.
Asia Pacific was the largest region in the plant-based meat market in 2021.Western Europe was the second-largest region in the plant-based meat market.
The regions covered in the plant-based meat market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of plant-based meat are burger patties, sausages, strips, nuggets, meatballs, and other product types.Sausage is a meat product made of finely chopped and seasoned meat that can be fresh, smoked, or pickled and which is then usually stuffed into a casing.
The various sources of plant-based meat are soy, wheat, pea, and other product types. The plant-based meat products are distributed through grocery stores, food and beverage specialty stores, convenience stores, restaurants, and online stores.
Increasing consumer awareness associated with the benefits of vegetarian diets is projected to contribute to the growth of the plant-based meat market.The vegetarian diet offers various benefits, such as low insulin levels, a decreased rate of heart disease, and improved kidney functions.
According to the International Food Information Council survey in August 2021, a US-based non-profit organization for a non-profit organization for food, beverages, and agriculture, Over the past year, the majority of Americans have eaten plant-based meat substitutes, with 2 in 5 doing so on a daily or weekly basis, which Top motives for choosing plant-based substitutes are their healthfulness and availability as a source of high-quality protein. Moreover, rising consumer awareness of animal rights through global welfare organizations such as animal aid unlimited (AAU) and people for the ethical treatment of animals (PETA) is to boost the demand for plant-based meat products, which in turn, is predicted to uptake the revenues of plant-based meat market over the forecast period.
The high prices of plant-based meat products in comparison with regular meat products is a major restraint on the growth of the plant-based meat market.The major players dealing in plant-based meat products are beyond burger and impossible burger.
At Whole Foods, an America-based multinational supermarket chain, the retail price of beyond burger is USD 12 a pound, whereas regular ground beef burger costs for less than half i.e. USD 5 a pound. Thus, the differences in the prices of plant-based meat products and regular meat products are predicted to hinder the growth of the market over the upcoming years.
The increasing launch of new innovative products that are made from plant-based meat is a major trend in the plant-based meat market.For instance, in January 2020, Impossible Foods Inc, a US-based company operating in plant-based substitutes for meat products, launched its plant-based pork and sausage, which contains no gluten, no animal hormones, and no antibiotics.
The plant-based, pre-seasoned product can be used in any recipe or dish that calls for animal-derived sausage or pork.
In April 2021, Brazilian-based JBS SA, a meat processing company, announced that it would acquire Vivera, a European plant-based food company, for €341 million ($410 million).The deal includes three manufacturing facilities and a research and development centre located in the Netherlands.
This acquisition is an important step to strengthen JBS SA’s global plant-based protein platform.For the same reason, Vivera will give JBS a stronghold in the plant-based sector, with technological knowledge and capacity for innovation.
Vivera produces a range of plant-based meat replacement products, and these products are distributed to retailers in more than 25 countries across Europe.
The countries covered in the plant-based meat market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The plant-based meat research report is one of a series of new reports that provides plant-based meat statistics, including plant-based meat industry global market size, regional shares, competitors with plant-based meat share, detailed plant-based meat segments, market trends and opportunities, and any further data you may need to thrive in the plant-based meat industry. This plant-based meat research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06284492/?utm_source=GNW
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