[214 + Pages Report] According to Facts and Factors, the Global Plant Based Meat Market size was valued at around USD 7.5 billion in 2021 and is estimated to grow about USD 15.8 billion by 2028, at a CAGR of approximately 15% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are Impossible Foods Inc, Beyond Meat, Tofurky, Gold&Green Foods Ltd, Maple Leaf Foods, Unilever, Vbites Food Limited, Monde Nissin, Conagra Foods, and Others.
NEW YORK, United States, Sept. 19, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Plant Based Meat Market Size, Share, Growth Analysis Report By Product (Patties, Burgers, and Sausages), By Source (Pea, Soy, and Wheat), By Type (Beef, Pork, and Chicken), By Storage (Frozen, Refrigerated, and Shelf-Stable), By End-User (Hotel / Restaurant/ Cafe, and Retail), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Plant Based Meat Market size & share in terms of revenue was valued at USD 7.5 billion in 2021 and it is expected to surpass around USD 15.8 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 15% during the forecast period 2022 to 2028.”
Plant Based Meat Market Overview:
Plant based meat products are substitutes for animal meat and are created using only plants. The main concept here is to avoid the use of animals to convert plants into meat. Organic products are composed of the same nutrients that can be found in animal meat like fat, protein, mineral, vitamins, and water. With technological advancement, the new range of plant based meat has the same tastes, looks, and texture as animal meat. Even though discussions about plant substitutes have been in existence for decades, it has only recently gained more momentum owing to efforts of various domestic and international organizations in creating awareness about the benefits of switching to plant-based food items in general. One of the key factors in the production of these meat items is that they are free of external antibiotics, unlike animal meat.
The overuse of anti-bacterials is anticipated to result in the creation of antibiotic-resistant superbugs resulting in the loss of effective antibiotics. Hence it is important to look for alternatives so that antibiotic utilization is reduced to a large extent. Eliminating the use of animals in any form or process during food manufacturing will potentially eliminate the risk of future pandemics or other deadly diseases that spread from animals to humans. Most of these diseases do not have concrete cures which makes them more fatal and dangerous as a result of constant virus mutation.
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Facts and Factors research methodology
The global plant based meat market is projected to grow owing to the rising awareness amongst the population about the negative environmental impact of meat consumption. As per an article published by the Guardian, meat when used as food items results in almost 60% of the entire greenhouse gasses. The meat industry is one of the industries that cause water, soil, and air pollution together. It is also one of the largest waste-creating sectors. There are a significant number of people who are voluntarily choosing not to use or consume any kind of animal-derived products as a way of contributing to the environment which will subsequently help in increasing the consumption of plant based meat.
The global market size may also benefit from the actions undertaken by responsible authorities toward developing meat substitutes that provide the same benefit without the negative impact. This may also be consulted with the rising number of key players from the food industry trying their hands in the meat substitute market.
Some concerns over labeling are projected to restrict the global market growth while the rising number of players may provide expansion opportunities. Questions about the authenticity of plant based meat are anticipated to challenge global market growth.
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Plant Based Meat Market: COVID-19 Impact Analysis
During Covid-19, even though there was a disturbance in the global plant based meat market cap at the initial stage driven by supply chain issues along with lowered production rate, in the long run, it is projected to help grow the market revenue further. This could be driven by the increased concerns amongst the population about eating animal meat since the most widely accepted origin of the virus was bats.
The global plant based meat market is segmented by product, source, type, storage, end-user, and region
Based on product, the global market is divided into patties, burgers, and sausages with over 29% of the global market segment being led by the sale of burgers, in 2021. Based on source, the global market is segmented into pea, soy, and wheat. Meat products derived from soy accounted for more than 48% of the global market in the last year
Based on type, the global market segments as beef, pork, and chicken; with 34% of the market, in 2021, dominated by the chicken segment Based on storage, the global market is divided into frozen, refrigerated, and shelf stable. Frozen items witnessed the highest sale in the last year and shared around 56.65% of the global market revenue.
The global plant based meat market is segmented as follows:
Hotel / Restaurant/ Cafe
Browse the full “Plant Based Meat Market Size, Share, Growth Analysis Report By Product (Patties, Burgers, and Sausages), By Source (Pea, Soy, and Wheat), By Type (Beef, Pork, and Chicken), By Storage (Frozen, Refrigerated, and Shelf-Stable), By End-User (Hotel / Restaurant/ Cafe, and Retail), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/plant-based-meat-market
The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards. Some of the main competitors dominating the global Plant Based Meat market include –
Impossible Foods Inc
Gold&Green Foods Ltd
Maple Leaf Foods
Vbites Food Limited
Key Insights from Primary Research:
According to the analysis shared by our research forecaster, the Plant Based Meatmarket is likely to expand at a CAGR of around 15% during the forecast period (2022-2028).
In terms of revenue, the Plant Based Meat market size was valued at around US$ 7.5 billion in 2021 and is projected to reach US$ 15.8 billion by 2028.
Burgers are expected to continue to dominate the worldwide plant based meat industry by product in 2021.
Based on type segmentation, the chicken was predicted to show maximum market share in the year 2021 with 34% growth.
Frozen items witnessed the highest sale in the last year and shared around 56.65% of the global market revenue.
On the basis of region, North America was the leading revenue generator in 2021.
Key questions answered in this report:
What is the market size and growth rate forecast for Plant Based Meat industry?
What are the main driving factors propelling the Plant Based Meat Market forward?
What are the leading companies in the Plant Based Meat Industry?
What segments does the Plant Based Meat Market cover?
How can I receive a free copy of the Plant Based Meat Market sample report and company profiles?
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North America is anticipated to generate the highest revenue in the global plant based meat market owing to the rising protestors against the meat industry who have undertaken initiatives to generate awareness about the cruelty animals go through while being processed for human consumption. There are many socially influential people in the regions like USA and Canada who on a personal level participate in events that highlight animal cruelty at food farms.
Followers of such personalities tend to take the matter being discussed more seriously. There are multiple documentaries made for public viewing depicting the unhygienic conditions the animal lives in along with other processes like artificial insemination which goes against animal rights. All these factors together are projected to help generate high regional revenue.
Rest of North America
Rest of Europe
Rest of Asia Pacific
The Middle East & Africa
Rest of the Middle East & Africa
Rest of Latin America
In June 2020, Fitday.in announced the launch of a new line comprising plant based meat products. The company is a nutraceutical startup.
In December 2021, Imperial Tobacco Company of India Limited announced its plan to launch plant-based meat products for the Indian Market.
Market Size in 2021
USD 7.5 Billion
Projected Market Size in 2028
USD 15.8 Billion
CAGR Growth Rate
Key Market Players
Impossible Foods Inc, Beyond Meat, Tofurky, Gold&Green Foods Ltd, Maple Leaf Foods, Unilever, Vbites Food Limited, Monde Nissin, Conagra Foods, and Others
By Product, Source, Type, Storage, End-User, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Market Size & Forecast by Revenue | 2022−2028
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Product, Source, Type, Storage, End-User, and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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