Plant-Based Meat Market to Grow Rapidly at a CAGR of ~20.2% by 2030 | DataM Intelligence

Plant-based Meat Market || DataM Intelligence

The global Plant-based Meat Market reached US$ 5.6 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 21.7 billion by 2030. The market is expected to exhibit a CAGR of 20.2% during the forecast period (2023-2030).

DataM Intelligence’s Plant-based Meat Market report highlights the increasing demand for plant-based meat, driven by the increasing consumer awareness about the health advantages of veganism and vegan food, and the nonstop efforts by manufacturers to produce products that has a longer shelf life, better texture and aroma, and improved nutritional profiles.

Key players such as Beyond Meat, Impossible Foods Inc., Amy’s Kitchen, Inc., Garden Protein International, Inc., Quorn Foods, Inc., Lightlife Foods, MorningStar Farms (The Kellogg Company), Tofurky, VBites Foods Limited, and Before the Butcher are continuously innovating and launching new products in the market. North America region holds a dominant position in the plant-based meat market.

Plant-based Meat Market – Opportunities

The increasing number of product launches by key players is expected to provide significant growth opportunities in the near future.

In April 2023, the U.K.-based company, Greggs, launched a new edition of the vegan option, the Mexican Chicken-Free Bake that contains the chicken-style pieces produced by meat brand THIS, which also worked with Greggs for Vegan Turkey and Baguette.

Key Developments in the Plant-based Meat Market

In April 2023, Meat. The End, an Israel-based food-tech company that manufactures texturized proteins along with a range of meat analogs that includes nuggets and burgers which are offered at Burger King Israel, stated that it has developed the first-ever burger made from texturized chickpea protein.

In March 2023, the UK alternative dairy start-up Mwah was acquired by Singapore’s Next Gen Foods, a company that sells plant-based meat.

In July 2022, a line of plant-based meats was introduced by Tata Consumer Goods. Tata Consumer Product Types (TCPL), a USD 9 billion company and one of India’s top FMCG companies, has started selling their new ‘TATA Simply Better’ range of plant-based meats throughout India through their store on Amazon Prime and Flipkart.

Plant-based Meat Market Scope

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Plant-based Meat Market Overview

Plant-based meat replicates the taste, texture, and appearance of traditional animal-based meat using plant-based ingredients. These products are designed to provide a similar sensory experience to meat while offering a more sustainable and ethical meat alternative.

Plant-based meats are typically made from a combination of plant proteins, such as soy, wheat, peas, or mushrooms, along with other ingredients like oils, binders, flavors, and seasonings. The plant-based proteins are processed and structured to mimic the texture and mouthfeel of animal meat. Advanced technologies, such as extrusion and high-pressure processing, are often employed to create the desired meat-like texture.

Plant-based Meat Market Dynamics

Increasing awareness of the environmental impact of traditional meat production, including greenhouse gas emissions and resource consumption, rising health consciousness, and the desire for healthier dietary choices are driving the demand for plant-based meats.

However, plant-based meats are often priced higher than their animal-based counterparts due to factors such as production costs and economies of scale. The higher price point can be a barrier for some consumers, limiting widespread adoption.

Plant-based Meat Market Assessment

•            Plant-based Meat Market Segmentation

• By  Source: Soy, Wheat, Pea, Oats, Beans, and Others
• By  Product Type: Sausages, Burgers, Crumbles, Nuggets, Meatballs and Others
• By  Meat Type: Pork, Beef, Chicken, and Others
• By Region: North America, South America, Europe, Asia Pacific, Middle East, And Africa

Porter’s Five Forces Analysis, PESTEL Analysis, Case Studies, & Voice of Customers (VOC) 

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