Northbrook, IL -- (SBWire) -- 11/23/2021 --The global plant-based meat market size is estimated to be valued at USD 4.3 billion in 2020. It is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0% in terms of value. Growing vegan and flexitarian populations across the world, rising awareness about the health benefits offered by plant-based meat over animal meat, and growth in government initiatives along with significant investments are driving the global plant-based meat market.
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By source, pea is projected to be the fastest growing segment in this market during the forecast period
Based on source, pea is the fastest growing segment in the plant-based meat market. Pea serves as an alternative for consumers with a soy allergy. The characteristic of pea protein, which is appealing, is its lack of allergenicity and its amino acid profile. It is perceived as a clean-label ingredient and has the added benefits of being soy-free, gluten-free, and lactose-free. Beyond Meat (US) uses pea protein for producing meat alternatives, lending a chewy, meat-like texture to their products. Beyond Meat's (US) veggie burger consists of pea as one of the key ingredients. The company is joined by Lightlife Foods (US), which, in 2019, expanded its plant-based meat product offerings with the launch of a veggie burger with pea as one of the key ingredients.
By type, beef is projected to account for the largest share in the market during the forecast period
Based on type, beef dominated the market. Plant-based beef provides similar characteristics to that of beef. It provides similar characteristics to that of beef. Beef-related plant-based products such as meat-free beef pieces, no-beef burgers, beef watercress, and beefsteak are made from sources such as soy and wheat. Furthermore, manufacturers are focusing on new product launches to meet consumer demand from vegetarian populations.
By product, beef segment is projected to account for the largest share in the plant-based meat market during the forecast period
By product, burger patties segment dominated the market, and the same trend is projected to follow during the forecast period due to faster production, taste, convenience, and abundance in supply. Burger patties are increasingly popular in the shelf space of retail outlets.
Europe is projected to account for the largest market share during the forecast period
The European market accounted for the largest share in 2019. In Europe, the growing vegan trends, especially in the UK, is expected to increase demand for plant-based meat products. North America is the hub for the plant-based meat market, as the region is backed by start-ups such as Impossible Foods Inc. (US) and Beyond Meat (US); which initiated the development of plant-based meat products. In the Asia Pacific region, plant-based food products are gaining popularity owing to the adaptation of healthy lifestyles, urging consumers to opt for natural ingredients. This is expected to boost sales of plant-based food. Furthermore, the demand for plant-based meat products is expected to increase in the coming years, owing to the growing health concerns among consumers related to animal-based protein sources, ethical concerns, and environmental concerns.
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Key Market Players:
Beyond Meat (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), The Vegetarian Butcher (Netherlands), Gardein Protein International (Canada), Morningstar Farms (US), Quorn Foods (US), Amy's Kitchen (US), Tofurky (US), Gold&Green Foods Ltd. (Finland), Sunfed (New Zealand), VBites Food Limited (UK), Alpha Foods (US), Planterra Foods (US), Before the Butcher (US), No Evil Foods (US), Like Meat (Germany), The Meatless Farm Co. (England), Hooray Foods (US), and Yves Veggie Cuisine (Canada).
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Plant-Based Meat Market Size, Share & Growth Trends
Plant-based Meat Market by Source (Soy, Wheat, Pea, & Other Sources), Product (Burger Patties, Strips & Nuggets, Sausages, Meatballs, & Other Products), Type (Beef, Chicken, Pork, Fish, & Other Types), Process, and Region - Global Forecast to 2025