PUBLISHER: 360iResearch | PRODUCT CODE: 1500428
PUBLISHER: 360iResearch | PRODUCT CODE: 1500428
[199 Pages Report] The Plant-based Meat Market size was estimated at USD 7.36 billion in 2023 and expected to reach USD 7.97 billion in 2024, at a CAGR 8.76% to reach USD 13.25 billion by 2030.
Plant-based meat refers to products designed to mimic the taste, texture, and appearance of animal meat and are made from plant ingredients. These products are primarily made from sources including soy, peas, and beans. They cater to vegetarians, vegans, and those reducing meat intake due to health or environmental reasons. Over recent years, the demand for plant-based meat has surged, driven by growing consumer awareness of health issues associated with red meat consumption and environmental concerns linked to traditional meat production, such as greenhouse gas emissions and land use. However, the industry faces challenges, including higher production costs compared to conventional meat, which can lead to higher retail prices. Additionally, despite improvements, achieving the exact taste and texture of animal meat can be complex, potentially limiting adoption among traditional meat-eaters. The regulatory landscape also presents hurdles with ongoing debates about labeling and using the term "meat" for plant-based products. Nevertheless, technological advancements in food science continue to enhance product quality and decrease production costs. Furthermore, as global awareness of sustainability issues grows, more consumers are likely to turn to plant-based alternatives, which is anticipated to drive market growth across various demographics.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 7.36 billion |
Estimated Year [2024] | USD 7.97 billion |
Forecast Year [2030] | USD 13.25 billion |
CAGR (%) | 8.76% |
Regional Insights
In the Americas, the plant-based meat market is growing due to the significant consumer inclination towards health-conscious eating habits, sustainability, and ethical concerns regarding animal welfare. Consumers are increasingly adopting plant-based diets, encouraged by government dietary guidelines promoting plant-based proteins. The Americas is witnessing rising investments, with companies expanding their production capacities to meet the burgeoning plant-based meat demand. The EMEA shows diverse consumer behavior, with countries including the UK, Germany, and the Netherlands increasing plant-based meat consumption. The European market benefits from supportive government policies regarding food sustainability and high consumer sensitivity to environmental and health issues. Patents related to plant-based meat innovations have risen, reflecting vital research and development focus. The Middle East market is relatively nascent; however, it shows potential due to increasing consumer health awareness. Countries stand out in this region with advanced food technologies, significant investments, and startups focusing on alternative proteins. Africa is in the early stages of adopting plant-based meat products. Government health initiatives, food security concerns, and sustainability goals primarily drive the Asia-Pacific shift towards plant-based meat. The region sees increased local production and international investments, with many startups focusing on plant-based innovations. Furthermore, recent patents in APAC focus on improving the taste and texture of plant-based meats to better appeal to local tastes.
Market Insights
The market dynamics represent an ever-changing landscape of the Plant-based Meat Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Plant-based Meat Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Plant-based Meat Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Kraft Heinz and TheNotCo Launch Plant-Based Variants of Classic Meat Products
The joint venture between The Kraft Heinz Co. and TheNotCo Inc., operating as The Kraft Heinz Not Co. LLC, is introducing its first plant-based meat alternatives, NotHotDogs and NotSausages. These products promise to deliver the experiences of rich savoriness and subtle smokiness, traits cherished by Oscar Mayer enthusiasts for over a century. The introduction reflects an adaptation to the growing demand for plant-based foods while maintaining the traditional taste profiles familiar to consumers. [Published On: 2024-03-06]
Beyond Meat Unveils Beyond IV: Elevating Plant-Based Meat Standards
Beyond Meat, Inc. introduced the fourth iteration of its beef platform, Beyond IV. This innovation anchors the launch of the new Beyond Burger and Beyond Beef, which is available exclusively in retail settings. Beyond IV enhances the quality and appeal of plant-based meats, setting new industry standards for taste and nutrition, and reinforcing Beyond Meat's dedication to innovative and health-conscious alternatives to traditional meat. [Published On: 2024-02-21]
Nestle Expands Plant-Based Offerings with Maggi Veg in Chile
Nestle has broadened its plant-based product range by launching a new variety of shelf-stable, vegan-certified cooking options under the Maggi Veg brand in Chile. This innovative line includes the company's first shelf-stable plant-based minced meat, designed as a convenient and nutritious meat alternative suitable for a variety of dishes such as tacos, empanadas, and spaghetti bolognese. The product, primarily made from soy, is rich in high-quality proteins and fibers, aligning with consumer demands for healthier dietary choices. [Published On: 2023-09-03]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Plant-based Meat Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Plant-based Meat Market, highlighting leading vendors and their innovative profiles. These include Basic American Foods, Beyond Meat, Inc., Co-operative Group Limited, Conagra Brands, Inc., Deliciou Pty Ltd., FoodEase, Good Food Express Limited, Hindustan Unilever Limited, Imagine Meats Platform, Impossible Foods Inc., Imposter Meat Official, Ingredion Incorporated, Livekindly Company, Inc., Maple Leaf Foods Inc., Meat Zero, Meati Inc., MisterVeg Foods Pvt Ltd., Next Meats India, Plantaway by Terra Verde Foods Pvt Ltd., Redefine Meat Ltd., Sudo by Plantly Delight Private Limited, Tata Consumer Products Limited, The Hain Celestial Group, Inc., The Kellogg Company, The Mighty Food, The Tofurky Company, Inc., VBites Foods Ltd., Vegan Store Ltd., Vezlay Foods Pvt. Ltd., and Wakao Foods.
Market Segmentation & Coverage