Global Plant-based Meat Market
Plant based meat resembles meat in terms of appearance, texture, and flavor but is manufactured entirely of plant-based ingredients.
It is also referred to as vegetarian meat, mock meat, vegan meat, meat analogue, and meat substitute.
The consumption of plant-based meat products is more prominent in the vegan diet.
Market Size And Potential Growth
In 2022, the Global Plant based Meat market was valued at $4.40 billion and is set to grow to $5.23 billion by the end of 2023.
The Global Plant-based Meat market is expected to reach $24.80 billion by 2030, growing at an approximate CAGR of 24.9% during the forecast period.
Rising consumer demand for healthy and organic products, plant-based diets, and animal rights awareness from welfare organizations will likely fuel market expansion.
In 2022, the North American region dominated the market. An increase in the production of plant-based meat in the US will be fueled by growing consumer health awareness and increasing environmental concerns over meat consumption.
Reasons why consumers have not tried plant-based meat
Market – Dynamics & Segmentation
DRIVERS
➟ Rise in consumer awareness of environment and health
➟ Increased adoption of vegan lifestyles
➟ The growing number of plant-based alternative startups
➟ Increasing concerns about animal slaughter
CHALLENGES
➟ Expensive when compared to conventional meat
➟ Use of unhealthy or unnatural preservatives and additives
➟ Availability of Inexpensive Conventional Meat and Plant-based Foods
Global Plant Based Meat Segmentation – By Storage
In 2022, the Frozen Plant based Meat product segment dominated the market with 56.48% of global revenue.
The fastest-growing market is Refrigerated Plant based Meat products, estimated to grow at an approximate CAGR of 20.2% during the forecast period.
Global Plant Based Meat Segmentation – By Source
By 2030, the Soy segment is predicted to lead as a top source, with a share of around 37%.
Soy is a high-quality source of plant-based fiber and protein widely used to make burgers and sausages; hence, it will likely dominate the market.
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Data Sources: BCG, Statista, Industry ARC, Yoh, Robert Walters Group, Indigohire, Global Market Estimates, Techfunnel, and others
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