Plant-Based Meat Market to Reach Market Valuation of USD 32.47 Billion by 2031 | SkyQuest Technology
/EIN News/ -- Westford, USA, Aug. 16, 2024 (GLOBE NEWSWIRE) -- Global plant-based meat market size was valued at around USD 4.39 billion in 2022 and is expected to rise from USD 5.48 billion in 2023 to reach a value of USD 32.47 billion by 2031, at a CAGR of 24.9% over the forecast period (2024–2031).
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SkyQuest projects that the global plant-based meat market will reach a value of USD 32.47 Billion by 2031, with a CAGR of 24.9% during the forecast period (2024-2031). Plant-based foods are increasingly enjoyed by consumers due to the growing number of dairy alternatives and meat alternatives. They offer more variety and novelty that help the marketplace to retain and increase their consumer base. Producers of plant-based meat offer healthier options of dairy and meat alternatives that resemble the original flavor. Hence, individuals, especially the younger generations, prefer such dietary options to decrease animal-based food intake because of potential health issues.
Browse in-depth TOC on the "Plant-Based Meat Market"
Pages – 198
Tables – 62
Figures – 75
Plant-Based Meat Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 5.48 Billion |
| Estimated Value by 2031 | USD 32.47 Billion |
| Growth Rate | Poised to grow at a CAGR of 24.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Products, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Vegetarian Population |
| Key Market Drivers | Rising Number of Government Initiatives and Funding for New Launches |
Plant-Based Burger Patties Segment to Hold Major Market Share Due to its Ability to Imitate Flavor of Original Meat
By products, the burger patties segment held a notable share of the plant-based meat market in the past years and is expected to progress over the estimated period as well owing to its ingredients that offer similar taste and texture. The materials and ingredients used in burger patties imitate the aroma and flavor of real meat. Moreover, several plant-based food producers are engaged in introducing new products that copy natural heme-iron existing in the animal, giving exceptional quality and flavor to the product. However, the sausages segment is expected to grow progressively over the forecast period owing to increasing investments by producers to launch innovative flavors to their sausages like spinach pesto, hot Italian, and sweet Indian.
Food Retail Segment Leads the Market Owing to Greater Accessibility of Products
By distribution channel, the food retail segment registered for a considerable share of the market in the past years and will continue to lead in the future as well owing to increased consumer accessibility and higher supply to consumer demand. Moreover, this segment offers great variety and product availability, helping to retain and expand the consumer base. Nonetheless, e-commerce is the fastest-growing segment in the market since it offers convenience for customers to choose from a wide range of products. The market is also witnessing a growing number of online portals. This is helping the expansion of the market and global reach.
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North America to Hold Major Market Share Owing to Growing Consumer Awareness for Plant-Based Alternatives
Geographically, North America held a dominant share of the plant-based meat market in 2022, backed by growing consumer awareness regarding the risks of consuming polluted meat food products. Moreover, the market growth in the region is also supported by the growing consumer shift towards sustainability. These factors will further drive the market in the region along with the presence of key players like Beyond Meat, Impossible Foods Inc., Conagra Foods, Morning Star Farms, and more.
Europe is expected to be the fastest-growing region among others over the forecast period owing to progressing consumer views on vegan-meat products and vegetarianism. Also, governments are imposing regulations to ban animal cruelty. Moreover, leading producers in the region are also adopting strategies like new product development, expansion, acquisitions and mergers and more for better ranking among others in the market.
Plant-Based Meat Market Insight
Drivers:
- Increasing Demand for Plant-Based Protein
- Changing Dietary Preferences and Adoption of Nutritious Lifestyle
- Rising Demand for Organic Foods
Restraints:
- Growing Popularity of Lean Meats
- Rising Cases of Wheat & Soy Gluten Allergy
- High Cost of Plant-Based Meat Products
The following are the Top Plant-Based Meat Companies
- Beyond Meat
- Impossible Foods
- Nestle
- Tyson Foods
- Kellogg Company
- Maple Leaf Foods
- Conagra Brands
- The Vegetarian Butcher
- Quorn Foods
- Tofurky
Key Questions Answered in Global Plant-Based Meat Market Report
- What is the current size of the plant-based meat market, as per SkyQuest Technology?
- Which segment is holding a considerable share of the plant-based meat market?
- Which strategies are adopted by the leading players to stay competitive in the plant-based meat market?
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This report provides the following insights:
Analysis of key drivers (growing trend of health and wellness, growing environmental concerns, increasing number of offerings), restraints (increased price competition, texture and taste challenges, concerns about processing and use of preservatives and additives), opportunities (environment sustainability, expanding variations in products, collaborations and partnerships), and challenges (significant production cost, supply chain restrictions, labelling and regulatory issues) influencing the growth of plant-based meat market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the plant-based meat market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the plant-based meat market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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