Plant-Based Meat Market is Projected to reach a whopping USD 14,252 million in 2026

New analysis from GMI Research, expects the revenue for the Plant-Based Meat Market to increase from USD 4,229 million in 2018 to USD 14,252 million in 2026, growing at a robust compound annual growth rate (CAGR) of 14.5% during the forecast period 2019-2026.

As consumers are prioritizing health and wellness, they are moving towards healthier diets. The introduction of plant-based meat providing more options to consumers, coupled with animal welfare and greenhouse gas emission concern are driving the plant-based meat market growth.

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Burger patty type is expected to dominate the market during the forecast period as it contains more moisture for palatable taste, which is easily digestible, and it is cholesterol-free with low calories as compared to beef. Furthermore, wider availability of multi-size variants, longer shelf-life, and adoption of plant-based meat burger patty by major fast food restaurant chains brands such as MacDonald's, Burger King, White Castle, Subway and Dunkin' Donuts will further boost the demand for plant-based meat.

Soy segment captured the largest market share in 2018 due to its meaty texture, juiciness and more fibrous consistency similar to meat coupled with high production of soybean commodity worldwide. Moreover, soy-based plant meat is getting acceptance from end-users due to its high-quality protein with a low level of saturated fat content and currently, most of the plant-based meat products use soy as raw material.

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The HoReCa segment held the highest market share among the end-user in 2018. As consumers are prioritizing health and wellness, restaurants chains are coming up with healthy and nutritious products to cater to this segment, and this has led to a launch of plant-based meat products by popular fast-food restaurants chains such as Burger King, White Castle, MacDonald's, Subway and Dunkin Donuts.

North America region is expected to witness the fastest CAGR growth till 2026 due to significant growth in the flexitarian population. As obesity & cardiovascular diseases are linked to higher consumption of processed meat, which is leading consumers to switch to healthier diets and plant-based meat is a good alternative to meat which taste more like meat will drive the market in the coming years. However, Europe held a significant market share in 2018 owing to high health awareness benefits of vegan products among consumers, high availability in grocery stores, cultural shift towards organic natural ingredient-based food habits.

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The global plant-based meat market has been segmented based on source, product, point of sales and key geographies. Based on the Source Type, global plant-based meat market has been segmented into soy, pea, wheat, and others. Based on the Product Type, global plant-based meat market has been segmented into burger patty, sausage, nugget, ground meat and others. Based on End-User, the market has been segmented into HoReCa and Household/Retail.

Global Plant-based meat market share is divided by some of the key players including, Beyond Meat Incorporation, Impossible Foods Incorporation, Tyson Foods Incorporation, Royal Wessanen, Archer Daniels Midland, Nestle S.A., Conagra Brands Incorporation, Kellogg Company, Orkla Foods, Maple Leaf Foods Incorporation, The Kroger Co., Hormel Foods Corporation, Cargill Corporation, Future Meat Technologies, Ocean Hunger Foods, Morning Star Farms, Amy's Kitchen, Kraft Foods Group Inc., among others.

Global Plant-based Meat Market: https://www.marketwatch.com/press-release/global-plant-based-meat-market-growing-at-a-cagr-of-145-during-2019-26-gmi-research-2019-11-06?mod=mw_quote_news

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This release was published on openPR.