Plant-based Meat Market is Predicted to Expand $8.3 billion by 2025

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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The soy segment accounted for the largest share in the plant-based meat market

Based on sources, soy dominated the plant-based meat market. Soy serves as an alternative to meat sources such as pork, beef, and chicken, owing to its high protein content. Traditionally, the consumption of soy and soy products is associated with the Asian population. However, the consumption of soy foods has recently risen in Western countries, owing to the increase in the adoption of vegetarian diets. Soy-based foods are cholesterol-free against animal protein foods and serve as a source of fibers, vitamins, and other essential nutrients. Plant-based meat producers are increasingly incorporating soy to make products such as burgers, meatballs, and sausages.

The chicken segment accounted for a significant share in the plant-based meat market

Based on type, chicken accounted for the second-largest dominating segment in the plant-based meat market. Various strips, nuggets, and burgers contain chicken meat as their major ingredient. The products developed by many food companies thus offer plant-based chicken in various forms such as strips, nuggets, cutlets, and burger patties, which is leading to the rising demand for plant-based chicken meat.

The strips & nuggets segment is projected to grow at a significant growth rate in the plant-based meat market during the forecast period

By product, the plant-based meat market is segmented into burger patties, strips & nuggets, sausages, meatballs, and other products such as slices, fillets, cutlets, slides, fingers, and crumbles. They are a healthier alternative to meat and are environmentally more sustainable, which is why more food manufacturers are developing plant-based meat products. Several start-ups are going mainstream with the launch of plant-based burgers, nuggets, sausage, meatballs, and other products. Impossible Foods Inc. (US) and Beyond Meat (US) were among the key players to enter the plant-based meat market. These companies are backed by various types of investors, including leading players such as Tyson Foods (US).

The North American region is also expected to grow at the highest CAGR during the forecasted period

North America is the fastest growing region in the global plant-based meat market. For American consumers, meat is a very prominent part of their diets. However, as many researches highlighted the health risks related to the consumption of red meat, consumers are increasingly shifting toward plant-based diets as they are a healthier option as compared to animal meat. Furthermore, Consumers in the region are adopting a flexitarian lifestyle and are incorporating plant-based foods in their daily routine diets. Along with this, the trend of veganism is gaining momentum in the region, which is further contributing to the growth of the plant-based meat market. Governments are also investing heavily in the plant-based protein industry, as there is a rise of vegan and vegetarian eating.

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Leading companies are 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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