Plant-based Meat Market is Projected to Reach USD 15,566 million by 2029, Expanding at a CAGR of 15.6% | Size, Growth & Forecast Analysis

Plant-based Meat Market

The Plant-based Meat Market was estimated around USD 4,881 million in 2021 and is predicted to reach USD 15,566 million by the end of 2029, growing at a CAGR of 15.6% over the forecast period (2022-2029).

The factors driving the growth of Plant-based Meat Market includes rising trend veganism around the world, increasing popularity of plant-based food products and growing concerns related to environment hazards and animal welfare. According to the report published by The Guardian, the meat consumption in the United Kingdom has declined by 17% over the past decade, while vegan population has risen by 40% in 2020, estimating around 1.5 million, this on-going trend of veganism is predicted to accelerate the Global Plant Based Meat Market in the approaching years. Moreover, the rise in the number of Free Trade Agreements between Governments across the globe, availability of wide range of plant-based meat products at the online stores and increase in the launch of innovative products, are some of the additional factors supplementing the Plant-Based Meat Market share. In addition, the increasing investments by leading players on research and development, rising disposable incomes and rapid urbanization, are further contributing to the market growth.

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However, the growth of Plant-based Meat Market is restricted because plant-based meat products are comparatively expensive than animal meat products.

The major players operating in the market are Pinnacle Foods Inc. (Subsidiary of Conagra Brands, Inc.), MorningStar Farms (Division of Kellogg Company), Impossible Foods Inc., Beyond Meat Inc., Tyson Foods Inc., The Vegetarian Butcher, Maple Leaf Foods Inc., Quorn Foods, Gold & Green Foods Ltd. and Amy's Kitchen, among others.

Based on Source, Pea segment emerged as the fastest growing segment during the forecast period

Pea is lactose free, rich in protein, improves muscle's strength and are easily available, are some of the features propelling the segment's growth.

Based on Product, Burger Patty segment is projected to capture the largest market share during the forecast period

Leading food chains such as McDonald's and Burger King are focusing on introducing plant-based meat burgers across the globe, which is pushing the segment's growth.

Based on Region, the North American region dominated the market in 2021

Rise in the vegan population, growing concerns related to consumption of animal meat products, increase in the launch of innovative food items, growing population growth rates and high per capita incomes, are some of the important factors augmenting the Plant-Based Meat Market size in North America.

Key Developments:

In 2021, The Vegetarian Butcher launched plant-based meat alternative products in the Chinese Market to cater the rising demand for plant-based food items.
In 2022, Beyond Meat entered into partnership with Pizza Hut to strengthen its footprint in Canada.
In 2022, Beyond Meat introduced Beyond Burger and Beyond Meatballs at 2,000 Rite Aid Stores Nationwide to enhance its position in the market.
Market Segmentation

Segmentation by Source 

Soy
Wheat
Pea
Others

Segmentation by Product

Burger patty
Sausage
Nugget
Ground Meat
Others

Segmentation by Type

Beef
Chicken
Pork
Fish
Others

Segmentation by End-Users

HoReCa
Household/Retail

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.