Plant-Based Meat Market is bound to Exhibit Comprehensive Growth - DataM Intelligence

Market Overview
The Plant-Based Meat Market is expected to grow at a CAGR of 19.1% during the forecasting period (2022-2029).

Plant-based meat is a meat substitute derived from plant and other non-animal products to mimic natural meat in flavor, texture, and all other properties. These products are majorly designed to be used as an effective alternative to chicken meat, pork, and beef. These plant-based meat products are considered sustainable solutions to environmental concerns. Retail stores across western countries are focusing on the sale of these products to cater to the demand from the growing vegan and vegetarian population.

Increasing consumer notice of plant-based diets, coupled with the increasing awareness of animal rights over numerous welfare organizations is anticipated to drive the plant-based meat market. The market is seeing substantial growth owing to the rising flexitarian and vegan population throughout the globe, increasing consciousness about the health benefits obtainable by plant-based meat over animal meat, and development in government creativities along with major investments are driving the global plant-based meat market. The European plant-based meat market is going to control the global market, owing to new product advances in the region, supported by proper research and development services offered in the European region.

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Market Dynamics:
The burger is the largest segment of the market owing to the established consumer base for burgers across the globe:

The plant-based burgers segment led the market and accounted for more than a YY% share of the global revenue in 2020. Ingredients in these burgers strive to imitate the aroma, flavor, and texture of meat. Impossible Foods' product, Impossible Burger, is made with a genetically modified form, mimicking the natural heme-iron present in an animal, which gives their burger a distinctive meaty flavor. Kellogg NA Co., Quorn, Amy's Kitchen, Inc., and Beyond Meat are some of the companies offering distinguished plant-based burgers.

With a share of over 30%, soy evolved as the major plant source of meat owing to a wide range of applications for soy-based meat in the preparation of sausages, burgers, and meatballs. Wheat, oats, pea, and beans are also holding a significant share of the market. The growing production of soy across the globe is also attributed to the growth of the soy-based meat market. According to The United States Department of Agriculture, soybean production for 2020 totaled 4.14 billion bushels, up 16% from 2019.

Beyond Meat uses pea protein for producing meat alternatives, lending a chewy, meat-like texture to their products. Beyond Meat's veggie burger consists of pea as one of the key ingredients. The company is joined by Lightlife Foods, which, in 2019, expanded its plant-based meat product offerings with the launch of a veggie burger with pea as one of the key ingredients. By distribution channel, indirect sales hold the major share in terms of value owing to the rising retail channel in developing countries. The indirect channel includes sales through supermarkets, hypermarkets, and specialty food stores.

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Market Segmentation:
By Product Type
• Sausages
• Burgers
• Crumbles
• Nuggets
By Meat Type
• Chicken
• Beef
• Pork
By Source
• Soybeans
• Wheat
• Quinoa
• Peanut
By Distribution Channel
• Direct Sales
• Indirect Sales

Competitive Landscape
The global plant-based meat market is highly competitive with a large number of global players focusing on expanding business operations in the high-potential plant-based meat market. Some of the key players in the market are Conagra Brands, Inc., Beyond Meat, Impossible Foods Inc., Tofurky, VBites Foods Limited, and MorningStar Farms.
Companies are involved in product launches and new geographic penetrations to enhance their business operations. The market became further competitive with the footprints of Asian companies such as GoodDot (India) and Whole Perfect Foods Co., Ltd. (China) and retail companies entering the market. The companies in the market are leveraging new product launches to increase their market share.

For example, in February 2020, Gold&Green Foods Ltd. launched its product, Pulled Oats, in the U.S. foodservice industry via Sysco, a marketer and distributor of food products to healthcare & educational facilities, and restaurants.

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