Global Plant-based Meat Market Research Report 2023

Plant Based Meat Market 2029
The global Plant-based Meat market was valued at USD 1536 million in 2022 and is anticipated to reach USD 4767.4 million by 2029, witnessing a CAGR of 17.1% during the forecast period 2023-2029. The global increase in vegans and flexitarians, improved public knowledge of the health advantages of plant-based meat over animal meat, increased government initiatives, and considerable financial expenditures have all contributed to the substantial growth of the plant-based meat industry.

Market expansion is anticipated to be fueled by rising consumer interest in plant-based diets and heightened awareness of animal rights thanks to numerous animal welfare organizations. The plant-based meat market is anticipated to grow as a result of worries about greenhouse gases (GHG) produced by the practices of the meat industry.

Plant-based meat is particularly crafted to resemble regular meat in terms of appearance, flavor, and cooking. Artificial meat can take the shape of a burger patty, nuggets, crumbles, or even sausages, and as it becomes more and more popular, the meat industry and everything we thought we knew about veggie burgers is being upended.

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Plant Based Meat Market Trends
Vegetarian diets that exclude animal products and include plant-based meat are growing more and more popular. Vegetarian ingredients are getting more popular among customers who wish to stop animal cruelty and eat sustainable food and beverage products, while veganism is becoming more popular among consumers for ethical and health reasons. The plant-based meat market is predicted to rise as a result of this trend.

As more individuals learn about the health advantages of plant-based meat over animal meat, the market for plant-based meat is expected to expand. As a result of the plant-based trend, people are consuming more fruits, vegetables, legumes, nuts, and seeds. Consumers are becoming more aware of the numerous health advantages of plant-based products recently. Overconsumption of meat from animals has been connected to dietary conditions such as obesity, type 2 diabetes, heart disease, and cancer.

On the other hand, such diseases do not arise from the consumption of plant-based meat. They also aid in the improvement of a stronger immune system. Two key factors that have helped plant-based meats gain public notice and therefore raise their demand are their nutritional advantages and comparative safety to traditional meat.

Leading companies in the sector are working with fast-food chains and networks of restaurants to increase consumer acceptance of their plant-based meat substitutes. The market for plant-based meat is then anticipated to grow as a result. Burgers, sausages, and chicken nuggets made from plants are quickly taking the place of traditionally processed meats in fast-food franchises and restaurant chains.

Furthermore, the plant-based meat market is expanding quickly worldwide, with producers ranging from small start-ups to significant consumer packaged goods (CPG) businesses. Even the largest meat producers in the world are embracing plant-based meat due to its affordability, variety, accessibility, and quality as well as its vegetarian lifestyle.

Plant Based Meat Market Share Analysis
Beyond Meat and other prominent producers of plant-based meat can be found worldwide. More than 30% of the market share is held by the largest producer.

Meat and meat products made up 75% and 25% of them, respectively. Food and retail applications together account for 56% and 40% of all applications.

During the projected period, soy-based meat is anticipated to be the most profitable subsegment. Soy-based meat products not only have lower formulation costs than conventional animal- and dairy-based food items, but they also have a smaller carbon impact. Due to improved eating qualities such as greater microwave ability and sliceability, the product is anticipated to experience increased demand, which will drive up the market as a whole.

The largest market in the globe is North America, which makes up over 63% of it. Europe and Asia Pacific are next, with 21% and 13% of the market, respectively. The market is expanding in this region as a result of rising vegetarian meat consumption and higher consumer awareness of the risks connected with consuming tainted meat products. Consumer perceptions of food sustainability and safety are expected to change much more as plant-based food consumption rises, especially with regard to plant-based meat.

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SIMILAR REPORT

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This release was published on openPR.