Plant Based Meat Market Expands: Size and Share Surge 2024 - 2031 | Kellogg NA Co., Quorn, Beyond Meat

Market Overview:

Global plant based meat market is estimated to be valued at USD 5.79 Bn in 2024 and is expected to reach USD 27.17 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 24.7% from 2024 to 2031.

Market Dynamics:

Rising health consciousness among consumers is driving the growth of the plant-based meat market. Many consumers are switching to plant-based meat as it is seen as a healthier option compared to conventional meat. Plant-based meat products are generally lower in saturated fat, cholesterol and calories. They are also a rich source of protein, fiber, essential minerals and vitamins. Additionally, growing concerns about animal welfare and environmental sustainability are fueling the demand for plant-based meat products. Many plant-based meat producers market their products as more sustainable and environment-friendly alternatives to animal meat due to lower carbon footprint and water usage during production.

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Growing Health Consciousness Among Consumers is Driving the Plant Based Meat Market

Consumers are becoming increasingly health conscious and looking to incorporate more plant-based foods in their diet. As evidence mounts on the health risks associated with consuming red and processed meat, many consumers are actively seeking substitutes. Plant-based meat products offer consumers a protein-rich alternative without the saturated fat and cholesterol contents of traditional meat. The vegan and vegetarian population has been growing steadily for years and their strong advocacy for more sustainable diet options is bringing awareness to the wider public. Manufacturers are actively launching new plant-based products to serve this growing consumer demand for healthier food choices.

Opportunity for Product Innovation to Meet Untapped Markets

While most plant-based meat brands currently focus on developing burger patties and ground meat substitutes, there remains vast untapped opportunities in replicating other types of animal meat cuts and products. Whole cuts of faux-meat like chicken breasts or beef steaks, as well as meat by-products like sausages, bacon and deli meats present lucrative avenues for new product development. Perfecting these could help address some key barriers preventing complete substitution of animal meats. There is also scope to develop innovative forms suitable for cuisines from different cultures around the world. Catering to diverse global tastes will be important for sustained growth. Advanced food tech could drive new innovations unlocking new customer segments.

Growing Preference for Flexitarian Diet is Shaping the Market Trends

Rather than strict vegetarianism or veganism, many are embracing a flexitarian approach - reducing but not eliminating meat from their diets. Flexitarians find balanced plant-based diets more sustainable and are willing to incorporate high quality meat alternatives. This represents a shift from seeing plant-based meat as a strict substitute, to it becoming a complement enhancing dietary variety. Production is also adapting to this trend - moving from trying to identically replicate meat's texture and flavor, to highlighting plant-based ingredients. The flexitarian movement is opening up opportunities beyond vegetarian, vegan consumers and ensures a wider market relevance of plant-based meat options. This shift in trends significantly expands the addressable consumer base for manufacturers.

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Top Companies Featured in This Report:

★ Kellogg NA Co.
★ Quorn
★ Beyond Meat
★ Impossible Foods Inc.
★ Maple Leaf Foods (Field Roast & Maple Leaf)
★ Vegetarian Butcher
★ Conagra Inc.
★ Amy's Kitchen Inc.
★ Tofurky
★ Gold&Green Foods Ltd.
★ Sunfed
★ VBites Foods Limited
★ Kraft Foods Inc.
★ Lightlife Foods
★ Inc
★ Trader Joe's
★ Yves Veggie Cuisine (The Hain-Celestial Canada
★ ULC)
★ Marlow Foods Ltd. (Cauldron)
★ Ojah B.V.
★ Moving Mountains
★ Eat JUST Inc.

Market Segmentation:

By Product Type:

★ By Source : Soy, Pea, Wheat, Others
★ By Product Type: Burgers, Sausages, Patties, Nuggets, Tenders & Cutlets, Grounds, Others
★ By Type: Chicken, Pork, Beef, Fish, Others
★ By Distribution Channel: B2B and B2C

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Insights from the Global Plant Based Meat Market Analysis:

Market Size Evaluation: Assessing the value and sales volume of the Plant Based Meat market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Plant Based Meat market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Plant Based Meat market.
Segment Analysis: Examining the market value and sales volume of Plant Based Meat by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Plant Based Meat market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Plant Based Meat sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

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This release was published on openPR.