Press release
Plant Based Meat Market to Undertake Strapping Growth During 2024 - 2031 | Kellogg NA Co., Quorn, Beyond Meat
Plant Based Meat Market
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:
The plant based meat market is expected to witness significant growth over the forecast period owing to growing health consciousness among consumers and increasing awareness about environmental sustainability. About 35% of consumers now want to reduce their meat consumption due to concerns over health risks from red and processed meats. Additionally, plant-based meat production places less stress on the environment as it requires less land and water while generating fewer greenhouse gas emissions compared to traditional meat production. This is fueling the demand for plant-based meat particularly among environmentally conscious millennials and generation Z. Furthermore, early adopters are choosing plant-based meats for their similar taste and texture to animal meat, thus representing a behavioral change in food preferences that is expected to positively influence the market over the coming years.
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Growing Flexitarian Trend Presents Opportunity for Plant-Based Meat Market Expansion
The flexitarian trend of reducing meat intake while not completely eliminating it from diets provides a major growth opportunity for plant-based meat manufacturers. Flexitarians who are reducing consumption of animal meat for health, ethical or environmental reasons form a target segment interested in plant-based meat products. As long as plant-based meats can effectively mimic the taste and texture of popular meat cuts at affordable prices, flexitarians offer a wide scope for trial and adoption of these alternatives. Capitalizing on the flexitarian mindset transitioning to occasional or weekly consumption bodes well for further mainstreaming of the plant-based meat market.
Innovation in Plant-Based Meat Formulations and Production Driving Exciting Trends
Continued innovation remains a key trend driving the growth of the plant-based meat market. Major players as well as startups are investing heavily in plant protein research to create new product formulations that replicate taste, texture, cooking and nutritional characteristics of meat ever more closely. Advancements like 3D-printed plant-based steak, ground meat substitutes as well as whole cut alternatives promise to further blur the line between animal and plant-based options. Automation and fermentation technologies also hold potential to significantly scale up production volumes and reduce costs in future. If successful, these innovative trends will go a long way in addressing the major restraint around cost and driving greater mass-market adoption of plant-based meat products.
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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:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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