Press release
Plant Based Meat Market to Incur Rapid Extension During 2024 - 2031 | Kellogg NA Co., Quorn, Beyond Meat
Plant Based Meat Marke
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 grow significantly during the forecast period owing to rising consumer preference for healthy lifestyle products and increasing vegan population. Between 2024-2031, the market is expected witness a CAGR of over 7%, reaching a value of $XX billion by 2031. Growing awareness about the health benefits of plant based meat products and animal welfare will further support the market growth. Additionally, improving taste and textures of plant based meat alternatives will make them more appealing to flexitarians and occasional meat consumers.
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Major Market Drivers
Consumers are increasingly shifting towards a plant-based diet
There has been a significant rise in the number of vegans and vegetarians across the world over the past few years. This is primarily due to concerns about animal welfare, personal health as well as environmental impact of animal agriculture. According to recent surveys, around 10% of American consumers now identify as vegan or vegetarian. This demographic actively seeks out plant-based meat alternatives that provide similar taste and texture of conventional meat. Their growing numbers have made plant-based meat one of the fastest growing categories in the grocery retail space.
Major Market Opportunity
Growing international demand presents vast scope for exports
While North America has led the growth of plant-based meat industry, companies are rapidly expanding to grab opportunities in other regions. Asia Pacific and Europe are identified as key emerging markets. Countries like China, India and several European nations are looking to significantly lower meat consumption and transition towards more sustainable proteins. With rising affluence, their populations represent massive untapped customer base for plant-based brands. Successful localization of products, partnership with local retailers and effective marketing can help companies cement their presence in lucrative foreign markets at an early stage. This presents substantial opportunities for export growth.
Major Market Trend
Investment and partnerships in cultured meat technology
While plant-based meat has gained popularity, cultured meat produced directly from animal cells without sacrificing animals is emerging as the next frontier. It aims to provide real meat without the environmental footprint of raising and slaughtering livestock. Several food giants and Silicon Valley startups are aggressively pouring capital into cultivated meat R&D. Strategic collaborations are also taking place between technology firms and food companies. As the technology advances, cultured meat is poised to be commercially launched and mass produced over the next decade. This presents both opportunities and challenges for existing plant-based meat brands in future.
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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 Inquiries Addressed in this Report include:
📈 What was the size of the Plant Based Meat Market in 2024, and what is the projected value by 2031?
📈 What is the present global market landscape for the Plant Based Meat Market?
📈 What strategies offer optimal opportunities for growth maximization in the business?
📈 What recent trends are shaping the Plant Based Meat Market?
📈 How does the market share of Plant Based Meat Market revenue, sales, and size vary across specific geographical regions?
📈 Who are the prominent industry players in the Plant Based Meat Market?
📈 Which segment of the Plant Based Meat Market is experiencing heightened demand?
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.
💎 Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/2074
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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About Us
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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