Plant-based Meat Market Set to Surpass $33.3 Billion by 2031, Register at a CAGR of 20.5%

The global plant-based meat market size generated $5.3 billion in 2021, and is anticipated to generate $33.3 billion by 2031, witnessing a CAGR of 20.5% from 2022 to 2031.

Rise in the vegetarian population & flexitarian diet and the ability of plant-based meat products to imitate animal-based meat products drive the growth of the global plant-based meat market. However, compared to animal meat, plant-based meat products may not contain essential omega 3 fatty acids, protein, and other nutrients. Also, some of the plant-based meat products are full of additives and highly processed which reduces their nutritional value. Also, owing to the high sodium content of plant-based meat, it can be harmful to people suffering from hypertension, diabetes, and other health disorders. These aspects are anticipated to restrict the market growth. Moreover, various initiatives by animal welfare organizations such as People for the Ethical Treatment of Animals (PETA), aimed at minimizing excessive killing of animals for meat consumption, is estimated to present new opportunities in the coming years.

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The plant based meat market is gaining huge popularity as the plant based meat products are high in iron, folate, fibre, and have less amount of saturated fats compared to animal meat. Owing to the low-calorie content, the plant based meat lowers the risk of cardiovascular diseases and promotes a healthy heart. These products are sustainable and environment-friendly as they have less carbon footprint compared to animal-based meat products. The growing popularity of the vegan diet across the world is another factor contributing to the growing demand for plant based meat market in recent years.

The plant based meat products are becoming extremely popular as they are viable alternative to the animal based meat products. The plant based meat reduces the dependence on animal based meat products and provides numerous health benefits. For instance, consumption of plant based meat products lowers the risk of heart disease, diabetes, and obesity. This is because the products namely tofu, tempeh, and others are rich in essential nutrients like proteins, iron, zinc, fiber, vitamin B12, and others. Also, the plant based meat products can imitate the flavor, texture, color, and sensory properties as that of animal based meat products. The popular plant based meat such as nuts, beans, legumes, grains, vegetables, seeds are healthy, have low calorie, and low sodium content which is good for heart health. These factors are anticipated to boost the plant-based meat market size during the forecast period.

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However, some of the drawbacks associated with the consumption of plant based meat is estimated to restrict the market growth. For instance, the use of artificial ingredients such as additives, fillers can be harmful to human health. Also, plant based meat products are deficient in some of the vital minerals, inadequate amount of essential proteins and vitamins can make these products less popular. These factors are anticipated to restrict the plant-based meat market growth during the forecast period.

The global plant-based meat market is segmented based on product type, source, distribution channel, and region. By product type, it is classified into tofu, tempeh, seitan, and others. By source, the market is classified into soy, pea, wheat, and others. By distribution channel, the plant based meat market is classified into indirect and direct. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global plant-based meat market. Growing awareness about animal rights is driving the North America plant-based meat industry demand. However, the European region is expected to dominate the market in 2031 and is also estimated to witness the fastest CAGR of 21.2% from 2022 to 2031, owing to the increase in vegetarian population and declining meat consumption in this region.

Leading Market Players: -

Pinnacle Foods Inc. (Conagra Brands, Inc.)
Amy's Kitchen, Inc.
Atlantic Natural Foods, Inc.
Lightlife Foods, Inc.
Schouten Europe B.V.
Sweet Earth, Inc.
Impossible Foods Inc.
The Kraft Heinz Company
Hain Celestial
Beyond Meat.
Pacific Foods of Oregon, LLC
Monde Nissin
Kellogg's Company
Fry Family Food

The report provides a detailed analysis of these key players of the global plant-based meat industry. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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