Analysts at GMI Research estimates that the Plant-based Meat Market was worth USD 4,881 million in 2021, and forecast to touch USD 15,566 million in 2029, growing at a significant higher CAGR 15.6% from 2022-2029.

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Market Dynamic

Key Drivers and Emerging Trends

The increasing vegan population across the globe is the major driver of the global plant-based meat market. Growing consumer preference for plant-based meat over animal-based meat is driven by the rising health concerns related to animal-based meat, such as obesity and heart cancers. In addition, increasing awareness associated with the nutritional benefits of plant-based meat over conventional meat among people will support the plant-based meat market. Consumers are shifting toward plant-diet diets to avoid animal cruelty will further create more demand for plant-based meat globally. Rising consciousness related to environmental hazards and animal welfare through welfare organizations such as PETA is paving the way for the plant-based meat market. Manufacturers are investing in introducing new plant-based products similar to meat in terms of color, taste, and flavor to cater to the growing global demand. Tyson foods introduced its first plant-based meat brand, i.e., First Pride in Asia in 2021. Tyson Foods will expand its presence in the meat-alternative market.

Restraint in the Plant-based Meat Market

Plant-based meat products are more expensive than animal-based meat products due to the high cost of production and raw materials that will hinder the plant-based meat market growth. Although, companies are trying to reduce the prices of plant-based meat products as high prices of plant-based meat over conventional is hampering the plant-based industry.

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Source – Segment Analysis

Based on the source, the Pea segment is projected to grow at the fastest rate in the next seven years owing to its unique properties such as a good source of minerals, easy availability, high protein content, and gluten and lactose-free. In addition, pea protein provides health benefits such as muscle strength and improved heart condition people will further drive the market growth.

Product – Segment Analysis

Based on the product, Burger patty will dominate the global plant-based meat market size over the forecast period owing to its taste and convenience. For instance, Beyond Meat and Impossible Foods Inc. are major players operating in plant-based burgers. In 2021, McDonald’s launched McPlant, a plant-based burger in UK and Ireland. Beyond meat is supplying patty for McPlant Burger to McDonald’s.

End-User – Segment Analysis

Based on the end-user, HORECA captured the largest share in the plant-based market in 2021, driven by the increasing popularity of vegan diets and the growing fast-food chains. Moreover, restaurants and café are changing their venues, and adding a section for meat-free options will further propel the market growth of the HORECA.

Type – Segment Analysis

Based on the type, Chicken accounted for the highest revenue share in 2021 in global plant-based meat as plant-based chicken products provide the same amount of protein and other nutrients compared to conventional chicken products. Increasing consumer preference toward plant-based chicken products will propel the chicken.

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Regional – Segment Analysis:

Based on the region, the North America region led the plant-based meat market in 2021 due to the increasing vegan population along with the growing health concerns related to the consumption of contaminated meat and meat products among consumers. Moreover, increasing awareness related to food safety further paves the way for plant-based meat in North America.

Top Market Players

The major plant based meat companies operating in the market are Beyond Meat Inc., Tyson Foods Inc., The Vegetarian Butcher, Gold & Green Foods Ltd., Pinnacle Foods Inc. (Subsidiary of Conagra Brands, Inc.), MorningStar Farms (Division of Kellogg Company), Impossible Foods Inc., Maple Leaf Foods Inc., Quorn Foods, Amy’s Kitchen, among others.

Key Developments:

• • In 2022, Impossible Foods launched two new products, i.e., Chicken Nuggets and Sausage Patties made from plants in the UK. The company will expand its presence across the UK region through this expansion.
  • In 2022, Beyond Meat expanded its product portfolio by introducing Beyond Burger and Beyond Meatballs at approx. 2,000 across the globe. The company will strengthen its position by providing more plant-based meat options to consumers.
  • In 2022, Beyond Meat strengthened its partnership with Pizza Hut by launching plant-based Beyond Italian Sausage Crumbles in Canada. Through this expansion, both the companies will increase their accessibility to people across Canada.
  • In 2021, The Vegetarian Butcher launched plant-based meat alternative products for food service in China. The company planned to cater to consumer’s growing demand for plant-based eating options.
  • In 2021, Greenleaf Foods SPC, a subsidiary of Maple Leaf Foods planned to expand its plant protein production in Indianapolis, US.

Segments covered in the Report:

The global Plant-based meat Market has been segmented on the basis of Product, source, type, end-user, and regions. Based on the Source, global plant-based meat market has been segmented into soy, pea, wheat, and others. Based on the Product, global plant-based meat market has been segmented into burger patty, sausage, nugget, ground meat and others. Based on the Type, global plant-based meat market has been segmented into Chicken, Pork, Beef, Fish and Others. Based on End-User, the market has been segmented into HoReCa and household/retail.

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Key questions answered in this research report:

• • At what pace is global Plant-based Meat market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Plant-based Meat market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Plant-based Meat market?
  • Which product generated maximum revenues in 2021 and identify the most promising product during the forecast period?
  • What is the various end-user of global Plant-based Meat market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD 4,881 Million
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Source, By Product, By Type, By End-User, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Plant Based Meat Brands/Companies Profiled	Beyond Meat Inc., Tyson Foods Inc., The Vegetarian Butcher, Gold & Green Foods Ltd., Pinnacle Foods Inc. (Subsidiary of Conagra Brands, Inc.), MorningStar Farms (Division of Kellogg Company), Impossible Foods Inc., Maple Leaf Foods Inc., Quorn Foods, Amy’s Kitchen, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Plant-based Meat Market by Source 

• • Soy
  • Wheat
  • Pea
  • Others

Global Plant-based Meat Market by Product

• • Burger patty
  • Sausage
  • Nugget
  • Ground Meat
  • Others

Global Plant-based Meat Market by Type

• • Beef
  • Chicken
  • Pork
  • Fish
  • Others

Global Plant-based Meat Market by End-Users

• • HoReCa
  • Household/Retail

Global Plant-based Meat Market by Region

• • North America Plant-based Meat Market (Option 1: As a part of the free 25% customization)

• • • By Source
    • By Product
    • By Type
    • By End-User
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Plant-based Meat Market (Option 2: As a part of the free 25% customization)
    • By Source
    • By Product
    • By Type
    • By End-User
    • United Kingdom (UK) Market
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Plant-based Meat Market (Option 3: As a part of the free 25% customization)
    • By Source
    • By Product
    • By Type
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Plant-based Meat Market (Option 4: As a part of the free 25% customization)
    • By Source
    • By Product
    • By Type
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Plant-based Meat Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Beyond Meat Inc.
  • Tyson Foods Inc.
  • The Vegetarian Butcher 
  • Pinnacle Foods Inc. (Subsidiary of Conagra Brands, Inc.)
  • MorningStar Farms (Division of Kellogg Company)
  • Impossible Foods Inc.
  • Maple Leaf Foods Inc.
  • Amy’s Kitchen
  • Quorn Foods
  • Gold & Green Foods Ltd.