Plant-based Meat Market Growth

Plant-based Meat Market Growth Will Drive Revenues to Cross USD 55 billion by 2035 | Roots Analysis

 

According to a recently published report by Roots Analysis, rising environmental concerns, increasing consumer preference towards plant-based protein sources along with the growing adoption of meat substitutes is driving the plant-based meat market growth

Plant-based Meat Market Overview

The plant-based meat market size is estimated to reach USD 55 billion by 2035, growing at a CAGR of 11.16% in the forecast period.

Meat has long been a staple food in human diets owing to its high nutritional value and associated health benefits. However, its production is fraught with several challenges, including environmental degradation and the depletion of natural and agricultural resources. Moreover, with growing environmental concerns related to meat production and health implications due to consumption of animal meat, consumers are increasingly shifting towards plant-based protein sources. This shift in consumer preference is driven by the need for more sustainable and health-conscious dietary choices. Plant-based meat, also known as vegetarian meat, is an animal meat substitute made from plant-based proteins, such as wheat, soy and legumes. It closely mimics the flavor, texture and appearance of animal meat products while providing essential nutrients. Presently, various technological advancements, including 3D bioprinting, nanotechnology, and plant-based nanofiber scaffolds are being integrated in the production of a wide range of plant-based meat products. As technological innovations continue to evolve and consumer preferences shift towards more sustainable and health-conscious choices, plant-based meat market is poised to experience growth during the forecast period, mainly outside the US.

Browse 130+ figures and ~190 market data tables spread across 300+ pages and detailed Table of Content on “Plant-based Meat Market, Till 2035 by Source of Protein, Type of Meat Substituted, Type of End Product, Mode of Storage, Distribution Channel, Geographical Regions and Sales Forecast of Leading Players” here: https://www.rootsanalysis.com/reports/plant-based-meat-market.html

Market Drivers

A range of factors are compelling the plant-based meat market growth. One of the key factors driving the future growth of the plant-based meats is the rising environmental concerns associated with animal meat production. Plant-based meat is gaining significant traction as a potential alternative due to requirement of less agricultural land, water and other resources. Additionally, government support in the form of grants, subsidies, and incentives is on the rise, reflecting the recognition of plant-based meat as a viable solution to meet growing global meat demand. Moreover, countries are looking to boost economic activity and create job opportunities by developing domestic plant-based meat industries.

Market Restraints

While the plant-based meat market is experiencing growth, certain factors are hindering its growth, particularly in the US. One of the primary restraints is the lack of robust regulatory framework established by the governing bodies in some countries, such as Austria, India and Denmark. Further, consumer bias towards animal meat poses a significant restraint, as many consumers exhibit reluctance to switch to plant-based alternatives due to the perception of higher costs.

Growth Factors

Despite the challenges, several growth factors continue to drive the plant-based meat market forward. One such factor is the increasing research efforts towards the deployment of novel technologies, such as 3D-bioprinting, electrospinning and extrusion technology to further enhance the texture and taste of the plant-based meat products. Additionally, stakeholders in this domain are securing substantial investments from various investors in order to meet the rising consumer demands for sustainable and high-quality alternatives. Further, the plant-based meat industry has garnered significant media attention, which plays a pivotal role in shaping consumer perceptions by raising awareness regarding the availability and benefits of plant-based meat options. Owing to the aforementioned factors, it is anticipated that the plant-based meat market will flourish remarkably in the foreseen future.

Plant-based Meat Market Segments

Based on the source of protein, the market is segmented into soy, wheat, pea and others

• The soy segment in the plant-based meat market, is likely to capture the largest revenue share of around 45% in the current year.
• The pea segment is anticipated to show highest growth rate of 12.26% during the forecast period.

Based on the type of meat substituted, the market is segmented into chicken, beef, pork, seafood and others

• The chicken segment in the plant-based meat market, is likely to capture the largest revenue share of close to 30% in the current year.
• Beef products are anticipated to show the highest growth rate of 12.93% during the forecast period.

Based on the type of end product, the market is segmented into burger patties, sausages, minced meat, strips and nuggets, meatballs and others

• The burger patties segment in the plant-based meat market, is likely to capture the largest revenue share of around 45% in the current year.
• Meatballs are anticipated to show the highest growth rate of 14.06% during the forecast period.

Based on the mode of storage, the market is segmented into frozen, refrigerated and shelf-stable

• The frozen mode of storage segment in the plant-based meat market, is likely to capture the largest revenue share of close to 70% in the current year.
• The shelf-stable meats are anticipated to show the highest growth rate of 20.90% during the forecast period.

Based on the distribution channels, the market is segmented into hotels and restaurants, retail stores and e-commerce

• The hotels and restaurants segment in the plant-based meat market, is likely to capture the largest revenue share of more than 60% in the current year.
• The e-commerce distribution channels are anticipated to show the highest growth rate of 14.48% during the forecast period.

Based on the geographical regions, the market is segmented into North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America

• North America segment dominates the plant-based meat market and is likely to capture largest revenue share of around 40% in the current year.
• In Asia-Pacific, the plant-based meat market is anticipated to demonstrate lucrative growth during the forecast period with a growth rate of 13.52%.

Key Companies Profiled

The plant-based meat market report also includes profiles of key players (listed below) that offer plant-based meat products:

• ADF Foods
• Amy's Kitchen
• Beyond Meat
• Century Pacific Food
• Conagra Brands
• Continental Coffee
• Ecotone
• Everbest Soya Bean Products
• Green Monday
• Hilcona
• Impossible Foods
• ITC
• JBS
• Kellogg
• Kikka Sushi
• Linda McCartney (Acquired by Hain Celestial)
• Maple Leaf Foods
• Nestlé
• Nongshim Taekyung
• OMG Meat
• Quorn Foods
• Rügenwälder Mühle
• Symingtons
• Tata Consumer Products
• Tesco
• Tyson Foods
• Vion Food
• yumeat

You Can Download Free Sample PDF Copy Of This Report At: https://www.rootsanalysis.com/reports/plant-based-meat-market/request-sample.html

About Roots Analysis

Roots Analysis is a global leader in market research, competitive intelligence and consulting services. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serve our clients in the best possible way.

Contact Details

Gaurav Chaudhary
Email: Gaurav.chaudhary@rootsanalysis.com or sales@rootsanalysis.com