The global plant-based meat market size is expected to reach USD 27.44 billion by 2030 according to a new study by Polaris Market Research.
Meat and dairy replacements are promoted as being healthier and much more environmental than animal protein. Plant-based proteins are becoming more prominent as people are becoming more concerned about the impact on the environment of foods and strive for healthy eating habits, which in turn is expected to boost the industry growth over the forecast period.
Furthermore, increasing concerns regarding animal slaughter coupled with increasing animal-related diseases and allergies, including coronavirus, has led consumers to adopt plant-based flesh, which in turn is benefitting the industry’s growth.
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Soy source segment dominated the industry in 2021 and is expected to maintain its dominance over the forecast period due to its nutritional benefits along with the increasing production. North America is expected to dominate the global market over the forecast period due to the presence of major manufacturers such as Beyond Meat and Impossible Food Inc. Moreover, increasing awareness of the risk associated with animal flesh along with shifting consumer diets towards vegan products.
Top Market Players
Some of the key vendors operating in the market include Beyond Meat, Amy’s Kitchen, Garden Protein International, V2food, Greenwise, The Vegetarian Butcher, Gold & Green Foods, Impossible Foods, Morningstar Farms, Maple Leaf Foods, Novameat, Quorn Foods, Omnipork, Sunfed, Tofurky, VBites, and Zikooin.
The expanding market offers both established businesses and disruptors an opportunity to develop and earn market dominance. Mergers & acquisitions, new product launches, and some other strategies adopted by these players to increase their market dominance.
For instance, Beyond Meat revealed the acquisition of a new manufacturing plant in Enschede, the Netherlands, in June 2020, to expand its manufacturing capabilities in Europe.
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North America held the largest plant-based meat market share in 2021 and is expected to maintain this trend over the forecast period. Increasing cardiovascular diseases, including cancer and diabetics, has led consumers to opt for plant-based non-veg products as it helps prevent these diseases, which in turn is boosting the plant-based meat market growth. For instance, in 2020, as per the CDC, 34.1 million individuals had diabetes in the U.S.
Furthermore, increasing trends of vegan diets coupled with the growing adoption of plant proteins in processed foods are expected to propel the market demand over the forecast period. Additionally, consumers are also gravitating towards plant proteins due to allergies induced by animal proteins, as well as the abundance of nutrients found in plant proteins.
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Polaris Market Research has segmented the plant-based meat market report on the basis of product, source, distribution channel, and region:
Plant-Based Meat, Source Outlook (Revenue – USD Billion, 2018 – 2030)
Plant-Based Meat, Product Outlook (Revenue – USD Million, 2018 – 2030)
- Burger Patties
- Strips & Nuggets
Plant-Based Meat, Distribution Channel Outlook (Revenue – USD Million, 2018 – 2030)
- Retail Outlets
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