The plant-based meat market is estimated to be valued at USD 12.1 billion in 2019 and is projected to reach USD 27.9 billion by 2025, at a CAGR of 15.0% during the forecast period. The growth of the vegan and flexitarian population and rising consumer awareness about the health benefits of plant-based meat products over animal-based meat products are expected to be the key demand drivers for the growth of the market. Increase in investment by government bodies, R&D activities, and investment of the major food industry giants in plant-based meat products are also anticipated to play a critical role in driving market growth.
The key players in the plant-based meat market include Impossible Foods (US), Beyond Meat (US), Garden Protein International (US), Morningstar Farms (US), Quorn Foods (UK), Amy’s Kitchen (US), Maple Leaf Foods (Canada), The Vegetarian Butcher (Netherlands), Tofurky (US), Gold&Green Foods (US), Sunfed (New Zealand), and VBites (UK). Market leaders such as Impossible Foods and Beyond Meat are focusing on tapping the potential markets through new product development launches, expansions, and investments.
Impossible Foods (US) is one of the major players in the plant-based meat market. Impossible foods follow quality and sustainability as its business principles. Over the years, the company has improved its operational quality through effective management of processing costs and product quality. It has managed to consistently improve its quality and innovation standards in the food industry. The company focuses on research and development in customer-oriented and high-quality products to fulfill the customer requirements for processing operations. The company’s product portfolio is well designed and developed to meet the plant-based meat requirements. It focuses on new product developments to meet the changing requirements of the customers. In January 2019, the company launched a new version of its burger, the Impossible Burger 2.0, which would be more nutritious, and featuring 30% less sodium and 40% less saturated fat.
Download PDF Brochure:
Beyond Meat (US) is one of the leading players in the plant-based meat market. Beyond Meat offers plant-based meat products that replicate the taste, texture, and nutritional benefits of meat. It operates through three segments—Beyond Chicken, Beyond Beef, and Beast Burgers. Meat substitute products are offered by the company through these three segments. The company focuses majorly on soy and rice ingredients as well as other crops, such as pea and beans, to develop new meat substitutes. As of March 2019, Beyond Meat launched a plant-based ground beef product to meet the rising consumer demands and enhance its plant-based meat product portfolio. Beyond Meat holds a strong position in the retail as well as wholesale plant-based meat markets in the US. It is focusing on creating new plant-based meat snack products.
Maple Leaf Foods (Canada) is a leading Canadian food company that provides food products under its brands, Maple Leaf, Schneiders, Mina, Greenfield Natural Meat Co., Field Roast Grain Meat Co., and Swift. The company’s product portfolio includes prepared meats, valued-added fresh pork and poultry products, ready-to-cook and ready-to-serve meals, and plant protein products. It provides a wide variety of plant-based meat through its brands, Lightlife and Field Roast. Maple Leaf Foods has a widespread presence in the North American plant-based meat market, especially Canada. The company focuses on product launches as one of its key strategies to expand in the plant-based meat market space. For instance, in January 2019, the company launched burger patties and sausage through its subsidiary, Lightlife Foods (US).
- In March 2019, Impossible Foods launched its plant-based meat, with a variety of dishes available at eight restaurants throughout Singapore. The motive behind the launch was to expand its global reach.
- In March 2019, Beyond Meat launched a plant-based ground beef product to meet the rising consumer demands and enhance its plant-based meat product portfolio.
- In March 2019, Morningstar Farms launched a plant-based vegan cheeseburger to meet the demand of its consumers.
Key questions addressed by the report:
- What are the new product areas the plant-based meat companies are exploring?
- Which are the key players in the plant-based meat market and how intense is the competition?
- What kind of competitors and stakeholders, such as plant-based meat companies, would be interested in this market? What will be their go-to-market strategy, and which emerging market will be of significant interest?
- How are the current R&D activities and M&A’s in the plant-based meat market projected to create a disrupting environment in the coming years?
- What will be the level of impact, on the revenues of stakeholders, of the benefits of plant-based meat to different stakeholders‒‒from rising revenue, environmental regulatory compliance, to sustainable profits for the suppliers?