The plant-based meat market is projected to grow at a CAGR of 14.7% during the forecast period
According to MarketsandMarkets, the global plant-based meat market is estimated to be valued at USD 7.9 billion in 2022. It is projected to reach USD 15.7 billion by 2027, with a CAGR of 14.7%, in terms of value between 2022 and 2027. The market is gaining momentum with the increasing demand for plant-based meat products. Additionally, increasing awareness among consumers about the benefits offered by a vegan diet is one of the major factors that is propelling the demand for plant-based meat products across the world. Key players have been investing significantly in R&D to cater to changing consumer preferences and reduce production costs.
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Leading players profiled in this report include the following:
• Beyond Meat (US)
• Kellogg Company (US)
• Impossible Foods Inc. (US)
• Maple Leaf Foods (Canada)
• Unilever (UK)
• Conagra Foods (US)
• Tofurky (US)
• Gold&Green Foods Ltd (Finland)
• Sunfed (New Zealand)
• Monde Nissin (Philippines)
By source, the soy segment occupies the highest market share during the forecast period
Based on the source, the soy segment is estimated to occupy the highest market share during the forecast period. Soy is a nutrient-dense legume that is an alternative to meat sources. Traditionally, the consumption of soy and soy products is associated with the Asian population, and it is widely used compared to wheat and corn. However, concern associated with soy is that it is a recognized allergen in a significant population.
By type, the beef segment is forecasted to account for the largest market share
Based on the type, the beef segment accounts for the largest market share and it would dominate the market in terms of value during the forecast period. Plant-based beef provides similar characteristics to that of beef. Beef-related plant-based products, such as meat-free beef pieces, no-beef burgers, beef watercress, and beefsteak, are made from sources such as soy and wheat.
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European region is the largest market for the plant-based meat market during the forecast period
Europe is the largest region in the plant-based meat market and it is growing with a considerable CAGR between 2022 and 2027. In Europe, the growing vegan trends, especially in the UK, are expected to increase the demand for plant-based meat products. The UK is projected to be the largest plant-based meat market in Europe during the forecast period. The rising health concerns among the consumers regarding meat products, consumers’ growing inclination toward healthy plant-based meat products, and the exponentially growing veganism trend in the country are the key factors driving the growth of the plant-based meat market.