May 24, 2024
Plant Based Meat Market

The Global Plant Based Meat Market Is Driven By Increasing Demand For Sustainable Meat Alternatives

Plant based meat products such as burger patties, sausages, nuggets etc. are made from plant derived ingredients such as soy, wheat and pea protein. These meat products closely resemble animal meat both in terms of taste and texture. The growing demand for sustainable and environment friendly food products has led to a surge in the demand for plant based meat globally. Plant based meat relies on plant agriculture as the primary source of protein, thus reducing dependency on animal agriculture which has a high carbon footprint. The Global Plant Based Meat Market Size is estimated to be valued at US$ 8.3 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the plant based meat market is the growing presence of start-ups that are developing innovative plant based meat products. Several start-ups are now emerging which are developing new plant based meat products through cellular agriculture by culturing animal cells in laboratories. This emerging field of cellular agriculture could potentially address some challenges associated with traditional plant based meat such as replicating texture of animal meat. Some major players focusing on cellular agriculture based meat production include Memphis Meats, Mosa Meat and Aleph Farms. These companies are working on developing cultured meat products such as chicken breast and beef which could mimic texture and taste of their animal meat counterparts. This is expected to drive growth in the global plant based meat market during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the plant based meat industry requires high R&D investment and marketing costs to gain consumer acceptance.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitute products like traditional meat. Buyers can easily switch to traditional meat if plant based meat prices increase.
Bargaining power of suppliers: The bargaining power of suppliers is low as the raw materials used in plant based meat like soy, wheat etc. are widely available agricultural commodities.
Threat of new substitutes: The threat of new substitutes is high as traditional meat and new plant based meat alternatives like cell cultivated meat are gaining traction.
Competitive rivalry: The competition is high among existing players to rollout new product ranges and compete on quality, taste, nutrition and price.

Key Takeaways

The global plant based meat market is expected to witness high growth over the forecast period owing to rising health and environment consciousness.

North America currently dominates the market due to high adoption of vegan and vegetarian lifestyles. The region is expected to retain its leading position supported by presence of major players and developing retail infrastructure for plant based products.
Europe is also an important region for plant based meat market on account of growing preference towards sustainable food choices. Countries like Germany, UK, France etc. are seeing rising demand for meat alternatives. The Asia Pacific region is anticipated to showcase fastest growth led by large consumer base in countries like China and India. Changing diets, western influence and celebrity endorsements are boosting the Asia Pacific plant based meat market.

Key players operating in the plant based meat market are Abbott Laboratories, ACON Laboratories Inc., Nipro Corporation. These companies hold a significant share of the market and are focused on introducing new product lines and expanding availability through retail channels and foodservice sectors. The plant based meat market is characterized by high competition which is expected to drive more product, taste and nutrition innovations in the coming years.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it