by Plant-based meat, also known as meat alternatives, refers to meatless products that mimic the taste, texture, and appearance of meat derived from slaughtered animals. Plant-based meats provide high protein content without relying on animal sources. They are manufactured using plant-based ingredients such as soy, wheat, pea, and other plant proteins. Plant-based meats offer consumers similar taste and texture as real meat while providing environmental and health benefits.
The global Plant Based Meat Market is estimated to be valued at US$ 7.2 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Growing awareness about environmental sustainability has been a key driver propelling the plant based meat market. Animal agriculture is one of the leading contributors to greenhouse gas emissions globally. According to a report by the United Nations, animal agriculture constitutes about 14.5% of global anthropogenic greenhouse gas emissions. Production of plant-based meats involves significantly lower carbon emissions as compared to regular meats. Consumers are increasingly adopting plant-based diets to lower their environmental footprint. This increasing focus on sustainability has boosted the demand for plant-based meat alternatives in recent years. Innovative new product launches backed by rising investments in this space are also fueling the market growth.
SWOT Analysis
Strength: Plant based meat products are gaining popularity as they are considered healthier and environment friendly alternatives to meat. They provide similar taste and texture of meat but without cholesterol.
Weakness: Plant based meat products are more expensive compared to conventional meat which is a major barrier for many consumers. They lack certain micronutrients found in meat.
Opportunity: Rising health consciousness, concerns over animal welfare and greenhouse gas emissions from livestock farming are driving the demand for plant based meat. Many quick service restaurants and retail chains are adding these products to their menu.
Threats: Meat industry players are developing their own plant-protein blends which can capture market share from startups. Regulations around labeling of plant based meat products vary globally which poses marketing challenges.
Key Takeaways
The global Plant Based Meat Market Demand is expected to witness high growth over the forecast period driven by factors like health concerns, environmental sustainability and gaining acceptability among flexitarians. According to estimates, the market was valued at US$ 7.2 billion in 2023 and is projected to reach US$ 13.3 billion by 2030, registering a CAGR of 6.9% .
North America currently dominates the market contributing over 35% of revenues in 2023 led by presence of major producers and higher health awareness among population. Europe and Asia Pacific follow as other key regions on back of policy push for adoption of plant based diets in several countries. China in particular is emerging as high potential market with flexible regulations and strong retailer support.
Key players operating in the plant based meat market are Beyond Meat, Impossible Foods, Maple Leaf Foods (Field Roast & Lightlife), Conagra (Gardein), Quorn, Kellogg’s (MorningStar Farms), Amy’s Kitchen and Tofurky. Most companies are focused on research to replicate sensory attributes of animal meat and rolling out more convenient and affordable product ranges. Partnerships with restaurant chains have also helped gain consumer trials and mainstream appeal.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
