Plant-based meat products closely resemble animal-based meat in terms of texture, taste and appearance. These meat alternatives are highly nutritious as they are made from plant proteins such as soy, wheat and pea and provide essential vitamins and nutrients while being lower in unhealthy saturated fat and cholesterol as compared to conventional meat products.
The rising health consciousness among consumers globally along with growing concerns regarding animal welfare and environmental sustainability have fueled the demand for plant-based meat products. 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:
The evolving consumer preferences towards healthy and sustainable food options is a key trend that is accelerating the growth of the global plant-based meat market over the forecast period. A significant percentage of health-conscious consumers are now shifting their dietary habits towards plant-based meat as they perceive these products as more nutritious and environment friendly alternatives to conventional meat. This changing preference towards sustainable food is encouraging innovations and new product launches in the plant-based meat space to cater to the rising demand.
Segment Analysis
The global plant-based meat market is dominated by the burger patties sub segment. Many consumers are switching to plant-based diets and burgers are a familiar meat substitute option for them. Burger patties made from Soy, wheat and pea proteins closely mimic the taste and texture of beef patties. This familiarity makes burger patties the most widely consumed plant-based meat product.
Key Takeaways
The global Plant-Based Meat Market Share is expected to witness high growth over the forecast period of 2023 to 2030. 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 2023-2030.
Regional analysis:
North America currently dominates the global plant-based meat market and is expected to continue its dominance through 2030. The region has witnessed high adoption of vegan and flexitarian diets due to health and sustainability concerns. Growing health awareness and preventive healthcare approach of consumers is driving the market growth.
Key players:
Key players operating in the plant-based meat market are Beyond Meat, Impossible Foods, Maple Leaf Foods (Field Roast & Lightlife), Conagra Brands (Gardein), Kellogg NA Co. (Incogmeato), Sunfed, Quorn, Amy's Kitchen and Tofurky. Beyond Meat and Impossible Foods have captured significant market share by offering burgers and grounds that closely mimic the taste of beef. However, the market has scope for more product innovations catering to regional tastes.
For more insights, read- https://www.ukwebwire.com/plant-based-meat-market-trends-size-and-share-analysis/
