New York, NY -- (SBWIRE) -- 01/22/2021 -- Increase in awareness related to health, rising obesity in the urban population and the diseases associated with obesity, increasing in deaths caused by obesity and increasing need for a healthy and environmentally friendly meat substitutes are key factors contributing to high CAGR of Plant-based Meat during forecast period.

Market Size – USD 10.10 Billion in 2018, Market Growth - CAGR of 14.8%, Market Trends – Product launches and research for advanced products

The global Plant-based Meat market was valued at USD 10.10 Billion in 2018 and is expected to reach USD 30.92 Billion by the year 2026, at a CAGR of 14.8%. Plant-based Meat is a substitute for meat and which usually looks like, smells like and tastes like meat. These plant-based meats are generally made from gluten or soy. Soy and gluten-based plant meats provide the same amount of protein to the consumers as that of animal meats. These products are considered to be more safe and healthy as compared to the latter one. Animal meats along with protein consists of other undesirable things like fast, cholesterol and increasing risk of cancer and other cardiovascular diseases. Additionally, consuming animal food regularly makes it difficult to maintain healthy body weight.

Plant-based meat is created from plants and specially designed to look, cook, and taste like real animal meat.  This veg-based alternative for meat has disrupted the food industry. This kind of meat can come in the form of nuggets, crumbles, sausages, burgers, faux seafood including fish and shrimp, etc. There are two kinds of plant-based meats. One is restructured meat and the other is whole muscle meat. Most ingredients used to make plant-based meat are legumes and grains. During the forecast period, the global plant-based market is expected to reach USD 8.3 billion. 

Some of the players profiled in the report are Impossible Foods (US), Garden Protein International (US), Beyond Meat (US)Bristol-Myers Squibb, Morningstar Farms (US), Amy's Kitchen (US), Quorn Foods (UK), Maple Leaf Foods (Canada), Tofurky (US), The Vegetarian Butcher (The Netherlands), Sunfed (New Zealand), VBites (UK), Gold&Green Foods (US).

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Market Drivers

The global plant-based meat market is growing at a CAGR of 14.0%. Owing to rising health benefits related to plant-based meat among youngsters and significant investments by governments along with various initiatives are driving the sales in the global plant-based meat market. The trend of plant-based meat is encouraging people to eat legumes, seeds, nuts, fruits, and vegetables. People are getting health conscious and this kind of meat does not give rise to various diseases such as heart issues, type 2 diabetes, cancer, and obesity. Due to its additional health benefits, the market is expected to show a good range of growth in the upcoming years too. 

Further key findings from the report suggest

- This industry is growing at a CAGR of 15.9% in the Asia Pacific followed by North America and Europe, with 14.6% and 14.4% CAGR, respectively. North America and Europe contributed about 2/3rd of the total industry during the forecast period.
- As of 2018, the Soy source type segment is the dominating sub-segment which holds 324% of the global market by 2026. North American regional market is the chief revenue-generating source for this product segment, followed by Europe and Asia-Pacific regions.
- According to the Food revolution Organization report, published in 2018, the number of vegetarians in the United States has increased by 600% from the past 3 years. This is expected to drive the demand for this industry.
- An increase in sedentary work, relaxed lifestyle and increased automation has led to a substantial decrease in the physical movement of the people thus aggregating the process of gaining weight.
- Furthermore, economic development, a rise in the standard of living of the population and an increasing proportion of the young population has led to an increase in the inclination towards fast-food, eventually adding to the obesity among the population.
- However, protein formed from plants cannot be readily absorbed by the body as compared to animal-based protein. Hence, the consumption of such a diet must be increased to compensate for the low absorption of proteins.
- Nestle launched a new burger called 'Incredible Burger' which was sold in McDonald's outlets in Germany in the year 2017. The burger was launched after research and development done for about three years to create it.
- In April 2018, Burger King introduced a new product under the name of 'Impossible Whopping' and meat bowls which were made available to all its U.S outlets.
- In the Asia Pacific region, 1/4th of India's population believes in reincarnation and non-violence and has adopted a vegetarian diet. Thus, the demand for a plant-based diet is in high demand in this country.
- In May 2019, Plant-based news published an article that suggests growing awareness about the consequences of consumption of meat, health issues had urged the population to adopt other protein source alternatives, especially in Asia Pacific countries. Additionally, environmental hazards and imbalance in the ecosystem caused due to increased slaughter for human consumption are further expected to drive the market for plant-based meat.
- However, adopting a new diet and changing eating habits among the population in a difficult task as people are not ready to give up on their meat consumption. These factors are expected to act as constraints in the growth of plant-based meat market.

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Source Type (Revenue, USD Million; 2016–2026)
- Soy
- Wheat
- Peas
- Gluten-based
- Others

Product Type (Revenue, USD Million; 2016–2026)
- Tofu
- Tempeh
- Seitan
- Mushrooms
- Others

Storage technique Type (Revenue, USD Million; 2016–2026)
- Frozen
- Refrigerated
- Shelf-Stable
- Others

End Use (Revenue, USD Million; 2016–2026)
- Food Industry
- Households
- HoReCa
- Others

Regional Outlook

Europe is the fastest-growing region in the global plant-based market. The vegan trend is also gaining popularity. North America is also known as one of the most popular hubs in this industry. In the Asia Pacific region, the plant-based meat sector is expanding rapidly. 

Market Segmentation by Regions:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Point Summary of the Report:

The global Plant-based Meat market research report is an investigative study offering key insights into the latest growth trends, developments, technological and product advancements, and the research and development scenario. The report also covers the market aspects that directly influence the growth of the market. These features include strategies undertaken by the prominent players, their expansion tactics, and the product portfolios of the companies, and micro and macro-economic factors.

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The study also analyses the crucial market aspects, including R&D, product launches and brand promotions, mergers and acquisitions, collaborations, joint ventures, and the growth pattern on both regional and global levels. The report offers an in-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends.

The Global Plant-based Meat Market includes relevant and verified information relating to the overall market, key players, and their market position and financial standing. The report utilizes advanced analytical tools such as SWOT analysis, Porter's Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the market position of the major players of the industry.

Key Coverage of the Plant-based Meat Market:

- Insightful information regarding the global Plant-based Meat market
- Identification of growth in various segments and sub-segments of the Plant-based Meat market
- Strategic recommendations for investment opportunities
- The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
- Emerging trends and current market segment analysis to help investors formulate new business strategies
- Accelerates the decision-making process through the availability of the drivers and limitations

Global Plant-based Meat Market: Table of Contents

Chapter 1. Market Synopsis

    1.1. Market Definition

    1.2. Research Scope & Premise

    1.3. Methodology

    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2018-2026

Chapter 3. Indicative Metrics

Chapter 4. Plant-based Meat Market Segmentation & Impact Analysis

Continued……….

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