Global Plant-based Meat Market Report 2024: China is Emerging as a Major Player - Industry Trends, Share, Growth, Insight, Company Analysis 2023-2030

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Feb 16, 2024, 12:45 ET

DUBLIN, Feb. 16, 2024 /PRNewswire/ -- The "Global Plant-based Meat Market, Size, Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Plant Based Meat Market size is predicted to attain US$ 23.81 Billion by 2030 from US$ 7.43 Billion in 2023, growing at a CAGR of 18.10% between 2024 and 2030

The plant based meat market share has extended because of growing environmental issues, health consciousness, and ethical problems. This market affords an ecofriendly and cruelty free solutions even as difficult conventional norms in the culinary globally.

People increasingly prioritize health and are turning to alternatives to standard Meat. This is because Meat is perceived as high in saturated fats and cholesterol. In comparison, plant-based Meat is perceived as a more fit desire due to the fact it's low in saturated fat and cholesterol and rich in fiber and critical vitamins.

Advancements in taste and texture also make plant-primarily based Meat more attractive to buyer who're hesitant to attempt plant-based alternatives. Moreover, the extended form of plant-based meat products, along with bird, chicken, fish, and ground meat substitutes, gives various alternatives beyond burgers and sausages. This progressed range and availability cater to numerous dietary options, reflecting the evolving landscape of more healthy and sustainable meals alternatives.

Addressing moral worries associated with animal welfare and antibiotic use, plant-based options resonate with consumers looking for more humane selections, aligning with their values. The accessibility of plant-based meat in mainstream supermarkets and restaurants, coupled with an increasing number of competitive prices, is increasing its reach to a broader consumer base. This dual recognition on sustainability and ethics is propelling the growth of the plant-based meat market, reflecting a changing panorama driven by conscious consumer picks.

Likewise, the growing popularity of flexitarian diets, incorporating both plant-based and animal products, broadens the appeal of plant-based meat to a diverse consumer base aiming to reduce meat intake. Substantial investments from undertaking capitalists and established food agencies are driving innovation in technology, substances, and product services in the plant-based meat market growth. Beyond Meat secured US$1 billion in investment in 2022 to make bigger production and introduce new products, even as Nestle launched its "Garden Gourmet"brand with a focus on realistic textures and flavors. Unilever's acquisition of The Vegetarian Butcher similarly emphasizes the strategic shift closer to alternative proteins in the worldwide market.

Soy is the primary source for plant-based meat is dominant in the global market

By source, the Global Plant Based Meat Market is divided into Soy, Pea, Wheat, and Others. Soybeans are a pivotal player in the plant-based meat industry, offering a cost advantage and boast a high protein content of round 35%, crucial for mimicking animal meat. Soy protein isolate and concentrate bring precise purposeful properties, permitting diverse meat-like textures.

The processing versatility, from tofu to protein isolates, lets in innovative freedom in product improvement. With a well-set up international supply chain, soy enables cost-effective sourcing. Its ancient intake in various cultures, specifically in Asia, fosters familiarity and customer popularity, easing the adoption of soy-based plant-based meats.

Beef-flavoured and textured plant-based meat options are growing in the global market

By meat type, the Global Plant Based Meat Market is broken up into Chicken, Pork, Beef, Fish, and Others. Plant-based beef options, aiming to capture a share of the moneymaking traditional meat market, leverage technological advancements for more sensible textures and flavors, attracting health-awareness, environmentally conscious, and ethically encouraged consumers. These alternatives, replicating beef's numerous culinary applications, cater to various tastes and options, consisting of grill lovers.

Acknowledging the emotional and cultural significance of pork intake in some cultures, plant-based options preserve connections while aligning with personal values. Strategic psychological pricing, branding with acquainted phrases, and targeted advertising campaigns collaborate with cooks, eating places, and influencers to promote the taste, texture, and environmental benefits of plant-based beef alternatives, fostering market increase.

The combination of familiarity, convenience, versatility, and market dynamics of burger patties ensure its continued leadership in the foreseeable future

By product type, the Global Plant Based Meat Market is fragmented into Burger Patties,Sausages, Nuggets and Strips, Ground Meat, Meatballs, and Others. Plant-based burgers, a universally liked and convenientformat, ease consumer adoption by offering an acquainted experience with reduced perceived threat. The flexible burger patties, adaptable to diverse cooking techniques and customizable with numerous toppings, sauces, and condiments, cater to various flavor alternatives. Defined portion sizes provide nutritional transparency, appealing to health-aware individuals and people dealing with calorie intake.

The efficient and cost-effective manufacturing of burger patties allows competitive pricing, fostering broader accessibility and market boom. Their integration into restaurant and fast-food menus normalizes plant-based options, making them widely available. Leveraging acquainted burger terminology and imagery complements branding and marketing efforts, growing a recognizable and relatable class in the plant-based meat market.

Food service distribution channel is experiencing significant growth in the global plant-based meat market

By distribution channel, the Global Plant Based Meat Market is categorized into Food Retail, Food Service, and E-Commerce. The surge in plant-based meat interest is met with diverse eating place options, permitting sampling and home adoption. This channel caters to the benefit sought bybusy or less cooking-willing individuals. Chef-driven innovation expands plant-based services, attracting adventurous customers and driving market boom.

Cost-effectiveness and established supply chains in the food service zone reduce financial limitations for wider adoption. Collaborations between plant-based meat manufacturers and restaurants yield co-branded products, exceptional menus, and promotions, improving attention. Restaurants adapting to the flexitarian trend by offering various plant-based dishes alongside regular menus attract to a broader patron base. Tailoring services to precise demographics further increase typical appeal and market penetration.

The rapid growth of refrigerated plant-based meat demonstrates refrigerated products potential to become the dominant format in the future

By storage, the Global Plant Based Meat Market is divided into Refrigerated Plant Based Meat, Frozen Plant Based Meat, and Shelf Stable Plant Based Meat. Refrigerated plant-based meat products gain prominence because of perceived freshness and quality, meeting patron preferences for immediate consumption and willingness to pay premiums. Improved taste and texture, stemming from ingredient and processing improvements, attract previously hesitant consumers.

Convenience and cooking flexibility enhance appeal, particularly for time-conscious individuals. Extended shelf life, minimized food waste, and extended retail presencecontribute to market growth. Positioned as top rate services with precise blends and flavors, refrigerated plant-based meats cater to discerning consumers. Also, environmental considerations, inclusive of lower electricity consumption, align with sustainability trends; further propel the market's enlargement.

China is emerging as a major player in the global plant-based meat market

By country, the Global Plant Based Meat Market is fragmented intoUnited States, Canada, France, Germany, Italy, Spain, United Kingdom, Belgium, Netherlands, Turkey, China, Japan, India, South Korea, Thailand, Malaysia, Indonesia, Australia, New Zealand, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa, and Rest of World. The surge in health and environmental focus amongst Chinese clients is driving demand for plant-based meat alternatives, supported by government policies imparting incentives and tax breaks.

Major Chinese agencies and tech giants are making an investment notably in the zone, fostering innovation in components, textures, and flavors tailored to Chinese tastes. The wider availability of plant-based options in supermarkets, eating places, and online systems enhances accessibility, facilitating easy integration into diets.

A cultural shift, especially among younger generations embracing diverse culinary research, propels the adoption of plant-based meat. Growing environmental concerns further boost this shift, with local manufacturers growing products aligning with Chinese choices, in the long run improving market attractiveness.

Company Analysis: Overview, Recent Developments, Revenue

Beyond Meat
Conagra Brands
Maple Leaf Foods Inc
Tyson Foods Inc
Kellanavo
Archer Daniels Midland
US Foods Holding
Hormel Foods Corporation

Source - Global Plant Based Meat Market breakup from 4 viewpoints:

Soy
Pea
Wheat
Others

Meat Type - Global Plant Based Meat Market breakup from 5 viewpoints:

Chicken
Pork
Beef
Fish
Others

Product Type - Global Plant Based Meat Market breakup from 6 viewpoints:

Burger Patties
Sausages
Nuggets and Strips
Ground Meat
Meatballs
Others

Distribution Channel - Global Plant Based Meat Market breakup from 3 viewpoints:

Food Retail
Food Service
E-Commerce

Storage - Global Plant Based Meat Market breakup from 3 viewpoints:

Refrigerated Plant Based Meat
Frozen Plant Based Meat
Shelf Stable Plant Based Meat

Countries - Global Plant Based Meat Market breakup from 26 viewpoints:

North America

United States
Canada

Europe

France
Germany
Italy
Spain
United Kingdom
Belgium
Netherland
Turkey

Asia Pacific

China
Japan
India
South Korea
Thailand
Malaysia
Indonesia
Australia
New Zealand

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

Saudi Arabia
UAE
South Africa

Rest of the World

For more information about this report visit https://www.researchandmarkets.com/r/qtyqr8

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