Plant-based meat market set to surpass US$ 33.6 Billion by 2032, driven by shifting consumer attitudes towards meat consumption

COVINA, Calif., May 3, 2023 /PRNewswire/ -- According to Prophecy Market Insights report "Plant Based Meat Market accounted for US$ 7.9 billion in 2022 and is estimated to be US$ 33.6 billion by 2032 and is anticipated to register a CAGR of 14.7%"

What is the Overview of Plant Based Meat Market?

Plant Based Meat products are made from soy protein, peas and binders which contains artificial and natural flavors to produce taste of meat. Plant-based meat products are more nutritious and provides new source of fiber for better health outcomes. 

Growing health awareness among individual has become major contribution in target market growth. Rising demand for high nutritional food and shift towards vegetarian diet has further, enhanced the demand for Plant Based Meat market growth.

Plant Based Meat Market Research Report Scope:

What are the Recent News in Plant Based Meat Market?

• In December 2021, ITC Ltd., launched plant-based meat products to fulfill the demand for vegan meals and meat substitutes in India. ITC launched plant-based nuggets and burger patties which taste like chicken.
• In July 2022, TCPL (Tata Consumer Product Ltd.), announced its entry into plant-based meat products under its new brand "Tata Simply Better" with four product variant such as Burger Patty, Nuggets, Spicy Finger and Awadhi Seekh Kebab.

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Key Winning Imperatives in Plant Based Meat Market

• Innovation: Companies that are able to innovate and create plant-based meat products that closely mimic the taste and texture of traditional meat are likely to be more successful in attracting meat-eaters to their products.
• Sustainability: As environmental concerns continue to grow, companies that prioritize sustainability and eco-friendliness in their production processes and packaging are likely to be more attractive to consumers.
• Branding and Marketing: Effective branding and marketing strategies can help companies differentiate themselves from their competitors and build brand recognition among consumers.

What is Prophecy's Analyst View on Plant Based Meat market?

Growing health concerns, rising number of animal-borne diseases, and growing demand for clean label and natural products are factors that are projected to drive the growth of the Plant Based Meat industry during the forecast period

Who are the Leading Manufacturers in Plant Based Meat Market?

• Impossible Foods Inc.
• Beyond Meat
• Parabel USA Inc
• Archer Daniels Midland Company
• E. I. du Pont de Nemours and Company
• Garden Protein International, Inc.
• Amy's Kitchen Inc.
• Morningstar Farms LLC
• Quorn Foods, Inc

Market Segmentation

• By Source
• Soy Based
• Gluten Based
• Mycoprotein
• By Product
• Tofu
• Tempeh
• Seitan
• Mushrooms
• Quorn
• Other
• By End-Users
• Households
• Food Industry
• Horeca
• By Distribution
• Direct
• Indirect

Regional Analysis:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• Spain
• France
• Italy
• Russia
• Rest of Europe
• Asia Pacific
• Japan
• India
• China
• South Korea
• Australia
• Rest of Asia-Pacific
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Rest of Middle East & Africa

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What are the Drivers and Restrains of Plant Based Meat Market?

Drivers:

• Health and wellness: Many consumers are looking for healthier and more nutritious food options, and plant-based meat products are often seen as a healthier alternative to traditional meat.
• Environmental concerns: Increasing awareness of the environmental impact of meat production has led many consumers to seek out more sustainable food choices, and plant-based meat products are generally seen as a more environmentally friendly option.
• Ethical and animal welfare concerns: Growing concern for animal welfare has led many consumers to reduce their meat consumption or switch to plant-based alternatives.
• Innovation and product development: The plant-based meat market has seen a lot of innovation and product development in recent years, with new products constantly being introduced to the market.
• Marketing and promotion: Plant-based meat companies have been effective in promoting the benefits of their products, raising awareness and increasing consumer demand.

Restrains:

• Cost: Plant-based meat products are often more expensive than traditional meat, which can be a barrier to entry for some consumers.
• Taste and texture: While plant-based meat products have come a long way in terms of taste and texture, some consumers may still find them less appealing than traditional meat.
• Limited availability: Plant-based meat products are not yet as widely available as traditional meat, which can limit consumer choice and accessibility.
• Competition from other meat alternatives: Plant-based meat products are just one of many alternatives to traditional meat, and they face competition from other products such as tofu, seitan, and tempeh.
• Regulatory and labeling issues: The plant-based meat market is still evolving, and there are ongoing debates about how these products should be regulated and labeled.

You can also check out some of the Top-Selling Related Research Reports:

• Plant Based Seafood Alternative Market accounted for US$ 1.72 Bn in 2020 and is estimated to be US$ 17.0 Bn by 2029 and is anticipated to register a CAGR of 26.0%.
• Plant Based Bar Market accounted for US$ 10.3 billion in 2020 and is estimated to be US$ 18.5 billion by 2030 and is anticipated to register a CAGR of 6.2%.
• Plant-Based Snacks Market accounted for US$ 32.7 billion in 2022 and is estimated to be US$ 80.4 billion by 2032 and is anticipated to register a CAGR of 8.9%.

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