Plant-based Meat Market to Hit $18.96 Billion by 2030 says Cognitive Market Research
CHICAGO, Feb. 8, 2023 /PRNewswire/ -- The Global Plant-based Meat Market size is projected to be $18.96 Billion by 2030 at a CAGR of 20.18 % from 2023 to 2030, as per a recent study published by Cognitive Market Research. New Wave Foods has raised $18 Million series A for Plant-Based Shrimp & Shellfish. Multiple new investors are entering into this market as a result of changing consumer preference. This is expected to boost industry growth in the near future.
Major findings during the study of the Plant-based Meat Market:
- Soy protein is the most commonly used ingredient in making plant-based meat as it has high protein content. The component called soy leghemoglobin found in soybean roots is used in many plant-based burgers because of its ability to make fake meat "bleed" when cooked. Further, it is rich in non-heme iron, which provides iron content to vegetarian people who have a higher probability of iron deficiency
- Large market share of patties in plant-based meat is attributed to the rising demand for burgers all across the globe. Several restaurants and cafes have started serving plant-based patties in burgers
- In terms of type, plant-based chicken accounts for the highest market share as it is one of the most used food products in nuggets, patties, and cutlets
- In terms of distribution channel, supermarkets held the highest market share as it is a large store that sells a broad range of products of every brand giving a wide array of choices to buyers. Almost all manufacturers of plant-based meat choose supermarkets for their products because dealing with a single large consumer is easier than dealing with a lot of smaller independent customers
- The North America Plant-based Meat Market dominates the overall plant-based meat market owing to the presence of major manufacturers in countries like the U.S., and Canada
- APAC shows profitable growth in the near future due to the huge adoption of plant-based meat in countries like China, Japan, and India. For instance, Cargill has expanded their RadiPure pea protein in the Middle East, Turkey, Africa (META) & India, which will help to meet the growing demand for plant-based meat products. Moreover, Beyond Meat has entered the Indian plant-based meat market through a partnership with Allana Consumer Products
- Consumers have increased the adoption of the plant-based diet owing to various factors, such as the rise of health awareness, improved weight management and a desire to eat more sustainable food
Read Full Market Analysis Plant-based Meat: by Source (Soy, Tofu, Pea & Lentils, Potato, Wheat, and Others); by Product Type (Patties, Nuggets, Sticks, Sausages, and Meatballs); by Type (Chicken, Pork, Fish, Beef, and Others); by End-user (Residential, and HORECA); by Distribution Channel (Supermarket, Convenience Stores, Ecommerce, and Others); by Region (North America, Europe, Asia Pacific, Latin America and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2018-2030
Snapshot:
Global Plant-based Market |
2022 |
Global Revenue (USD Billion) |
5.23 |
CAGR – (2023-2030) |
20.18 % |
Key Source Share |
Soy:31.25% |
Key Product Type Share |
Patties:30.58% |
Key Type Share |
Chicken:29.73% |
Key End-User Share |
HORECA:60.42% |
Key Distribution Channel Share |
Supermarket:41.51% |
Key Regional Share |
North America:36.37% |
What are the current trends in the Plant-based Meat Market?
- The plant-based meat market has started hitting that sweet spot in the food industry competing with animal-based meat products. Consumers have increased the adoption of the plant-based diet owing to various factors, such as improved overall health awareness, weight management, and a desire to eat more sustainable food. This high inclination towards plant-based diet is majorly bolstered by social media awareness. Major companies are also investing in plant-based food, accelerating the growth of the plant-based meats market. For instance, companies like Beyond Meat and Impossible Foods have experimented for years to develop convincing meat replacements with plant ingredients like soybean roots and pea protein.
- Rising investment by significant players in the plant-based meat market further accelerates the market's growth. For example, in 2021, New Wave Foods completed an $18 million Series A round of financing to disrupt the $9 billion dollar shrimp market with plant-based shrimp made of sustainable seaweed and plant proteins. The company's plan was to sell its product into the food marketplace. Besides, funding to various start-ups between 2016 to 2019 saw a huge rise and it was also noticed during Covid 19 period.
How COVID-19 pandemic impacted the global plant-based meat market?
- The COVID-19 pandemic has reshaped the plant-based meat market from the global economies to product categories, pricing, and stock availability to consumer behavior. Disruption in the supply chain has worsen the situation within the meat market as meat producers and processors faced difficulty in processing and shipment of the products due to lockdown situations. Therefore, the year 2020 seemed to be the right time to invest in plant-based meat alternatives or in cultured meat to combat this type of situation in the future.
Current Development of Manufacturers in the Plant-based Meat Industry:
- December 2022
ICL Food Specialties has joined forces with artificial intelligence-driven food tech company Protera Biosciences to develop new protein ingredients for food manufacturers. The company has made a $1 million investment in Protera.
Read the Full Report with the Table of Contents and Consult with Author:
https://www.cognitivemarketresearch.com/plant-based-meat-market-report
Plant-based Meat Market Report Scope
Plant-based Meat Market - Source Outlook (Revenue, USD Billion, 2018–2030)
- Soy
- Tofu
- Pea & Lentils
- Potato
- Wheat
- Others
Plant-based Meat Market - Product Type Outlook (Revenue, USD Billion, 2018–2030)
- Patties
- Nuggets
- Sticks
- Sausages
- Meatballs
Plant-based Meat Market - Type Outlook (Revenue, USD Billion, 2018–2030)
- Chicken
- Pork
- Fish
- Beef
- Others
Plant-based Meat Market – End User Outlook (Revenue, USD Billion, 2018–2030)
- Residential
- HORECA
Plant-based Meat Market – Distribution Channel Outlook (Revenue, USD Billion, 2018–2030)
- Supermarket
- Convenience Stores
- Ecommerce
- Others
By Regions:
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
- Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
- Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, Rest of MEA)
List Of Key Companies
- ICL Food Specialities
- Beyond Meat
- Cargill Corporation
- New Wave Foods
- Just, Inc.
- Integriculture Inc.
- Unilever
- Conagra Foods
- Impossible Foods
- Kellogg
- Quorn Foods
- Boca Foods Company
- Others
Related Reports on Plant-based Meat Market:
- Global Plant-based Food Market to Hit $110.23 Billion by 2030
The global plant-based food market is expected to hit $110.23 billion by 2030, growing at a CAGR of 18.69%. Increasing awareness regarding the environmental impact of meat production along with a surge in health concerns about cholesterol and saturated fat are driving the growth of the plant-based food market. Moreover, manufacturers ranging from startups to leading CPG companies to the world's largest meat companies are innovating rapidly in the plant-based market which is driving the market growth.
- Global Soy Milk Market to Reach $12.34 Billion by 2030
The global soy milk market is projected to reach $12.34 billion by 2030, growing at a CAGR of 11.65%. Soy milk is a plant-based drink that is obtained from soybeans. It is a stable emulsion of oil, water, and protein. In recent years, veganism has become more popular not just because of animal cruelty but also due to related concerns on the environment. Hence, high adoption of vegan food stimulates the growth of the soy milk market across the globe.
Other Related Reports:
- Global Almond Milk Market to reach $11.36 Billion by 2030, growing at an impressive CAGR of 14.32%.
- Global Veggie Burger Market to be worth at $7.23 Billion by 2030 and is expected to CAGR of 9.52%.
Explore Other Food & Beverages Industry Reports published by Cognitive Market Research.
About Cognitive Market Research
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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SOURCE Cognitive Market Research
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