Plant-based Meat Market

The global plant-based meat market size is estimated to value at USD 7.9 billion in 2022 and is projected to reach USD 15.7 billion by 2027, recording a CAGR of 14.7%, in terms of value during the forecast period. Plant-based meat products serve as an alternative to animal meat. The rise in consumption of plant-based meat is either due to medical reasons or lifestyle changes.

The plant-based meat industry is undergoing rapid evolution, driven by emerging trends and global forecasts.

Emerging trends in the global Plant-based Meat Market are:

• Increasing Demand for Plant-Based Alternatives
• Expansion of Product Offerings
• Retail and Food Service Integration
• Investment and Innovation
• Global Expansion
• Focus on Health and Nutrition
• Environmental Concerns

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Increasing Demand for Plant-Based Alternatives:

• Concerns about health, sustainability, and animal welfare have led to a rise in demand for plant-based meat products. Consumers are actively seeking alternatives to traditional meat, creating opportunities for plant-based meat manufacturers.

Expansion of Product Offerings:

• Plant-based meat companies have been diversifying their product lines to appeal to a wider audience. Beyond burgers and sausages, there's been a surge in plant-based alternatives for chicken, seafood, and even steak. This expansion has been driven by advancements in food technology, allowing for more realistic meat substitutes.

Retail and Food Service Integration:

• Plant-based meat products are increasingly available in mainstream grocery stores, restaurants, and fast-food chains. Partnerships between plant-based meat companies and major food retailers have facilitated this integration, making these products more accessible to consumers.

Investment and Innovation:

• The plant-based meat industry has attracted significant investment from both traditional food companies and venture capital firms. This influx of capital has fueled innovation in product development, manufacturing processes, and distribution channels, driving further growth in the market.

Global Expansion:

• While the plant-based meat market initially gained traction in North America and Europe, it has since expanded globally. Countries in Asia-Pacific, Latin America, and the Middle East are increasingly embracing plant-based diets, presenting new opportunities for market expansion.

Focus on Health and Nutrition:

• Plant-based meat companies are placing greater emphasis on the health and nutritional benefits of their products. Many plant-based meats are lower in saturated fat and cholesterol compared to their animal-based counterparts, making them attractive to health-conscious consumers.

Environmental Concerns:

• Growing awareness of the environmental impact of animal agriculture has led many consumers to seek out plant-based alternatives. Plant-based meats typically have a lower carbon footprint and require fewer natural resources to produce, aligning with sustainability goals.

Related Reports:

Plant-based Meat Market by Source (Soy, Wheat, Blends, Pea), Product (Burger Patties, Strips & Nuggets, Sausages, Meatballs), Type (Beef, Chicken, Pork, Fish), Distribution Channel, Storage and Region - Global Forecast to 2027