Plant-based Meat Market Size, Share & Trends Report

Plant-based Meat Market Size, Share & Trends Analysis Report By Source (Soy, Pea), By Product (Burgers, Sausages), By Type (Chicken, Fish), By End-user (Retail, HORECA), By Storage, By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Sep, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-145-9
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 145

Report Overview

The global plant-based meat market size was valued at USD 3.3 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 19.4% from 2020 to 2027. Growing consumer interest in plant-based diets, coupled with the rising awareness about animal rights, is expected to drive the market growth. Plant-based meat is an integral part of a vegan diet, wherein the individuals adopt a vegetarian eating lifestyle that is devoid of animal-based foods. Thus, a rising number of individuals following a vegan diet will augment the market growth. The market in the U.S. is projected to exhibit high growth on account of growing consumer demand for vegetarian food products that are high in fiber, vitamin C, and iron, and are processed in lower saturated fats and calories. In addition, manufacturers are focusing on developing products with a longer shelf life, better texture & aroma, and a better nutritious profile, which will boost the market growth in the country.

U.S. plant-based meat market size

Growing penetration and rising adoption of the omnichannel approach is anticipated to support the e-commerce sales channels in the market. The Covid-19 pandemic, which led to the imposition of lockdowns in major cities across the globe, is expected to encourage online shopping. This, in turn, is projected to impel the distributors to shift to online retailing channels. Soy as a raw material consists of all the standard (nine) amino acids, which are essential for the overall growth. Its ability to enhance the water absorption, solubility, emulsification, viscosity, anti-oxidation, and texture of the final product is likely to drive the demand for soy in plant-based meat products over the coming years.

However, the high prices of plant-based meat burgers, patties, and sausages as opposed to conventional meat products are likely to pose a challenge for the industry. In one of the supermarket chains in the U.S., the maximum retail price for a Beyond Burger is USD 12 for a pound, while a traditional beef burger costs approximately USD 5 a pound.

Source Insights

Soy-based meat led the market and accounted for more than a 48.0% share of the global revenue in 2019. Soy is a good source of Branch Amino Acids (BCAAs) and helps build & strengthen muscle mass. Soy-based meat products not only reduce the formulation costs but also exhibit a lower carbon footprint as opposed to conventional animal- and dairy-based food products.

The pea-based meat source segment is estimated to register the fastest CAGR from 2020 to 2027. Pea-based meat is easy to grow and economical to farm. It is enriched with nutrients, such as thiamine, fiber, phosphorous, manganese, folate, and vitamin K & C. The ability of the product to help maintain metabolic activities in the human body, including lipid synthesis and cell division, is projected to augment its demand over the forecast period.

Furthermore, pea-based patties in burgers can be easily substituted in place of chicken, beef, or pork-based patties. Various characteristics, such as high protein content, the resemblance in texture and consistency to meat, easy availability, and quick preparation are likely to spur the consumption of pea-based meat products.

Product Insights

The plant-based burgers segment led the market and accounted for more than a 29.0% share of the global revenue in 2019. Ingredients in these burgers strive to imitate the aroma, flavor, and texture of meat. Impossible Foods’ product, Impossible Burger, is made with a genetically modified form, mimicking the natural heme-iron present in an animal, which gives their burger a distinctive meaty flavor. Kellogg NA Co., Quorn, Amy’s Kitchen, Inc., and Beyond Meat are some of the companies offering distinguished plant-based burgers.

The plant-based sausages segment is estimated to register the fastest CAGR from 2020 to 2027 due to the rising demand for these products. Heavy investments by companies to introduce new and innovative flavors to their plant-based meat sausages, such as hot Italian, sweet Italian, and spinach pesto, are projected to spur the product demand.

Type Insights

The plant-based chicken segment led the market and accounted for more than 34.0% of the global revenue share in 2019. Chicken is the prime ingredient in the traditional meat industry in various products, such as nuggets, patties, and cutlets, as it is loaded with animal fats, cholesterol, and protein. The plant-based chicken products constitute about the same amount of protein while the other nutrients tend to vary.

Most plant-based sources, such as soy and wheat, are concentrated with high roughage and fiber content, which increases the absorption rate of vital nutrients and aids in boosting the metabolic system. These sources are primarily used to chicken-like meat products, such as strips, meatballs, and deli slices.

Veggie bacon, also known as vegetarian bacon or vacon, is marketed as a plant-based pork product. These products, manufactured from soy and pea protein, are high in fiber and protein, have no cholesterol, and are low in fat. Morningstar Farms, Vegetarian Butcher, and Smart Bacon are some of the key manufacturers offering these products.

Various start-up ventures and established players in the industry are launching new products to increase their sales and to capitalize on rising consumer preference for plant-based diets. For instance, in July 2019, Beyond Meat announced that the company is developing steak and bacon alternatives to its existing line of vegan sausage and beef products for its flexitarian consumers.

Storage Insights

Frozen plant-based meat storage was the leading segment and accounted for more than 57.0% share of the global revenue in 2019. The growing demand for innovative vegetarian products has led to a significant rise in new product development in this segment. This, in turn, gives the consumers a broad range of products and brands allowing plant-based meat goods to gain increased recognition and shelf space.

Plant-based food products manufacturers are witnessing a significant increase in their revenues, with faux meat manufacturers seeing the most significant growth in their net sales. The refrigerated plant-based meat products segment is likely to exhibit the fastest growth rate from 2020 to 2027. Various factors contributing to the growth of this segment are meat shortage and concerns regarding the coronavirus outbreak in the meat processing facilities.

Though the frozen plant-based meat products were consistently outpaced by their refrigerated counterparts amidst the pandemic, the same trend is projected to continue even after the pandemic owing to the growing environmental concerns and the rising popularity of plant-derived food products.

End-user Insights

Hotel/Restaurant/Café (HORECA) segment led the market and accounted for more than 57.0% of the global revenue share in 2019. Many restaurants, fast food chains, and casual dining venues are dedicating a section of their menu solely to “meat-free” options due to the rising popularity of vegan and flexitarian diets, which, in turn, is projected to drive the segment growth.

Global plant-based meat market share

Key players in the industry are capitalizing on shifting consumer preferences and rising demand for a more tailored service. For instance, in April 2019, Amy’s Kitchen Inc., a U.S.-based vegetarian and vegan foods manufacturer announced to open a third plant-based and vegan-friendly “Amy’s Drive-Thru” restaurant in Walnut Creek, California.

Furthermore, products, such as burger patty, nuggets, and strips, are gaining traction in the fast-food restaurant chains. Major brands have launched distinguished plant-based meat products. Moreover, events, such as “Texas Go Vegan Week” and “Veganuary”, which focus on creating awareness about leading a cruelty-free, ethical life.

Regional Insights

North America dominated the market and accounted for over 39.0% of the global revenue share in 2019. The growth of the regional market is accredited to the growing consumption of meatless meat products, coupled with rising consumer awareness regarding the potential risk of consuming contaminated meat foods.

The traditional meat market in the U.S. is facing the adverse effects of the coronavirus pandemic, with major companies shutting down their production units. However, grocery store sales of faux meat products increased amidst the pandemic. The demand for plant-based foods is projected to increase further on account of shifting perceptions of consumers around food sustainability and safety.

The market in Europe is anticipated to witness the fastest growth over the forecast years on account of positive consumer outlook on vegetarian and vegan-meat products and stringent regulations against animal cruelty. Key manufacturers are implementing strategic initiatives, such as capacity expansion, product innovation, and mergers & acquisitions, to increase their sales in the regional market.

For instance, in June 2020, Beyond Meat announced the expansion of its production capacity in Europe by acquiring a new production unit in Enschede, the Netherlands; and by opening a new co-manufacturing facility with Zandbergen World’s Finest Meat in Zoeterwoude, the Netherlands.

Key Companies & Market Share Insights

Industry players are focusing on research & development activities and on diversifying their portfolio to launch new and innovative alternative meat products, which mimic the taste and texture of exotic meats, including lobster and veal. Major players in the market are characterized by a robust sales channel with restaurants and retail chains worldwide for the distribution of their products. For example, in February 2020, Gold&Green Foods Ltd. launched its product, Pulled Oats, in the U.S. foodservice industry via Sysco, a marketer and distributor of food products to healthcare & educational facilities, and restaurants. Some of the prominent players in the plant-based meat market include:

  • Beyond Meat

  • Impossible Foods Inc.

  • Maple Leaf Foods (Field Roast & Maple Leaf)

  • Vegetarian Butcher

  • Conagra, Inc. (Gardein Protein International)

  • Kellogg NA Co. (MorningStar Farms)

  • Quorn

  • Amy’s Kitchen, Inc.

  • Tofurky

  • Gold&Green Foods Ltd.

  • Sunfed Ltd.

  • VBites Foods Limited

  • S Kraft Foods, Inc.

  • Lightlife Foods, Inc.

  • Trader Joe's

  • Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)

  • Marlow Foods Ltd. (Cauldron)

  • Ojah B.V.

  • Moving Mountains

  • Eat JUST Inc.

  • LikeMeat GmbH

  • Gooddot

  • OmniFoods

  • No Evil Foods

  • Dr. Praeger’s Sensible Foods

Plant-based Meat Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 4.0 billion

Revenue forecast in 2027

USD 13.8 billion

Growth Rate

CAGR of 19.4% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Source, type, product, end-user, storage, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; Italy; The Netherlands; France; China; Japan; Australia & New Zealand; Brazil; Argentina; UAE

Key companies profiled

Beyond Meat; Impossible Foods Inc.; Maple Leaf Foods (Field Roast & Maple Leaf); Vegetarian Butcher; Conagra, Inc. (Gardein Protein International); Kellogg NA Co. (MorningStar Farms); Quorn; Amy's Kitchen, Inc.; Tofurky; Gold&Green Foods Ltd.; Sunfed; VBites Foods Limited; Kraft Foods, Inc.; Lightlife Foods, Inc.; Trader Joe's; Yves Veggie Cuisine (The Hain-Celestial Canada, ULC); Marlow Foods Ltd. (Cauldron); Ojah B.V.; Moving Mountains; Eat JUST Inc.; LikeMeat GmbH; Gooddot; OmniFoods; No Evil Foods; Dr. Praeger's Sensible Foods

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global plant-based meat market report on the basis of source, product, type, end-user, storage, and region:

  • Source Outlook (Revenue, USD Million, 2016 - 2027)

    • Soy

    • Pea

    • Wheat

    • Others

  • Product Outlook (Revenue, USD Million, 2016 - 2027)

    • Burgers

    • Sausages

    • Patties

    • Nuggets, Tenders & Cutlets

    • Grounds

    • Others

  • Type Outlook (Revenue, USD Million, 2016 - 2027)

    • Chicken

    • Pork

    • Beef

    • Fish

    • Others

  • End-user Outlook (Revenue, USD Million, 2016 - 2027)

    • Retail

    • HORECA

  • Storage Outlook (Revenue, USD Million, 2016 - 2027)

    • Refrigerated

    • Frozen

    • Shelf-stable

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

      • The Netherlands

      • Italy

    • Asia Pacific

      • China

      • Japan

      • Australia & New Zealand

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • UAE

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