GVR Report cover Plant-based Meat Market Size, Share & Trends Report

Plant-based Meat Market Size, Share & Trends Analysis Report By Source (Soy, Pea, Wheat), By Product (Burgers, Sausages), By Type, By End-user, By Storage, By Region, And Segment Forecasts, 2020 - 2028

  • Published Date: Nov, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-145-9
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 140

Report Overview

The global plant-based meat market size was valued at USD 4.19 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.4% from 2020 to 2028. Growing consumer interest in plant-based diets, coupled with the rising consciousness for animal rights through various welfare organizations, is expected to boost the market growth. Plant-based meat is becoming an integral part of a vegan diet, wherein the individuals adopt a vegetarian lifestyle that is devoid of animal-based foods. Consumers are inclining towards veganism for health and ethical reasons, while the other consumers are opting for vegetarian ingredients to avoid animal cruelty and consume sustainable food and beverage products.

U.S. plant-based meat market size, by source, 2018 - 2028 (USD Million)

Furthermore, soy as a raw material consists of all the standard (nine) amino acids, which are essential for the growth of the human body. 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 upcoming years.

Diverse plant-based meat types such as plant-based chicken, pork, beef, and seafood continue to grow in popularity, which is contributing to the growth of the market. The exponential growth of refrigerated plant-based meat is likely to continue from 2020 to 2028. The growing product innovation and merchandising strategies across the market are fueling the market growth.

During the COVID-19 pandemic, the food industry witnessed significant shifts, including interruptions to supplies of key inputs, limited access to production spaces, and disrupted distribution channels. Despite these constraints, plant-based companies adapted and continued to launch new products and grow sales. Foodservice channel distribution was significantly impaired, and pantry stocking and panic buying led to a sharp increase in retail sales over the prior year. Many plant-based meat categories witnessed exponential growth during the initial pantry-stocking period. The COVID-19 pandemic, which led to the imposition of lockdowns, has encouraged consumers to order goods online. This, in turn, has encouraged the distributors to move towards online retailing channels.

The U.S. has witnessed increasing demand for plant-based meat over the past few years owing to the growing awareness among consumers regarding the health benefits of veganism. The demand for vegetarian foods that are high in fiber, vitamin C, and iron and contain low processed saturated fats is on the rise in the U.S. In addition, the round-the-clock efforts of manufacturers to create a product with a longer shelf life, better texture and aroma, and better nutritious profiles are estimated to spur the market growth in the U.S.

Source Insights

Soy-based meat led the market and accounted for more than 45.0% share of the global revenue in 2020. Soy is a good source of branch amino acids (BCAAs) and is likely to observe steady growth over the forecast period on account of its ability to enhance exercise performance, help in recovery from a heavy workout, and build and 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. Growing demand for the product on account of its enhanced eating qualities, such as improved microwave-ability and slice-ability, is projected to spur the overall market growth. 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, resemblance in texture and consistency to meat, easy availability, and quick preparation are some of the key factors that are allowing the pea-based meat products to grow at the highest rate of 21.5% over the forecast period.

Product Insights

Plant-based burgers led the market and accounted for over 25.0% share of the global revenue in 2020. Ingredients in these burgers strive to imitate the aroma, flavor, and “bleeding” 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 the burger a distinctive meaty flavor. Various companies offering distinguished plant-based burgers are Kellogg NA Co.; Quorn, Amy's Kitchen, Inc.; VBites Foods Limited; Kraft Foods, Inc.; Yves Veggie Cuisine; and Beyond Meat.

Plant-based sausages are manufactured with the aim to mimic the look, texture, sizzle, and satisfaction of conventional pork sausage. Companies such as Beyond Meat and Lightlife Foods, Inc. are offering juicy and meaty alternatives of a traditional sausage, which are also devoid of hormones, nitrates, GMOs, nitrites, gluten, and soy. The growing investment by companies to introduce new and innovative flavors to their plant-based sausages, such as hot Italian, sweet Italian, and spinach pesto is projected to spur the product demand. Some of the prominent players in the plant-based sausages market are Marlow Foods Ltd.; Impossible Foods Inc.; and Moving Mountains.

Type Insights

The plant-based chicken segment led the market and accounted for over 30.0% share of the global revenue in 2020. In the traditional meat industry, chicken is the prime ingredient in various products, such as nuggets, patties, and cutlets, as it is loaded with animal fats, cholesterol, and protein. In comparison, plant-based chicken products constitute nearly the same amount of protein while the other nutrients tend to vary on a product-by-product basis.

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. Brands such as Morningstar Farms, Vegetarian Butcher, Yves Veggie Cuisine, and Smart Bacon are some of the key manufacturers offering the products.

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

End-user Insights

The hotel/restaurant/café(HORECA) segment led the market and accounted for more than 55.0% share of the global revenue in 2020. Owing to the rising popularity of vegan and flexitarian diets, many restaurants, fast food chains, and casual dining venues are dedicating a section of their menu solely to “meat-free” options, which, in turn, is projected to fuel the market growth. Key players in the industry are capitalizing on shifting consumer preferences and the rising demand for a more personable, 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. These brands have launched distinguished plant-based meat products in order to target health-conscious individuals; while Beyond Meat in collaboration with Yum! Brands RSC is supplying plant-based fried chicken to various KFC stores in the U.S.

Storage Insights

Frozen plant-based meat products led the market and accounted for over 55.0% share of the global revenue in 2020. The growing demand for innovative vegetarian products has led to a significant rise in new product development across ambient, chilled, and frozen segments. This, in turn, gives the consumer a broad range of products and brands, thereby allowing plant-based meat goods to gain increased recognition and shelf space.

Global plant-based meat market share, by storage, 2020 (%)

The refrigerated plant-based meat products segment is likely to exhibit the fastest CAGR of 21.3% in terms of revenue from 2020 to 2028. Various factors contributing to this trend are meat shortages and concerns over the COVID-19 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 COVID-19 outbreak owing to the growing environmental concerns among consumers and their desire to eat vegetarian food products.

Regional Insights

North America held the largest revenue share of over 35.0% in 2020. The growth of the market in this region is attributed to rising consumer awareness regarding the risks associated with consuming contaminated meat products, along with the increasing consumption of meatless meat products. Consumers' perceptions about food sustainability and safety are expected to shift further in response to accelerated consumption of plant-based foods, including plant-based meat.

The market in Europe is anticipated to register the fastest growth rate of 22.3% over the forecast period on account of a positive consumer outlook on vegetarian and vegan-meat products together with the practice of stringent regulations against cruelty towards animals. 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

The market is characterized by the limited presence of players in the market. Industry players are focusing on research & development activities and 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 faux meat products. Some prominent players in the global 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

  • 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

Plant-based Meat Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 5.07 billion

Revenue forecast in 2028

USD 18.52 billion

Growth rate

CAGR of 20.4% from 2020 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2020 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2020 to 2028

Report coverage

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

Segments covered

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

Regional scope

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

Country scope

U.S.; Canada; Mexico; Germany; France; Italy; U.K.; Netherlands; 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 the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. 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, 2017 - 2028)

    • Soy

    • Pea

    • Wheat

    • Others
  • Product Outlook (Revenue, USD Million, 2017 - 2028)

    • Burgers

    • Sausages

    • Patties

    • Nuggets, Tenders & Cutlets

    • Grounds

    • Others

  • Type Outlook (Revenue, USD Million, 2017 - 2028)

    • Chicken

    • Pork

    • Beef

    • Fish

    • Others

  • End-user Outlook (Revenue, USD Million, 2017 - 2028)

    • Retail

    • HORECA (Hotel/Restaurant/Café)

  • Storage Outlook (Revenue, USD Million, 2017 - 2028)

    • Refrigerated Plant-based Meat

    • Frozen Plant-based Meat

    • Shelf-stable Plant-based Meat

  • Regional Outlook (Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Netherlands

    • Asia Pacific

      • China

      • Japan

      • Australia & New Zealand

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • UAE

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