Renub Research has released a report titled "Global Plant-Based Meat Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2030," which includes market percentage records and a thorough enterprise analysis. This report examines the Global Plant Meat Market competition, geographic distribution, and growth potential.
Global Plant Based Meat Market is predicted to grow at a compound annual growth rate of 18.10% from 2024 to 2030. The evolution of plant-based meat alternatives represents a transformative journey in response to changing consumer demands and sustainability worries. Initially relegated to simple substitutes like tofu, the landscape unexpectedly improved with innovation mimicking conventional meats' taste, texture, and dietary profiles. Food technology and biotechnology advancements performed a pivotal role, allowing the introduction of realistic plant-based alternatives. The market witnessed a surge in diverse merchandise—from burgers to sausages—courtesy of global brands and startups. As health cognizance and environmental recognition grew, plant-based options received mainstream recognition, becoming vital to the culinary panorama. This evolution displays a dynamic fusion of flavor, ethics, and environmental obligation.
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Moreover, the growing need for plant-based meat alternatives stems from the need to cope with environmental, health, and moral concerns. With traditional meat manufacturing contributing appreciably to weather alternatives, deforestation, and resource depletion, plant-based options provide a sustainable solution, reducing the ecological footprint. Health-conscious consumers are searching for options to mitigate the risks related to immoderate meat consumption, which includes cardiovascular diseases and obesity. Ethical issues, which include animal welfare concerns, power the need for cruelty-free alternatives. Plant-based meat alternatives emerge as a compelling response, offering a healthier, environmentally sustainable, and ethically conscious need, aligning with the evolving values of a conscientious international consumer base. Hence, the global plant-based meat market will be valued at around US$ 23.81 billion by 2030.
Further, the growing middle class of Asia, prioritizing health, fuels a rising demand for plant-based meat options, prized for low fat and cholesterol. Environmental recognition amongst more youthful generations propels a shift to sustainable selections. Beyond conventional options like tofu, progressive plant-based merchandise mimicking popular meats gains traction among Asian buyers and is featured in diverse culinary settings. Local leaders like Green Monday in Hong Kong and Omnipork in Taiwan form a unique Asian identity on this evolving landscape. Governments across Asia, providing incentives and research initiatives such as Singapore's "30 by 30" and China's emphasis on alternative protein sources, actively accelerate the growth of the plant-based meat market. Biotech, AI, and food technology advancements forecast lab-grown "meat" with realistic textures. Shifting palates and extended accessibility propel plant-based products mainstream, ensuring wider availability, lower prices, and more suitable convenience.
Wheat is gaining prominence in the international plant-based meat market because of its versatile and sustainable nature.
As an ample and extensively cultivated crop, wheat is a key aspect in diverse plant-based meat alternatives, contributing to their texture and nutritional profile. Its gluten content allows for better mimicry of meat's chewiness, enhancing the overall product quality. Moreover, wheat aligns with the rising demand for efficient and cruelty-free food alternatives, as its cultivation typically has a low environmental effect compared to conventional farm animal farming. As consumer options shift closer to sustainable diets, wheat's accessibility and adaptability make it a growing staple in the plant-based meat enterprise.
Source – Global Plant-Based Meat Market breakup from 4 viewpoints:
- Soy
- Maybe
- Wheat
- Others
The dominance of chicken in the worldwide plant-based meat market is attributed to its significant popularity, cultural ubiquity, and client preferences.
Mimicking chicken meat addresses a vast demographic, given its mild taste and adaptable texture. The familiarity of chicken-based dishes encourages more comprehensive adoption of plant-based options. Many people choose plant-based chicken because it is healthier and more sustainable. This type of protein is lean and rich in nutrients, and it doesn't have the negative environmental impact associated with traditional poultry farming. Choosing plant-based chicken can help people meet their fitness and sustainability goals. The flexible nature of chicken helps innovation in plant-based formulations, reinforcing its position as a dominant participant in the evolving landscape of meat options.
Meat type – Global Plant Based Meat Market breakup from 5 viewpoints:
- Chicken
- Pork
- Beef
- Fish
- Others
Sausage products have a significant share in the global plant-based meat market because of their versatility and clean integration into diverse cuisines.
Plant-based sausages provide a familiar and handy alternative, attractive to a broad customer base. The ability to replicate conventional sausage's savory and seasoned profiles complements their culinary appeal. As a staple in many diets worldwide, plant-based sausage alternatives cater to numerous tastes, making them a desired choice for purchasers transitioning to meat alternatives. The evolving technology in plant-based food production similarly refines the flavor and texture, consolidating plant-based sausages as a leading product in the expanding market for sustainable and cruelty-free options.
Product type – Global Plant Based Meat Market breakup from 6 viewpoints:
- Burger Patties
- Sausages
- Nuggets and Strips
- Ground Meat
- Meatballs
- Others
The dominance of the food retail distribution channel in the global plant-based meat market can be attributed to accessibility and consumer convenience.
Food retail, including supermarkets and distinctiveness stores, caters to a vast target market, making plant-based meat products effortlessly available to consumers globally. With dedicated shelves and sections, stores capitalize on the growing demand for plant-based alternatives, offering diverse products. This channel enables extra visibility, permitting customers to make knowledgeable choices. As plant-based ingesting becomes mainstream, the food retail distribution channel proves pivotal in meeting the growing demand, contributing to the giant acceptance and growth of plant-based meat products.
Distribution Channel – Global Plant-Based Meat Market breakup from 3 viewpoints:
- Food Retail
- Food Service
- E-Commerce
Frozen plant-based meat storage dominates the global market.
The freezing process extends shelf life, preserving product quality and lowering waste. This storage technique lets manufacturers distribute products effectively, achieving various markets and ensuring availability. Consumers appreciate the ease of long-lasting, easily accessible frozen plant-based options, aligning with a busy existence. Retailers can benefit from using frozen storage for plant-based meats. Frozen storage reduces concerns about spoilage and gives retailers more flexibility in managing their stock. Moreover, frozen storage helps preserve the texture and taste of plant-based meats, improving the overall consumer experience. The dominance of frozen storage in the plant-based meat market reflects practicality, accessibility, and the upkeep of product integrity.
Storage – Global Plant-Based Meat Market breakup from 3 viewpoints:
- Refrigerated Plant-Based Meat
- Frozen Plant-Based Meat
- Shelf Stable Plant-Based Meat
The plant-based meat market in Japan is on the cusp of a significant transformation and can become a major player in the global arena.
Japan, acknowledged for its seafood-centric delicacies, is witnessing a surge in plant-based meat interest, propelling the nation into a pivotal role globally. The early-stage Japanese plant-based meat market is experiencing a speedy increase, driven by health-conscious, aging demographics searching for low-saturated-fat alternatives. Environmental worries resonate with younger consumers, fostering a shift closer to sustainable options. Evolving palates embrace revolutionary plant-based products mimicking conventional meats, expanding beyond tofu and tempeh. Global giants like Beyond Meat and Impossible Foods, alongside local successes along with Greenleaf Foods and Next Meats, contribute to this evolution. Government help, including subsidies and tasks, highlights Japan's commitment to a healthier, plant-centric culinary future.
Countries – Global Plant-Based Meat Market Breakup from 26 viewpoints:
- United States
- Canada
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherlands
- Turkey
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Indonesia
- New Zealand
- Brazil
- Mexico
- Argentina
- South Africa
- Saudi Arabia
- UAE
- ROW
Competitive Landscape.
The prominent companies in the global plant-based meat market include Beyond Meat, Conagra Brands, Maple Leaf Foods Inc., Tyson Foods Inc., Kellanavo, Archer Daniels Midland, US Foods Holding, and Hormel Foods Corporation.
All companies have been covered from 3 viewpoints:
- Overview
- Recent Developments
- Revenue
Company Analysis:
- Beyond Meat
- Conagra Brands
- Maple Leaf Foods Inc,
- Tyson Foods Inc,
- Kellanavo
- Archer Daniels Midland,
- US Foods Holding
- Hormel Foods Corporation
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