Plant-based Meat Market – Global Outlook & Forecast 2021-2031

Plant-Based Meat Market by Source [Soy, Wheat and Pea], Product [Burger Patties, Sausages, Strips & Nuggets and Meatballs], Type [Chicken, Beef, Pork and Sea Food] – Global Outlook & Forecast 2021-2031

Clairvoyance Research conducted an in-depth market analysis study of the global plant-based meat market. According to the study, the market was valued at ~US$ 2.74 billion in 2020. The market is expected to witness a CAGR of ~15.0% from 2021 to 2031. 

Rising awareness for human health & animal welfare, environmental benefits of plant-based meat, and increasing government Initiatives are some of the pivotal factors propelling the growth of the plant-based meat market. However, high cost of plant-based meat is likely to hinder the growth of the market to a certain extent.

With an aim to fast-track the development of plant-based meat, several initiatives such as providing necessary funding, grants, permissions, clearances & approvals have been instigated by various organizations and government agencies across the world. For instance, in June 2020, $100 million grant was announced by the Canadian Prime Minister and was awarded to Merit Functional Foods. Merit is developing animal protein alternatives using home-grown canola plants and yellow peas.

Owing to rising number of health issues such as chronic illness and lifestyle diseases like obesity & diabetes, people are more health conscious than before. WHO has classified processed meats such as ham, salami, bacon and frankfurt’s as Group 1 carcinogen, which have shown strong evidence of red meat causing cancer. Moreover, red meat such as pork, beef and lamb has been classified as probable causes of cancer. Current research shows that chemicals that are added and naturally present in processed and red meat when broken down causes cancer. Higher consumption of red meat has been linked to many health problems such as heart disease, diabetes and cancer.

Global livestock contributes to about 18% of the global warming effect. Livestock farming creates a huge carbon footprint, contributing to the ever-increasing global warming. Americans eat approximately 10 billion burgers annually. Countries such as the US, Japan among others have already seen the value of “alternative proteins” i.e. the nutrition realized through plant crops, and are already investing in companies that embraced the concept. These companies are making analogues of meat, eggs, and dairy from different sources like plants, or crop ingredients. It is speculated that if ~30% of beef is replaced with plant-based ingredient it will lead to less environmental impact.

However, high price of plant-based meat may hamper the growth of market to a certain extent. Average prices for meat (beef) worldwide are estimated to be around US$4.2-4.35 per kilogram whereas plant-based meat is found at slightly higher prices. For instance, Beyond Meat Sausage is worth US$ 10.4 a pound, which is ~70% more costly than comparable pork sausage. This factor is expected to restrain the market to a certain extent.

The Asia Pacific region is expected to witness highest CAGR during the forecast period. Factors such as launch of new products, rising adoption of vegan diets, rising awareness of animal welfare and increasing number of startups promoting plant-based meat can be attributed to the growth of the market.

The plant-based meat market is marked by presence of prominent players such as Beyond Meat, Maple Leaf Foods, Vegetarian Butcher, Impossible Foods Inc., Conagra Brands, Inc., VBites Foods Ltd, Kellogg NA Co., Amy's Kitchen, Inc., Tofurky, Quorn. Other players operating in the market are Alpha Foods, Planterra, Before the Butcher, The Meatless Farm Co., among others.

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