Plant-based meat refers to products made from plant materials that are designed to mimic meat in every way, from taste & smell to texture & appearance. These are considered to be meat substitutes. Compared to meat products, plant-based meats offer consumers a more sustainable and environment friendly line up of meat alternatives. They are made by using plant and other non-animal products to look, taste, and feel like meat products. Plant-based meats use one or more alternative protein ingredients and can come in the form of burgers, sausages, ground meat, crumbles, nuggets, or even faux-seafood like shrimp and fish. The primary ingredients in plant-based meat substitutes are typically soybeans, wheat gluten, lentils, and tofu, yuba, tempeh, and a variety of nuts.
The global plant-based meat market is mainly driven by rising awareness for human health & animal welfare, environmental benefits of plant-based meat, and increasing government initiatives. Furthermore, collaborative initiatives by prominent players are also playing a pivotal role in contributing to the growth of the market globally. However, high cost of plant-based meat is likely to restrain the market growth to a certain extent.
The global plant-based meat market has been analyzed from four perspectives: Source, Product, Type and Region.
Based on source, the plant-based meat market has been segmented into soy, wheat, pea and others (oats, beans, etc.). Pea segment is expected to be the fastest growing segment in the plant-based meat market. The growth of the segment can mainly be attributed to its high protein content, easy availability, and quick preparation. It can provide around 17-25 grams of plant-based protein per serving.
Based on product, the market has been segmented into burger patties, sausages, strips & nuggets, meatballs and others (slices, roasts, tempeh, etc.). The burger patties segment accounted for the largest share in the market owing to large consumption of burgers and increasing awareness regarding health & animal welfare. Burgers are the most common form of fast food. Generally, different type of meat ranging from chicken, pork, and beef are used to prepare the patty. Plant-based patties are high in protein content, resembles texture & consistency to that of meat, are easily available and can be prepared quickly. About 90% of people consuming plant-based burgers are non-vegetarians.
Based on type, the plant-based meat market has been segmented into chicken, beef, pork, sea food and others (lamb, turkey, etc.). Beef segment holds the largest share in the market. The largest share of the segment in the market can be attributed to rising awareness of health risks due to consumption of processed beef and ethical concerns regarding unconventional processing practices of beef. Nowadays, beef for commercial use is mainly obtained from a cow that is born and raised in a factory. These cows are fed by grain-based feed and are given growth-promoting hormones like estrogen, progesterone, & testosterone to speed up growth. Furthermore, antibiotics usage has also increased in beef cattle since the last decade. Eating such beefs can expose humans to drug-resistant bacteria. Moreover, some studies have observed that consumption of processed beef is associated with a greater risk of cardiovascular disease, cancer, and death.
Based on region, the global plant-based meat market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the plant-based meat market, followed by Asia Pacific. The large share of North America in the global market can largely be attributed to the rising demand for meatless products, presence of key prominent players, and launch of new alternatives for meat-based products. Around 17% of consumers in the U.S. claim to eat plant-based meat, and 60% of them are minimizing consumption of meat.
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.
|Market Size Period||2018-2031|
|Market Segments||Asessment of Plant-based Meat Market By:
|Geographic Scope||• North America
◦ Rest of Europe (RoE)
• Asia Pacific
◦ Rest of Asia Pacific (RoAPAC)
• Rest of the World
◦ Latin America
◦ Middle East & Africa
|Companies Covered||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, Alpha Foods, Planterra, Before the Butcher, The Meatless Farm Co., among others.|
1 RESEARCH ENVELOPE
1.1 Market Classification
1.2 Scope of the Study
1.2.1 Timeline Considered for Market Study
· Historic Years – 2018 & 2019
· Base Year – 2020
· Projected Years – 2021 to 2031
1.3 Currency Used in the Report
2 RESEARCH METHODOLOGY
2.1 Research Approach
2.2 Data Collection Methodology
2.3 Data Sources
2.3.1 Secondary Sources
2.3.2 Primary Sources
2.4 Market Crackdown Methodology
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Data Forecasting Model
2.6 Limitations and Assumptions for Study
3 HEADWINDS & TAILWINDS ASSESSMENT
4 MARKET OPPORTUNITIES ASSESSMENT
5 PREMIUM INSIGHTS
5.1 Key Market Trends
5.2 Key Players & Their Competitive Positioning (2020)
5.3 COVID-19 Impact Assessment
6 GLOBAL PLANT-BASED MEAT MARKET - ANALYSIS & FORECAST, BY SOURCE
6.4 Others (Oats, Beans, Etc.)
7 GLOBAL PLANT-BASED MEAT MARKET - ANALYSIS & FORECAST, BY PRODUCT
7.1 Burger Patties
7.3 Strips & Nuggets
7.5 Others (Slices, Roasts, Tempeh, Etc.)
8 GLOBAL PLANT-BASED MEAT MARKET - ANALYSIS & FORECAST, BY TYPE
8.4 Sea Food
8.5 Others (Lamb, Turkey, Etc.)
9 GLOBAL PLANT-BASED MEAT MARKET - ANALYSIS & FORECAST, BY REGION
9.1 North America Plant-Based Meat Market
9.1.1 North America Plant-Based Meat Market, By Country
9.1.2 North America Plant-Based Meat Market, By Source
9.1.3 North America Plant-Based Meat Market, By Product
9.1.4 North America Plant-Based Meat Market, By Type
9.2 Europe Plant-Based Meat Market
9.2.1 Europe Plant-Based Meat Market, By Country/Region
220.127.116.11 Rest of Europe (ROE)
9.2.2 Europe Plant-Based Meat Market, By Source
9.2.3 Europe Plant-Based Meat Market, By Product
9.2.4 Europe Plant-Based Meat Market, By Type
9.3 Asia Pacific Plant-Based Meat Market
9.3.1 Asia Pacific Plant-Based Meat Market, By Country/Region
18.104.22.168 Rest of Asia Pacific (RoAPAC)
9.3.2 Asia Pacific Plant-Based Meat Market, By Source
9.3.3 Asia Pacific Plant-Based Meat Market, By Product
9.3.4 Asia Pacific Plant-Based Meat Market, By Type
9.4 Rest of the World (RoW) Plant-Based Meat Market
9.4.1 Rest of the World Plant-Based Meat Market, By Region
22.214.171.124 Latin America
126.96.36.199 Middle East & Africa
9.4.2 Rest of The World Plant-Based Meat Market, By Source
9.4.3 Rest of The World Plant-Based Meat Market, By Product
9.4.4 Rest of The World Plant-Based Meat Market, By Type
10 COMPANY PROFILES
10.1 Beyond Meat
10.1.1 Business Overview
10.1.2 Financial Metrics*
10.1.3 Product Portfolio
10.1.4 Key Developments
10.2 Maple Leaf Foods.
10.3 Vegetarian Butcher
10.4 Impossible Foods Inc.
10.5 Conagra Brands, Inc.
10.6 VBites Foods Ltd
10.7 Kellogg NA Co.
10.8 Amy's Kitchen, Inc.
*Insights on financial metrics is subject to availability of information in the public domain
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