Plant Based Meat Market Growth Accelerated by Expansion of Vegan Population

Plant-based meat is a type of meat alternative that is made using plant material and is intended to imitate the sensory qualities of conventional meat. It provides the consumer nutritious supplements and immunity-boosting vitamins and minerals. With the growing awareness regarding animal welfare and dietary concerns, plant-based meat is gaining increasing popularity as an alternative source of protein. The Global Plant Based Meat Market Size is estimated to be valued at US$ 8.3 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The expansion of vegan population has been a major driving factor for the growth of the plant-based meat market. The number of vegans has rapidly increased in recent years due to rising animal welfare concerns and environmental awareness. Between 2014 and 2018, the number of vegans in the United States grew by 600% according to GlobalData. Moreover, demand is also increasing form health-conscious meat consumers looking to reduce their meat consumption. Plant-based meat products closely mimic the taste and texture of conventional meats and are available in various product types including burgers, sausages, strips and nuggets. This wide product portfolio appeals to both vegan and flexitarian consumers. Technological advancements in food science have enabled plant-based meat producers to further enhance the eating qualities of their products.

Segment Analysis
The plant-based meat market is dominated by the beef substitute segment, which held around 38% market share in 2024. This is because beef substitute products aim at mimicking the taste, texture and appearance of real beef which is the most consumed meat globally. This allows them to efficiently target meat-loving flexitarians and vegetarians.

Key Takeaways
The global plant-based meat market is expected to witness high growth over the forecast period of 2024 to 2030 driven rising demand for sustainable and environment-friendly food products.

Regional analysis: North America is projected to exhibit a CAGR of around 7.2% during 2024-2030 to retain its dominant position. This can be attributed to increasing awareness about health benefits of plant-based diets and cruelty-free nature of vegan products in the region. Moreover, presence of pioneering plant-based meat companies like Beyond Meat and Impossible Foods in the US and Canada provides easy access to alternative meat options.

Key players operating in the plant-based meat market are Abbott Laboratories, ACON Laboratories Inc., Nipro Corporation, Keto-Mojo, PortaCheck Inc., Nova Biomedical, GlucoRx Limited, EKF Diagnostics Holdings Plc., Taidoc Technology Corporation, ForaCare Inc., Bruno MD, and Apex Biotechnology Corporation. Impossible Foods and Beyond Meat currently dominate the burgeoning beef substitute segment with their innovative meat analog products that offer taste and texture similar to beef.

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