Plant-based meat products like veggie burgers, sausages, nuggets offer similar taste and texture like animal meat but they are made completely from plant ingredients without any animal products. Such alternative protein products are nutrition-rich as they are source of protein, vitamins, minerals and other nutrients. They help address various health issues like high blood pressure, cholesterol and are eco-friendly as well.
The global Plant Based Meat Market is estimated to be valued at US$ 7.2 billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for alternative protein sources is driving the adoption of plant-based meat products across the globe. As consumer health awareness regarding benefits of plant-based diets is rising, they are opting for vegan/vegetarian diet and shifting from animal to plant protein. Various global food chains are adding plant-based meat options to their menus to cater to evolving consumer preferences. Startups are innovating diverse plant protein products using ingredients like soy, wheat, pea to mimic texture and taste of animal meat. Manufacturers are focusing on improving nutritional value and food experience of plant-based meat.
Segment Analysis
The global plant based meat market is dominated by the beef substitutes segment. Being a familiar protein source for consumers, plant-based alternatives to beef have gained high popularity. The realistic texture and taste of products like Beyond Meat and Impossible Burger patties have resonated well with flexitarians and mainstream consumers, making beef substitutes the fastest growing sub-segment.
Key Takeaways
The global Plant Based Meat Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. With a market size of US$ 7.2 Bn in 2023, plant-based meat is poised to disrupt the conventional meat industry.
Regional analysis
North America currently dominates the global plant based meat market and is expected to lead over the forecast period as well. With growing awareness about health and environmental benefits of plant protein, American consumers have embraced meat alternatives. However, Asia Pacific is projected to witness the fastest growth due to rising health consciousness in major countries like China and India.
Key players
Key players operating in the plant based meat market are Beyond Meat, Impossible Foods, Maple Leaf Foods (Field Roast & Maple Leaf), Conagra Brands (Gardein), Sunfed, Tofurky Company, Nutrisoy Pty, and Schouten. Beyond Meat and Impossible Foods have led the innovation wave in this space by introducing items that closely mimic the taste and texture of animal meat. Their widespread availability in grocery stores and restaurants has brought plant-based options to the mainstream.
Explore more related article on this topic: https://www.newsanalyticspro.com/health-and-environmental-benefits-is-driving-the-plant-based-meat-market/
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