Plant meat is artificial meat made from plant protein, amino acids, and fat, and added with plant-based hemoglobin synthesized by yeast. Plant-based artificial meat uses peas, soybeans, and other plants as raw materials, from which vegetable protein and fiber can separated. The protein is woven into a fibrous structure by heating, pressure change, and freezing. Finally, water, lipids, flavors, pigments, trace minerals, and vitamins, and other ingredients make vegetarian meat with fresh meat taste and nutritional value.
Plant-based artificial meat not only has the advantages of low cholesterol, lower levels of saturated fat, and a small amount of dietary fiber but expected to produce according to human needs in the future. The Plant-based meat products currently processed through two primary methodologies, such as thermoplastic extrusion and fiber spinning. Thermoplastic extrusion is the most commonly used methodology to produce plant-based meat products and considered to be a cost-effective method of accommodating large scale productions.
Global Plant-Based Meat Market projected to expand with a significant rate, in value terms, over the forecast period 2020-2027. The increasing demand for vegetarian products and the rising awareness among consumers regarding health-consciousness is likely to boom the global plant-based meat market in the estimated period. Additionally, the growing awareness of environmental hazards, water & land degradation, and animal right would robust the global plant-based meat market over the projected time. The increasing focus on climate change has prompted consumers across the globe to focus on plant-based alternative meats. Although vegetarian burgers and vegan meats products have the sustainable advantage of being made entirely of vegetables, tastes like meat, based on which consumers get convinced.
According to the World Bank, there has been tremendous growth in the size of the world’s population in the last half-century. The world population projected to grow by 34% from 6.8 billion today to 9.1 billion in 2050, which means about 3 billion more mouths to feed than they were in 2010. Furthermore, the augmentation in the benefits of e-commerce platforms such as promoting the development of meat consumption from offline counters to online and offline integration, primarily through cross-border e-commerce, anticipated displaying rapid growth of the global plant-based meat market. Additionally, changing the face of urban life, and shifting of meat consumption gradually from home cooking to the catering industry is expected to robust the global plant-based meat market in the projected time.
The rise in demand for vegetarian products, especially in the Asian and South American Countries, proves to be an influential factor driving the growth of the global plant-based meat market in the coming years. Additionally, the rising consumer inclination toward healthy lifestyles, along with various initiatives taken by government bodies in different countries, has given rise to the development of environment-friendly, healthier, and feasible solutions. With nearly 38% of the population being vegetarian, India ranks top in the list of countries by vegetarianism rates.
Various governments across developing and developed countries implemented stringent regulation for nutrient and healthy food. For example, Switzerland’s government initiatives to ban live boiling of lobsters and legislation against animal mistreatment is changing consumer perception towards plant-based meat sources.
The growing trend for plant-based meat, which serves as an alternative to animal-derived meat products. The health benefits of plant-based meat, such as help providing better immunity, nutritional benefits, and animal safety compared with conventional meat, are important factors that have been contributing to the rising attention of consumers towards plant-based meat.
Based on Source, the global Plant-Based Meat Market categorized into Soy-based, Wheat, Quinoa, Oats, and Others (Beans, Nuts, and Pea). The Soy-based segment is expected to lead the market in 2019 and projected to generate maximum revenue by 2027. It is owing to its high protein content and meat-like texture, which can be used in plant-based pork, beef, and chicken products. Pea segment will drive by its vital nutrients such as fiber, manganese, thiamine, phosphorus, vitamin K & C, and folate, which are useful in red and white meat products.
Based on product, the Global Plant-Based Meat Market classified into Burger Patties, Sausages, Strips & Nuggets, Meatballs, Fillets, Wings, Crumbles, and Others (Chipotle, Bites, Cutlet, etc.). Burger Patties segmented estimated to dominate based on the most common form of fast food along with protein content in plant-based meat. The Strips & Nuggets segment expected to be the fastest-growing segment during the forecast period.
Based on Type, the global Plant-Based Meat Market categorized into Pork, Beef, Chicken, Fish, and Others (Lamb & Turkey)). Chicken segment expected to gain maximum revenue by 2027 owing to the most preferred meat option due to rich in protein and calcium and majorly focusing on vegetarian protein sources intake. The beef segment will trigger by the rise in demand for muscle and fat concentration vegetarian protein sources.
Based on the distribution channel, the Global Plant-Based Meat Market classified into B2C (Grocery Stores, Food & Drinks Specialty Stores, Online Retail, and Hypermarkets/Supermarkets) and B2B. The B2C segment projected to lead on account of an easily accessible platform for the consumers to buy the product at Grocery Stores, Food & Drinks Specialty Stores, and Hypermarkets/Supermarkets. Additionally, the rapid pace of digitalization leads to the growth of online shopping or online retail.
B2B segment will influence by the surge in demand for the plant-based product from hotels and restaurants industry.
Based on End-Users, the Global Plant-Based Meat Market segregated into Commercial, Residential, and Institutional. The Commercial segment predicted to dominate due to the rapid urbanization, increase in disposable income among consumers, and changing lifestyles, which led to the massive growth of restaurants and hotels industry.
Based on geography, the global Plant-Based Meat market segmented into North America, Europe, Asia Pacific, and South America, and Middle East & Africa. Europe estimated to occupy the lion’s market share in 2019 owing to the growing awareness related to potential risks of contaminated meat products along with the rising demand for veggie options and companies focusing on innovative product development is likely to propel industry growth.
North America will be the fastest-growing market due to the increasing popularity of plant-based meat products among consumers.
Companies such as Impossible Foods Inc., Beyond Meat, Parabel USA Inc, Archer Daniels Midland Company, E. I. du Pont de Nemours and Company, Maple Leaf Foods, the Vegetarian Butcher, Tofurky, Gold&Green Foods, Sunfed, VBites, Garden Protein International, Inc., Amy’s Kitchen Inc., Morningstar Farms LLC and Quorn Foods, Inc. are the key players in the Global Plant-Based Meat Market.
By Product Type