Plant-Based Meat Market Growing at a CAGR of 14.0% | Key Players Are Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Morningstar Farms, Quorn Foods

The plant-based meat market is estimated to be valued at USD 4.3 billion in 2020 and is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0%

The report Plant-based Meat Market by Source (Soy, Wheat, Pea, & Other Sources), Product (Burger Patties, Strips & Nuggets, Sausages, Meatballs, & Other Products), Type (Beef, Chicken, Pork, Fish, & Other Types), Process, and Region – Global Forecast to 2025″, According to MarketsandMarkets, the plant-based meat market size is estimated to be valued at USD 4.3 billion in 2020 and is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0% during the forecast period in terms of value. Over past few years, the veganism has gained a huge popularity among consumers across the globe which has fueled the demand for plant-based meat in the global market. An increasing number of consumers are demanding and shifting towards plant-based meat, either for medical reasons or for leading a healthy lifestyle, and as a result, the current generation of plant-based meat continues to expand.

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Beef was the largest type segment in the global plant-based meat market and anticipated to maintain the dominance over the forecast period.

Plant-based beef provides similar characteristics to that of beef. Beef-related plant-based products such as meat-free beef pieces, no-beef burgers, beef watercress, and beefsteak are made from sources such as soy and wheat. On February 2019, Tyson Foods (US) is one of the leading processors and providers of beef, chicken, and pork announced to launch its plant-based products line made from plants.

Soy was the largest source segment of plant-based meat across the globe and anticipated to maintain the dominance over the forecast period.

Over past few years, the consumption of soy foods has grown significantly in Western countries, owing to the increase in the adoption of vegetarian diets. Soy-based foods are cholesterol-free as against animal protein foods and serve as a source of fibers, vitamins, and other essential nutrients. Plant-based meat producers are increasingly incorporating soy to make products such as burgers, meatballs, and sausages.

Burger patties is anticipated to witness to be the fastest-growing product segment in the global plant-based meat market.

Plant-based burgers have been around for many years. These are made of plants- legumes, grains, and a variety of other vegetables. Impossible Foods Inc. (US) and Beyond Meat (US) are the two leading market players offering plant-based burgers. For instance, Impossible Foods Inc. (US) supplies its burger patties in over 4000 foodservice locations in the US due to its partnership with Dot Foods (US), the largest food redistributor in the US.

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Europe was the largest region in the plant-based meat market over the forecast period

The key countries that play an important role in the plant-based meat market in across the globe are from the European region including the UK, France, Germany, Spain, and Italy. The consumers in the region are significantly changing their non-vegetarian diet to vegan diet. The manufacturers in Europe are currently focusing on new product developments that include plant-based meat with better texture, appearance, and composition.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Beyond Meat (US), Impossible Foods Inc. (US), Maple Leaf Foods (Canada), Morningstar Farms (US), Quorn Foods (UK), Gardein Protein International (Canada), Tofurky (US), and The Vegetarian Butcher (Netherlands).

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