Plant Based Meat Market, By Ingredients (Protein & Protein Isolate, Oil, Yeast Extract, Non-GMO Modified Food Starch, Xanthan Gum, Others), By Product Type (Seitan, Quorn, Chicken, Sausage, Tofu, and Others), By Distribution Channel (Supermarkets, Hypermarket, Online Stores, Convenience Stores, and Others) – Global Industry Insights, Trends and Forecast, 2017-2025

Created On: Aug-2018
Report ID: IR171
Format: PDF

Plant Based Meat Market is one of the fastest growing segment in the food and beverage industry, which is expected to capture mass market in the forecast period. Plant based meat are non-meat food products which are either meat alternatives or meat substitutes that are processed by fiber spinning or thermoplastic extrusion. According to Department of Agriculture, in 2017, 7.5 million people are stated to be vegetarian, and there is an increase of 6% in terms of sales, in 2017 compared to previous year, for plant based meat as compared to animal based meat products in United States. According to the European Union, the global demand for plant based meat is expected to rise by 26% in 2017, with sustainability and health and wellness being the major driving factor for the plant based meat market. There are several animals which are raised and killed to produce a variety of meat products.  According to the According to the Food and Drug Administration (FDA), in 2016, 10 to 12% of the greenhouse gas (GHG) emission is generated directly from livestock. For instance, in 2017, cattle alone produced approximately 77% of GHG emissions. Owing to these factors the plant based meat market is expected to propel during the forecast period.

Consumers Shifting Focus towards Plant Based Protein

The plant based meat market is expected to be majorly driven by the shift in consumer’s preference for food focused on amino acids, protein content, allergen, and micronutrients, among others coupled with preference for ready to go meals and meat alternatives. According to the Department of Agriculture, in 2016, 4% of the frozen meat products were plant based, while the total growth of frozen food increased by 23% from 2015 replacing refrigerated meat products. According to Plant Based Foods Association (PBFA), plant based meat is expected to grow from niche to a major mass market with 24 to 26% rise in sales, with a growing revenue of 6 percent from 2016 to 2017 for the plant based meat market. Thus, the increasing consumer’s preference for organic diet and nutritional based food is expected to diffuse numerous companies to enter the market. For instance, in 2017, companies such as Tyson has invested in Beyond Meat to produce plant based meat burgers which are rich in protein and healthy for vegetarian diet.  

Europe is expected to dominate the plant based meat market throughout the forecast period from 2018 to 2025 followed by Asia Pacific and North America. According to the German Nutrition Society (DGE), there is an excess consumption of meat in Europe which has led to rise in gastrointestinal cancer and cardiovascular disease over the past five years. Thus, rising awareness among consumers by DGE and other associations will further drive demand for plant based meat products. Plant based raw materials such as chickpeas, peas, canola, and lupins are mostly used for production of plant based meat products in Europe. For instance, Oumph! & Food, a UK company, introduced pulled pork, in 2017, which are produced by soya beans and could be categorized as frozen plant based meat product.

Market Players: Mergers & Innovations

The market for plant based meat products is expected to propel with various mergers and introduction new products by various market players, thus making it a major market in the food and beverage industry. For instance, Nestle SA, in 2017, acquired Sweet Earth Foods, which offers plant based products such as Benevolent Bacon and Harmless Ham. Impossible Foods has its own impossible burger which has come up with a plant based meat burger patty that has a taste and texture of a beef patty, with less fat and calorie and more protein.

Major players operating in the field of plant based meat market include Tyson Foods, Inc., Impossible Foods Inc., Kraft Foods Group, Inc., Nestlé S.A., Beyond Meat, Morningstar Farms LLC, Quorn Foods, Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., and E. I. du Pont de Nemours and Company, among others.

Our Research Approach Includes
  •  Market Outlining
  •  Framing discussion guide
  •  Data Validation
  • Data Analysis
  •  Re-Validation and Finalization of Data
  •  Report Insights and Publishing
Our Research Approach Includes
  •  Market Outlining
  •  Framing discussion guide
  •  Data Validation
  • Data Analysis
  •  Re-Validation and Finalization of Data
  •  Report Insights and Publishing
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