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Market Overview
- Global Plant-Based Meat is expected to grow at a CAGR of 14.8% during the forecast period (2020-2027)
- Plant-based meat is a meat substitute derived from plant and other non-animal products to mimic natural meat in flavor, texture, and all other properties. These products are majorly designed to use as an effective alternative to chicken meat, pork, and beef. Plant-based meat products are considered as a sustainable solution to growing concerns of over slaughtering. The retail stores across the western countries are focusing on the sale of these products to cater to the demand from growing vegan and vegetarian population.
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Market Dynamics
- The growing demand for meat coupled with rising population and consumer preferences towards meat products is resulting in over slaughtering and depletion of animal sources. This is resulting in the rise of sustainability as a key purchasing factor, particularly among millennial and GenX population. Consumer concern towards environment and animal welfare are driving the demand for meat substitutes. Furthermore, stringent regulations laid by several state and federal governments towards raising and slaughtering of meat animals is boosting the growth of plant-based meat market. On-demand side, the growing outbreak of foodborne diseases particularly due to animal meat and milk products is motivating consumers towards healthy plant-based alternatives, thus boosting the growth of plant-based meat products. The growth of the market is also attributable to the health benefits associated with plant-derived diets. The growing trend of veganism and vegetarianism is providing immense growth potential to the market in the future. According to The VeganSociety, the vegan population in the U.K. increased from 150,000 in 2014 to 600,000 in 2018. However, the GM issues associated with plants are the primary factor hindering the growth of the plant-based meat market.
Segmented Analysis
- The global plant-based meat market is segmented by product type into sausages, burgers, crumbles, nuggets, meatballs, and others. The burger is the largest segment of the market owing to the established consumer base for burgers across the globe. With a share of over 30%, soy evolved as the major plant source of meat owing to a wide range of applications for soy-based meat in preparation of sausages, burgers, and meatballs. Wheat, oats, pea, and beans are also holding significant share on the market. The growing production of soy across the globe is also attributing to the growth of the soy-based meat market. According to the United States Department of Agriculture, the production of soybeans in the U.S. increased from 3.04 billion bushels in 2012 to 4.54 billion bushels in 2018. By distribution channels, indirect sales hold the major share in terms of value owing to the rising retail channel in developing countries. The indirect channel includes sales through supermarkets, hypermarkets, convenience stores, specialty food stores, and e-commerce.
Geographical Analysis
- By geography, the study is segmented into North America, South America, Europe, Asia Pacific, Middle East, and Africa. The U.S. is the early adopter of plant-based meat products marked by the establishment of Beyond Meat and Impossible Foods in the country. North America evolved as the largest market for plant-based meat products owing to the growing demand from consumers.
Competitive Landscape
- Since the launch of the first plant-based burger by Beyond Meat in 2016, the market has been highly consolidated by U.S. based startups Beyond Meat and Impossible Foods Inc. However, the high growth potential of the market has attracted several established and startup food companies into the market. The global plant-based meat market has turned highly competitive with a large number of global players focusing on expanding business operations in the high potential plant-based meat market. Companies are involved in product launches and new geographic penetrations to enhance their business operations. The market became further competitive by the footprints of Asian companies such as GoodDot (India) and Whole Perfect Foods Co., Ltd. (China) and retail companies entering the market. The companies in the market are leveraging on new product launches to increase their market share. For instance
- In June 2019, U.S. based chain of supermarkets Sainsbury's opened Meat-Free Butchers, a specialty store during the world meat-free week to sell 100% plant-based meat products to customers.
- In December 2017, India based GoodDot had launched vegetarian meat derived from Soy in India.
- However, with the burgeoning demand for plant-based meat, global players such as Nestle and Conagra Brands with high financial stability can gain a large foothold in the market, thereby consolidating the still-evolving market. The existing sales channels and distribution network of these companies across the globe help enhance their penetration into high potential economies and may result in a significant number of acquisitions shortly.
- Some of the key players in the market are Conagra Brands, Inc., Beyond Meat, Impossible Foods Inc., Tofurky, VBites Foods Limited, and MorningStar Farms.
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