Plant-based meat and products are considered as meat substitute imitate the properties found within natural meats. They are made using plants and other non-animal products and constitute ingredients like soya-beans, wheat gluten, tofu and tempeh among a variety of other nuts. Compared to meat products, plant-based meats offers consumers a more sustainable and environmentally friendly line up of meat alternatives and are widely adopted by consumers in various parts of the world. The growing vegan population around the globe is expected to be one of the prime drivers for the growth of the market during the forecast period. Besides, growing efforts and investment in research and development by plant-based meat manufacturers in terms of better taste, texture and aroma with longer shelf life also open up the growth opportunities in the coming years.
The growth of plant-based meat industry is largely driven by the emergence of vegan and flexitarian consumers. Consumers' response to plant-based meat is a combination of both environmental and health concerns. As consumers are switching towards plant-based diets due to reasons like protecting animals or changing take & preferences, as a result, more consumers seek meat alternatives, the market for plant-based meat is rapidly growing and extending beyond the expectation in many parts of the world.
Notable, media coverage on the impact of meat and dairy product production on global warming-related to greenhouse gases in developed economies also drives the switch of consumers towards plant-based meat products. Besides, animal welfare rights groups and associations have also gained remarkable traction on how animals are treated during the course of meat production has also caused a switch in taste and preferences of customers
In recent year’s food and beverage industry has experienced an ample number of opportunities for key product categories sold through various retail and foodservice channels. There is a significant increase in the number of companies and start-ups that are launching new and exciting products into the market aiming to meet the increasing consumer demand. Technologies and process innovation in plant-based products industry coupled with growing government initiatives and investment is anticipated to widen up growth opportunities to new entrants in the market. In addition, companies are now also targeting developing countries like China and India which has a huge consumer base, and with increasing disposable income in these countries, major market players are investing immensely thus augmenting the growth opportunities for plant-based meat market in the coming years. Europe is expected to hold a significant share in the market owing to the established food and beverage industry and changes in consumer preferences towards plant-based products.
Recent Developments in Plant-Based Meat Market:
Currently, plant-based meat is one of the fastest-growing segments in the food and beverage industry. The growing demand for a vegan diet along with the rising investments by big market players will boost the demand for plant-based meat. As we look in the upcoming years, more plant-based products are expected to come and developing economies provide a wide range of opportunities for new market players. Thus, the plant-based meat market has a bright future ahead and has the potential to grow at an astounding rate of 20.37% during the forecast period. Therefore, the global plant-based market size is expected to be valued at US$4,780.609 million in 2024.