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.

Consumer Trends

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      

Industry Trends

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:

• In December 2019, Plant-based start-up Moving Mountains announced that it will launch its vegan meat products in UK supermarkets. Recently the company has launched its meatless burgers and sausages in nearly 800 Woolworth’s stores in Australia. 
• Recently, Sister’s brands Carl’s Jr. and Hardee’s added a suite of new breakfast items which features plant-based meat products made by beyond meat. 
• In December 2019, Fable plant-based Meat Company partnered with Heston Blumenthal to launch its first product and also raised $1.5 million from Blackbird Ventures, Grok Ventures, and food industry angel investors. 
• Australian plant-based Meat Company v2foods purchased a factory in Wodonga, Victoria which is expected to start its operation by 2020 and will produce products that look, cook, and taste like meat 
• Recently, plant-based start-up Beyond Meat launched it’s meatless (plant-based meat) beef in Canada at local grocers’ fresh meat counter. 
• In December 2019, Rastelli Foods Group, food service supplier and producer of meat, seafood and poultry entered into a strategic partnership with Daring Foods to bring its plant-based chicken substitute to the United States market.  
• World’s largest food company Nestle recently announced that it is going to introduce its first US products in 2020 that use plant-based meat in items that traditionally used animal-based options. 
• Silicon Valley food start up Impossible Foods received the 2019 United Nations Global Climate Action Award in September 2019 for making plant-based meat alternatives. 
• Recently, Taco Bell introduced new menu items composed of a crispy shell and pulled oats (plant-based meat) among other ingredients in Spain and Finland and is expected to make its way across Europe by summer 2020. 
• Startup Daring Foods received a $10 million investment to bring its vegan chicken nuggets, ground meat, and burgers to restaurants and retailers nationwide, starting with a direct-to-consumer push in February 2020. 
• In November 2019, Brazilian firm R&S Blumos invested nearly US$5.5 million in building a factory at one of its sites in Cotia, Sao Paulo which are expected to get finished in March 2020 with a capacity of 120 metric tons per month. 
• Unilever opens a $94 million plants based food research center in Europe, with plans to work with academic researchers and start-ups to new develop a new type of products including plant-based meat and sustainable packaging aiming to drastically transform the global food system.  

Future Prospects

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.

The market research report on the global organoid technology market predicts the market to grow at a CAGR of 28.11% during the 2018-2024 period. Organoid technology refers to the growing of organs or a miniaturized version of the organs which shows realistic microanatomy. Growing innovations in the field of healthcare, combined with the increasing investments by key market players is estimated to be the main drivers of the market to grow in the years to come.

Increasing expenditure on healthcare research coupled with the growing biotech industry is expected to drive the organoid market growth during the forecast period. Moreover, the ban on animal testing in various regions and the growing ethical concerns over animal source usage is further expected to provide the necessary impetus to the market growth. However, the high initial cost in the industry due to the nascent advances in organoid technology and the strict government regulations owing to its application in healthcare will restrain the growth of the market.

Growing Investments in Pharmaceutical R&D:

The deteriorating healthcare conditions and development of the increasing prevalence of many common and uncommon diseases have resulted in increased pressure on the research and development of a range of pharmaceuticals to treat them. According to PhRMA (Pharmaceutical Research and Manufacturers of America), R&D spending by the member companies increased from US$48.6 billion in 2011 to US$71.4 billion in 2017. Similarly, as per EFPIA (European Federation of Pharmaceutical Industries and Associations), R&D expenditure is estimated to increase from €17.849 billion in 2000 to US€35.200 billion in 2017.

Additionally, rapid investments to curb the development and manufacturing time of drugs is also one of the focuses of the key market players in drug development. Such steps and actions are thus estimated to positively impact the demand for newer drug development technologies such as organoid technology, thus further instigating the demand for the same.

Organoid Technology Market Analysis By Application:

By application, the global organoid technology market is segmented as cancer research, biomedical research, regenerative medicine, and personalized medicine. Organoid technology for cancer research is estimated to witness a staggering increase in demand over the coming years owing to increasing emphasis on the development of newer cancer treatment methods. For example, in March 2019, JSR Corporation partnered up with Hubrecht Organoid Technology (HUB) allowing JSR to access the HUB’s highly characterized tumor organoid biobank.

Furthermore, the growing prevalence of cancer all around the world has resulted in further pressure on the healthcare sector, which is further anticipated to fuel the demand for organoid technology in the coming years. According to the World Health Organization, global cancer prevalence has risen to 18.1 million new cases and 9.6 million deaths in 2018.

In addition to that, the personalized medicine segment is also anticipated to witness good growth in the coming years owing to the increasing cases of medicinal ineffectiveness to certain patients, and increasing demand for improved treatment solutions. Furthermore, biomedical research and regenerative medicine are also anticipated to hold a good share in the market and grow at a decent pace in the years to come.

Organoid Technology Market Analysis By Geography:

Green Cement is defined as a cementitious material that either exceeds or meets the functional performance capabilities of an ordinary Portland cement (OPC) by incorporating recycled materials, thus reducing carbon dioxide emission emitted during cement production.

The cement and concrete industry sector together are responsible for around 6-8% of the world’s greenhouse gas emissions. Despite the incremental improvements in process efficiency to produce ordinary Portland cement, its production is still responsible for contributing significantly to the man-made global carbon emissions. In fact, the percentage of countries committed to peaking their emission is expected to increase from 36% in 2010 to 60% in 2030 (source: Emission Gap Report 2018, United Nations Environment Programme). This is correlated with the steady increase in the production of ordinary Portland cement (OPC). In fact, the cement industry is estimated to contribute to approximately 5% of carbon dioxide emissions.  

FIGURE:     PERCENTAGE OF GLOBAL GHG EMISSION COVERED BY COUNTRIES

Source: Emission Gap Report 2018, United Nation Environment Programme

Therefore, the cement industry is increasingly facing challenges relating to energy sources, carbon dioxide emissions and the use of alternative materials. This is one of the major factors that are compelling the manufacturers to opt for sustainable ways to conduct cement manufacturing, thus augmenting the green cement market growth. As a result, key players in the industry are continually working in the direction of manufacturing sustainable cement through partnerships, investments, R&D, acquisition and launches and significantly propel the green cement industry.  

Recent Developments in the Green Cement Technology

• In July 2018, JSW Cement has invested around US$150 million in Fujairah, UAE to set up 1 million tonnes per annum (mtpa) clinker unit and a captive power plant, as part of its goal to achieve 20 mtpa capacity by 2020. According to the company, the unit will boost JSW Cement’s leadership as one of the leading producers of green cement.

• Lehigh Hanson Inc. is expected to expand its operations in Mitchell, Indiana, by investing approximately $600 million in its Lehigh Cement Company plant to produce sustainable cement using the state-of-the-art technology and the latest in environmental controls and systems.

• In November 2018, Hoffman Green Cement Technologies (HGCT) has inaugurated its first green cement plant in Bournezeau, Vendee, France. An investment of EUR 10 million has been done on this project, funded through a public-private investment, that is expected to produce 50,000 tonnes.  The green cement will be manufactured using flash-calcined metakaolin and blast-furnace slag. The first project to test this cement is going to be a renovation project by Eiffage of Ateliers Gaite, a real estate complex in Montparnasse, Paris.

• Indicative of the growth potential for green cement in developing countries like India, JSW Cement has planned to double the capacity of its Salboni unit from 2.4 mtpa to 4.8 mtpa in February 2019. The manufacturers, that produce environment-friendly Portland Slag Cement (PSC), a green cement, is expanding its capacity at a good rate.

• In July 2019, Hoffman Green Cement Technologies and Bouygues Construction have collaborated to develop and test concrete formulations using new cement made from Hoffmann’s H-EVA technology. Bouygues Construction is a global player in construction that is increasingly turning towards sustainable construction to meet the growing regulations related to the environment safety.  H-EVA technology is an ettringite technology that uses alkaline activated clay and offers a carbon footprint between 70%-80% lower than a conventional OPC.

• Solidia Technologies has launched Solidia Cement, a low-Calcium silicate cement (CSC) that lowers carbon emissions and carbonate concrete, at International Low-Carbon Cement and Concrete Technologies conference. The cement produced will be able to reduce the carbon footprint up to 70% as compared with an ordinary Portland cement (OPC).

What The Future Holds?

• As per the international Environmental Agency Sustainable Development Scenario (SDS), the direct carbon dioxide emission from the cement has to be decreased from 6-8% in the present to 3% by 2030. This will further compel the manufacturers to focus on reducing the carbon intensity of cement by further improving their existing cement manufacturing techniques, thus accelerating the demand for green cement in the upcoming years.

• The burgeoning investments in building green infrastructure will boost green cement market growth since sustainable building construction requires green or sustainable concrete as raw material.

• The application of the green cement in the residential space will grow at an impressive rate on account of the growing percentage of sustainable residential construction, as a % of GDP, in developed regions like North America and Europe.

FIGURE:   RESIDENTIAL CONSTRUCTION IN SELECTED COUNTRIES IN EUROPE, IN % OF GDP

Source: Eurostat

• Fly-ash based products will be the fastest-growing among the products due to its widespread adoption among the players as it tends to improve the workability while reducing the water demand during the construction of fresh concrete. As the water scarcity problem is anticipated to be graver in the future, the demand for such material is poised to grow in the upcoming years.

Conclusion:

Therefore, the green cement market size was US$20.535 billion in 2018 and is poised to grow at a CAGR of 9.65% to reach a market size of US$35.680 billion by 2024 on account of growing strictness towards reducing carbon dioxide emission due to construction activities, rising investments in green infrastructure and increasing involvement of the major players to launch sustainable cement for the construction purpose.