Plant Based Meat Market estimated to grow at a CAGR of 20.37% to reach US$4,780.609 million by 2024

Knowledge Sourcing Intelligence announces the publication of a new report on “Plant Based Meat Market – Forecasts from 2018 to 2024" to their offering.

Plant Based Meat are a type of meat substitutes that are derived from plant and non- animal sources. They are made in such a way that they feel, taste and look like meat. Basically it is a more healthy and eco-friendlier alternative to animal meat.

According to the report, the plant based meat market is projected to expand at an impressive CAGR of 20.37% over the forecast period 2018-2024. The Plant Based Meat Market is expected to surge during the forecast period as people are tending to prefer plant based meats which are alternatives to red meat, whose consumption has an adverse effect on the individual’s health as well as the environment. Moreover, the market growth will be bolstered by the changing food preferences of people towards vegan and vegan foods and  increasing awareness about maintaining a healthy and balanced diet . However, the fact these plant based meat products contain a lot of additives and have a greyish color which may be unappealing to the consumers may hinder the growth of the plant based meat market.

Geographically, Asia Pacific is expected to hold a significant amount of share in the market due to the fact that there is good amount of meat consumption in this region and as people are getting more conscious towards having a plant based diet so the demand for plant based meat products is rising. North America and Europe are expected to increase their share in the market owing to the incorporation of some vegan products in the diets of people. By Source, Soy segment is expected to have a considerable share in the market owing to the fact that it’s one of the most commonly used ingredients in plant based pork, chicken or other products as it has the same texture and high protein content.  Also, by type, the chicken segment is expected to hold a significant market share owing to that fact that it is one of the most common ingredient in meat based foods like sausages, burger patties and nuggets. Furthermore, the upcoming better quality plant based meat products and investments by market players will continue to drive the plant based meat market in the coming years.

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Some of the major players covered as part of the report are Beyond Meat, Impossible Foods, Quorn Foods, Vegetarian Butcher, Sunfed, Maple Leaf Foods and VBites among others.

This report segmented the plant based meat market on the basis following terms

  • By Type
    • Pork
    • Beef
    • Chicken
    • Fish 
  • By Source
    • Soy
    • Wheat
    • Pea
    • Quinoa
    • Oats
    • Beans
    • Nuts 
  • By Product
    • Burger Patties
    • Sausages
    • Strips & Nuggets
    • Meat Balls
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Others