Plant-based Meat Market Size & Industry Forecast by 2021-2027

Global Plant-based Meat Market By Source (Soy, Wheat, Pea, and Others), By Type (Chicken, Fish, Beef, Pork, and Others), By Product (Burgers, Sausages, Patties, Grounds, Nuggets, Tenders & Cutlets, and Others), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027

Published Date: January-2022 | Number of Pages: 232 | Format: PDF | Report ID: KBV-16295

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COVID-19

Get in-depth analysis of the COVID-19 impact on the Plant-based Meat Market

Market Report Description

The Global Plant-based Meat Market size is expected to reach $12.32 billion by 2027, rising at a market growth of 18.3% CAGR during the forecast period.

Plant-based meat is a type of meat made from non-animal products like dairy items and acts as an alternative to meat. This kind of meat offers a similar kind of nutrient composition to the original meat option for the people who do not want to consume meat or meat-based products. A significant portion of plant-based meat products is made from soy or gluten-based products.

These plant-based meat products are processed via two simple methodologies viz. thermoplastic extrusion and fiber spinning. Thermoplastic extrusion is the most common methodology adopted by the manufacturers to process plant-based meat products, which is a cost-effective method of fulfilling large-scale productions. The fiber spinning method adds to the cost of production that contradicts the idea of making a low-cost plant-based meat product.

The availability of a broad range of plant-based meat products like chicken, beef, pork, and seafood is contributing to the high popularity of these products among consumers across the globe. Further, the increasing number of product innovation and merchandising strategies within the plant-based meat market is anticipated to spur the growth of the market.

The increasing cases of numerous diseases like diabetes, obesity, and others would surge the demand for low calorie and high-protein content food products and thus, accelerate the growth of the plant-based meat market over the forecast period.

Plant-based Meat Market Size - Global Opportunities and Trends Analysis Report 2017-2027

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic has significantly impacted the demand and growth of the plant-based meat market. It is due to the disruption in supplies of key raw materials, restricted access to production spaces, and interrupted distribution channels. Foodservice channel distribution was severely impacted, and pantry stocking & panic buying were at the highest point across different retail sales during the initial phase of the pandemic

Moreover, the imposition of complete or partial lockdown across various nations of the region has encouraged consumers to buy products through online mediums, which has further motivated distributors to shift to the online distribution channel. The pandemic has created more awareness among consumers regarding the importance of maintaining healthy food patterns and lifestyles, which has also surged the demand for healthy food substitutes including plant-based meat products.

Market Growth Factors:

Growing awareness about the health benefits of plant-based meat products

The rising trend of plant-based products is motivating customers to consume more fruits, legumes, vegetables, nuts, and seeds. In addition, there are several health advantages offered by these plant-based products, which is attracting more consumers towards it. Several studies suggested that high consumption of animal-based meat can lead to diet-related diseases like heart disease, type-2 diabetes, obesity, and cancers. However, the consumption of plant-based products does not cause any such disease, which makes it a popular and healthier option for people.

Positive marketing strategies by several market players

Several market players are increasingly investing in marketing their products along with creating awareness among customers about plant-based meat products. The target customers for these companies are vegetarians, health-conscious consumers, flexitarians, and vegans. It is important for companies to adopt the right strategy to reach out to maximum customers, which can turn up more sales and revenue for the company.

Market Restraining Factor:

The huge price associated with the plant-based meat products

One of the key factors hampering the demand for plant-based meat products is their high price. These products are not economical for consumers of all income groups, which can restrict its demand across the world and thus, would hinder the growth of the plant-based meat market during the forecast period. Additionally, companies are trying hard to introduce low-priced plant-based meat products, which can strengthen their market position.

Source Outlook

On the basis of source, the plant-based meat market is segmented into soy, pea, wheat, and others. The pea-based meat segment is anticipated to witness a substantial growth rate during the forecast period. The pea-based patties could be used in burgers in place of beef, chicken, or pork-based patties. In addition, characteristics of pea-based meat like similarity in texture & consistency to meat, high protein content, easy accessibility, and quick preparation are estimated to contribute to the significant growth of the segment.

Plant-based Meat Market Share and Industry Analysis Report 2020

Type Outlook

On the basis of type, the plant-based meat market is fragmented into chicken, pork, beef, fish, and others. In 2020, the plant-based chicken segment procured the highest revenue share in the market. Chicken is one of the majorly used ingredients in the conventional meat industry for making a wide range of products like patties, nuggets, and cutlets since it offers protein, animal fats, and cholesterol. As compared to it, plant-based chicken products contain approximately the same quantity of protein but other nutrients can differ from product to product.

Product Outlook

Based on product, the plant-based meat market is divided into burgers, sausages, patties, nuggets, tenders & cutlets, grounds, and others. In 2020, the burgers segment acquired the maximum revenue share in the market. These burgers contain ingredients that offer similar flavor, aroma, and texture to meat. Several companies like Impossible Foods, Kraft Foods, and others are introducing numerous varieties of burgers containing plant-based meat.

Plant-based Meat Market Report Coverage
Report Attribute Details
Market size value in 2020 USD 3.82 Billion
Market size forecast in 2027 USD 12.32 billion
Base Year 2020
Historical Period 2017 to 2019
Forecast Period 2021 to 2027
Revenue Growth Rate CAGR of 18.3% from 2021 to 2027
Number of Pages 232
Number of Tables 414
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling
Segments covered Source, Type, Product, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • Growing awareness about the health benefits of plant-based meat products
  • Positive marketing strategies by several market players
Restraints
  • The huge price associated with the plant-based meat products

Regional Outlook

Based on region, the plant-based meat market is evaluated across North America, Europe, Asia Pacific, and LAMEA. North America emerged as the leading region of the plant-based meat market with the highest revenue share in 2020. Several global market players like MorningStar Farms are strengthening their market presence across the North America by offering a broad range of products to the vegan, flexitarian and vegetarian people.

Free Valuable Insights: Global Plant-based Meat Market size to reach USD 12.32 billion by 2027

KBV Cardinal Matrix - Plant-based Meat Market Competition Analysis

Plant-based Meat Market - Competitive Landscape and Trends by Forecast 2027

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Conagra Brands, Inc. and Kellogg Company are the forerunners in the Plant-based meat market. Companies such as Beyond Meat, Inc., Impossible Foods, Inc., Maple Leaf Foods, Inc. are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Beyond Meat, Inc., Impossible Foods, Inc., Maple leaf foods, Inc., Quorn Foods (Monde Nissin Corporation), Omni Foods (Green Monday Holdings), Amy's Kitchen, Inc., Kellogg Company (Kellogg NA Co.), Conagra Brands, Inc., The Hain Celestial Group, Inc. (Yves Veggie Cuisine), and VBites Foods Ltd.

Recent Strategies Deployed in Plant-based Meat Market

» Partnerships, Collaborations and Agreements:

  • Jun-2021: Kellogg's extended its partnership with Sodexo, a leader in providing catering, hospitality, and food retail services. Through this partnership, the company aimed to provide delivery service of plant-based Incogmeato by MorningStar Farms Burger Patties to its customer at above 3000 locations. Also, the company aimed to fulfill the rising demand for plant-based and meat alternatives.
  • Feb-2021: Beyond Meat signed a three-year agreement with McDonald’s, a fast-food company based in America. Following this agreement, Beyond Meat would become a vendor of patty for McDonald's McPlant. In addition, the companies would develop more plant-based items such as plant-based chicken, pork, and egg items for the McPlant range.
  • Nov-2020: Beyond Meat partnered with Pizza Hut, an America-based multinational restaurant chain. Together, the companies aimed to introduce a range of plant-based meat pizzas including the Beyond Italian Sausage Pizza, Great Beyond Pizza, and Beyond Pan Pizzas.
  • Jul-2020: Conagra Brands entered into a partnership with Purple Carrot, an e-commerce company offering subscription plant-based meal kits. Following the partnership, the companies would roll out a range of plant-based, single-serve frozen food items with flavor and nutrition profiles that are the basis of its meal kit portfolio.

» Acquisitions and Mergers:

  • Jan-2021: Beyond Meat formed a joint venture with PepsiCo named The PLANeT Partnership. The joint venture is aimed to innovate, produce and sell the latest plant-based protein snack and beverages based on plant-based protein. Through this joint venture, Beyond Meat would become capable to outreach many consumers by entering unexplored product segments and distribution channels.

» Product Launches and Product Expansions:

  • Oct-2021: OmniFoods introduced OmniMeat into Woolworths supermarket shelves and selected grocery stores across Australia. The new product range is a 100% plant-based pork-style protein. The latest line of products consists of three latest plant-based pork substitutes which are- Luncheon, Mince, and Strips. Through this launch, the company aimed to offer a healthier and meat-free alternative to its customer in Australia.
  • Oct-2021: Quorn unveiled meat-free ChiQin Wings and ChiQin cutlets, an expansion in its meatless alternative offerings. The new products would be available in two types viz. Kickin and Homestyle, featuring a chicken breast covered with breadcrumbs and carrying 15g protein and 5g fiber.
  • Sep-2021: Beyond Meat rolled out Beyond Chicken Tenders, high-quality plant-based chicken products. The new products would be available across selected retailers due to the rising consumer demands.
  • Sep-2021: Beyond Meat unveiled Beyond Breakfast Sausage, a plant-based meat item of the company. With this product, the company would offer a healthy breakfast option with 12g protein and 35% less sodium than the top vendor of pork sausage in the market. In addition, the new product is made to provide a delicious flavor along with the juicy texture of the classic breakfast sausage.
  • Sep-2021: Impossible Foods rolled out meatless chicken nuggets. Through this launch, the company aimed to compete with its rival firm, Beyond meat. In addition, the company would make its products available across restaurants as well as supermarkets as well. 
  • Sep-2021: Impossible Foods launched plant-based pork. The new product would be great in taste and health. Moreover, the company aimed to launch this product in restaurants in Singapore, the U.S., and Hong Kong which further strengthens its vision for retail expansion in these markets.
  • Sep-2021: Quorn introduced its latest vegan sausages. Through this launch, the company aimed to offer warming and convenient meals to its customer.
  • May-2021: Conagra Brands released Suprême Plant-Based Burger in Canada. Through this launch, the company aimed to expand its portfolio of Gardein meat options in the country. Also, the company focused on enhancing the quality, taste, and texture of the product to offer its customer a better experience of burgers.
  • Apr-2021: Kellogg's introduced its Chik’n Tender, an addition in its Incogmeato by MorningStar Farms range. The new product is available in original and sweet barbecue flavors and is developed with non-GMO soy and has fibers that feature a similar texture to chicken.
  • Sep-2020: Gardein, a subsidiary of Conagra Brands, launched a range of five latest Gardein Soups, the first-ever offerings of soups featuring plant-based meat alternatives. Through this launch, the company aimed to allow the customer to experience the essence of traditional meat soups through plant-based meat soups with 100% vegan ingredients.
  • Jul-2020: Conagra Brands introduced two dozen latest products. The launch is driven by the rising customer demand for cooking and eating at home due to the outbreak of COVID-19 and to fulfill the changing requirements of the customer. The company launched these products through its subsidiaries Birds Eye, Marie Callender's, Healthy Choice, and Snack Pack.
  • Jun-2020: Maple Leaf launched its Maple Leaf 50/50, a line of combined Half Premium Meat, Half Plant-Based Protein, and natural ingredients. This offering of unique fusion protein satisfies the cravings of the customers for plant protein without sacrificing taste.
  • Jan-2020: Impossible Foods unveiled plant-based Impossible Pork and Impossible Sausage. Through this launch, the company aimed to offer a new and unique experience of plant-based meat to its consumers.

» Geographical Expansions:

  • Nov-2021: Impossible Foods expanded its geographical footprints by entering New Zealand and Australia. Through this expansion, the company aimed to enter the market of the two highest meat-consumer countries which are popular for their meat-based foods.
  • Apr-2020: Beyond Meat expanded its global footprint by entering into China. Through this expansion, the company aimed to fulfill the rising demand for plant-based meat in the nation. In addition, the company would offer a sustainable protein item to its consumers in China.

Scope of the Study

Market Segments Covered in the Report:

By Source

  • Soy
  • Wheat
  • Pea
  • Others

By Type

  • Chicken
  • Fish
  • Beef
  • Pork
  • Others

By Product

  • Burgers
  • Sausages
  • Patties
  • Grounds
  • Nuggets, Tenders & Cutlets
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Beyond Meat, Inc.
  • Impossible Foods, Inc.
  • Maple leaf foods, Inc.
  • Quorn Foods (Monde Nissin Corporation)
  • Omni Foods (Green Monday Holdings)
  • Amy's Kitchen, Inc.
  • Kellogg Company (Kellogg NA Co.)
  • Conagra Brands, Inc.
  • The Hain Celestial Group, Inc. (Yves Veggie Cuisine)
  • VBites Foods Ltd.

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Related Reports:

North America Plant-based Meat Market Report 2021-2027

Europe Plant-based Meat Market Report 2021-2027

Asia Pacific Plant-based Meat Market Report 2021-2027

LAMEA Plant-based Meat Market Report 2021-2027

FREQUENTLY ASKED QUESTIONS (FAQ):

The plant-based meat market size is projected to reach USD 12.32 billion by 2027.

Positive marketing strategies by several market players are driving the market in coming years, however, the huge price associated with the plant-based meat products limited the growth of the market.

Beyond Meat, Inc., Impossible Foods, Inc., Maple leaf foods, Inc., Quorn Foods (Monde Nissin Corporation), Omni Foods (Green Monday Holdings), Amy's Kitchen, Inc., Kellogg Company (Kellogg NA Co.), Conagra Brands, Inc., The Hain Celestial Group, Inc. (Yves Veggie Cuisine), and VBites Foods Ltd.

The pandemic has created more awareness among consumers regarding the importance of maintaining healthy food patterns and lifestyles, which has also surged the demand for healthy food substitutes including plant-based meat products.

The Beef market is expected to witness highest CAGR of 19.3% during (2021 - 2027). Because Plant-based beef is manufactured by using soy protein, which can match the taste and texture of real beef.

The North America market dominated the Global Plant-based Meat Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $4,777.9 million by 2027, growing at a CAGR of 17.5% during the forecast period.

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