GMI Research forecasts that increase in demand for vegan products will lead the plant-based meat market to grow at a compound annual growth rate (CAGR) of 14.5% between 2019 and 2026, rising from USD 4,229 million in 2018 to a whopping USD 14,252 million in 2026.

As consumers are prioritizing health and wellness, they are moving towards healthier diets. The introduction of plant-based meat providing more options to consumers, coupled with animal welfare and greenhouse gas emission concern are driving the plant-based meat market growth. As per Food Standards Agency (FSA) and the National Centre for Social Science Research, in the UK the vegetarians and the flexitarians population would 1.2% in 2018, the increase in vegetarian and vegan population across the world is expected to boost the market growth of plant-based meat market.

The livestock industry generates 15% of the total greenhouse gas emissions globally, and the consumption of meat is growing globally. Policymakers in countries such as Denmark, Sweden, Germany are considering raising VAT on animal meat products. The plant-based meat is a good source of essential amino acids and vitamins and has the same feel, look, and taste like meat. Plant-based meats also help in lowers the epidemic chances of cancer, cardiovascular diseases, and fibromyalgia. Moreover, growth in the plant-based market is attraction big players such as Beyond Meat and Tyson foods and will attract other prominent players in the future will drive the product innovation, eventually fuelling the growth of the market.

Soy segment captured the largest market share in 2018 due to its meaty texture, juiciness and more fibrous consistency similar to meat coupled with high production of soybean commodity worldwide. Moreover, soy-based plant meat is getting acceptance from end-users due to its high-quality protein with a low level of saturated fat content and currently, most of the plant-based meat products use soy as raw material.

Burger patty type is expected to dominate the market during the forecast period as it contains more moisture for palatable taste, which is easily digestible, and it is cholesterol-free with low calories as compared to beef. Furthermore, wider availability of multi-size variants, longer shelf-life, and adoption of plant-based meat burger patty by major fast food restaurant chains brands such as MacDonald’s, Burger King, White Castle, Subway and Dunkin’ Donuts will further boost the demand for plant-based meat.

The HoReCa segment held the highest market share among the end-user in 2018. As consumers are prioritizing health and wellness, restaurants chains are coming up with healthy and nutritious products to cater to this segment, and this has led to a launch of plant-based meat products by popular fast-food restaurants chains such as Burger King, White Castle, MacDonald’s, Subway and Dunkin Donuts.

“The success of plant-based meat market is attracting big food companies. Big meat and non-meat companies are entering the market either by launching plant-based meat products or acquiring existing companies to capture a bigger pie of this market.” —-GMI Research Outlook

North America region is expected to witness the fastest CAGR growth till 2026 due to significant growth in the flexitarian population. As obesity & cardiovascular diseases are linked to higher consumption of processed meat, which is leading consumers to switch to healthier diets and plant-based meat is a good alternative to meat which taste more like meat will drive the market in the coming years. However, Europe held a significant market share in 2018 owing to high health awareness benefits of vegan products among consumers, high availability in grocery stores, cultural shift towards organic natural ingredient-based food habits.

Key market developments:

• In September 2019, MacDonald has introduced plant-based meat burger patty by using Beyond Meat in the restaurants of the United States.
• In September 2019, Burger King had debuted plant-based burger named as ‘Rebel Whopper’ in Brazil with the collaboration of the Impossible Foods creates an international rush for mass-market chains to cater to vegetarians.
• In August 2019, Beyond Meat collaborated with Subway to debuts meat-free Beyond Meatball Sub will available in stores located in the United States and Canada.
• In July 2019, Dunkin’ has partnered with Beyond Meat in presenting a new plant-based meat product named as New Beyond Sausage Breakfast sandwich in Manhattan.
• In August 2018, Beyond Meat Incorporation and KFC partnered to offer meatless nuggets and wings in chain restaurants.
• In April 2018, Nestle S.A. completed the acquisition of Garden Gourmet to create an expansion in the vegan market of the United Kingdom, especially in fine dinings and supermarkets.
• In March 2017, Maple Leaf Foods acquired Lightlife Foods Incorporation, a leading manufacturer and brand of refrigerated plant-based protein foods in the United States.

Global Plant-based meat market share is divided by some of the key players including, Beyond Meat Inc., Tyson Foods Inc., Royal Wessanen, Marfrig Global Foods S.A., Nestle S.A., Pinnacle Foods Inc. (Subsidiary of Conagra Brands, Inc.), MorningStar Farms (Division of Kellogg Company), Impossible Foods Inc., Orkla Foods (Brand name is Naturli), Maple Leaf Foods Inc., Sunfed Ltd., Quorn Foods, Amy’s Kitchen, VBites, among others.

The global plant-based meat market has been segmented based on source, product, point of sales and key geographies. Based on the Source Type, global plant-based meat market has been segmented into soy, pea, wheat,  and others. Based on the Product Type, global plant-based meat market has been segmented into burger patty, sausage, nugget, ground meat and others. Based on End-Users, the market has been segmented into HoReCa and household/retail.

For more details, browse the Table of Contents:    https://www.gmiresearch.com/report/plant-based-meat-market/
Early buyers will get customization upto 25% on report

Contact Sarah Nash
Tel: +353 1 536 3035
U.S Office +1 860 881 2270
Europe Office +353 1 442 8820
Email: enquiry@gmiresearch.com