Global Plant Based Meat Market Analysis, Trends and Insights 2019-2026
Summary - A new market study, titled “Global Plant Based Meat Market -2019-2026 ” has been featured on WiseGuyReports.
Global Plant Based Meat
Market – Overview
The Global Plant Based Meat Market valued USD
3.9 billion in 2018 and will grow at a CAGR of 8.1% during the forecast period.
Plant-based meat is a meat substitute derived
from plant and other non-animal products to mimic natural meat in flavor,
texture and all other properties. These products are majorly designed to be use
as an effective alternative to chicken meat, pork, and beef. These plant based
meat products are considered as sustainable solution to environmental concerns.
The retail stores across the western countries are focusing towards sale of
these products to cater the demand from growing vegan and vegetarian
population.
Market Dynamics: Drivers,
Restraints, Opportunities Challenges:
The growing demand for meat coupled with rising
population and consumer preferences towards meat products is resulting in over
slaughtering and depletion of animal sources. This is resulting in evolution of
sustainability as a key purchasing factor among population particularly in
millennials and GenX. Consumer concern towards environment and animal welfare
are driving the demand for meat substitutes. Furthermore, stringent regulations
laid by several state and federal governments towards raising and slaughtering
of meat animals is boosting the growth of plant-based meat market. On the
demand side, the growing outbreak of food borne diseases particularly due to
animal meat and milk products is motivating consumers towards healthy plant
based alternatives, thus boosting the growth of plant-based meat products. The
growth of the market is also attributable to the health benefits associated
with plant derived diets. The growing trend of veganism and vegetarianism is providing
immense growth potential to the market in future. According to The
VeganSociety, the vegan population in U.K. increased from 150,000 in 2014 to
600,000 in 2018. However, the GM issues associated with plants is the primary
factor hindering the growth of plant-based meat market.
Key Segments:
Global Plant Based Meat Market by product Type
• Sausages
• Burgers
• Crumbles
• Nuggets
• Meatballs
• Others.
Burger is the largest segment of the market
owing to the established consumer base for burgers across the globe. With a
share of over 30%, soy evolved as the major plant source of meat owing to wide
range of application for soy based meat in preparation of sausages, burgers,
and meatballs. Wheat, oats, pea, and beans are also holding significant share
on the market. The growing production of soy across the globe is also
attributing to the growth of soy based meat market. According to The United
States Department of Agriculture, the production of soybeans in U.S. increased
from 3.04 billion bushels in 2012 to 4.54 billion bushels in 2018.
Global Plant Based Meat Market by Distribution
Channel
• Direct Sales
o Company Outlets and Franchise
o Ecommerce
• Indirect Sales
o Hypermarkets
o Convenience Stores
o Specialty Food Stores
o E-Commerce
o Online Channels
By distribution channel, indirect sales hold the
major share in terms of value owing to the rising retail channel in developing
countries. Indirect channel include sales through supermarkets, hypermarkets,
convenience stores, specialty food stores and e-commerce.
Geographic Landscape:
By geography, the study is segmented into North
America, South America, Europe, Asia Pacific, Middle East and Africa.
Confectionery is a well-established market since decades in most of the
American and European countries. The availability of cocoa and other
confectionery ingredients made them the early adopters of sugar and chocolate
confectionery products. Europe is the largest confectionery market with a share
of over 35% in 2018 and it is estimated to hold its dominance over the forecast
period. The large per-capita consumption of chocolate in countries such as
Switzerland, the U.K., Sweden, Germany, and Ireland is supporting the growth of
confectionery market in Europe. However, Asia Pacific evolved as the fastest
growing market for confectionery products owing to the rising consumer spending
and growing adoption of confectionery in countries such as India and China.
Since the launch of first plant-based burger by
Beyond Meat in 2016, the market has been highly consolidated by U.S. based
startups Beyond Meat and Impossible Foods Inc. However, the high growth
potential of the market has attracted several established and startup food
companies into the market.
Competition Landscape:
The global plant based meat market has turned highly
competitive with large number of global players focusing on expanding business
operations in high potential plant-based meat market. Companies are involved in
product launches and new geographic penetrations to enhance their business
operations. The market became further competitive by the foot prints of Asian
companies such as GoodDot (India) and Whole Perfect Foods Co.,Ltd. (China) and
retail companies entering the market. The companies in the market are
leveraging on new product launches to increase their market share. For instance
• In June 2019, U.S. based chain of supermarkets
Sainsbury's opened Meat-Free Butchers, a specialty store during the world
meat-free week to sell 100% plant-based meat products to customers.
• In December 2017, India based GoodDot had
launched vegetarian meat derived from Soy in India.
However, with the burgeoning demand for
plant-based meat, global players such as Nestle and Conagra Brands with high
financial stability can gain large foot-hold in the market, thereby consolidating
the still evolving market. The existing sales channels and distribution network
of these companies across the globe help enhance their penetration into high
potential economies and may result in significant number of acquisitions in
near future.
Some of the key players in the market are
Conagra Brands, Inc., Beyond Meat, Impossible Foods Inc., Tofurky, VBites Foods
Limited, and MorningStar Farms
FOR MORE
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