The global plant-based meat market was valued at USD 12.4 billion in 2018 and is expected to reach USD 19.9 billion in 2026, growing at a CAGR of 9.7% during the forecast period.
The plant-based meat is primarily manufactured from non-meat or non-animal substances such as dairy products that function as a meat substitute or meat alternative but have the same quantity of protein content is called plant-based meat product. The kind of plant-based meat products covers soya and gluten-based products. The market growth of the plant-based meat industry is majorly driven by the massive increase in the vegan and flexitarian population across the globe. Moreover, the increasing population of millennial, which are demanding plant-based meats, either for medical reasons or as a healthy lifestyle. Also, growth in the cases of infection and reaction with milk products and animal skin creates awareness about plant-based meat. In conclusion, it raises the demand for the plant-based meat market. However, some seed-derived proteins are allergic to human effects that are supposed to hinder the development of the plant-based meat industry. On the other hand, the growing vegan population and the application of food products may also provide a profitable opportunity for market players in the near future.
Plant-based Meat Market Segmentation |
|
| By Source | 1. Soy |
| 2. Pea | |
| 3. Wheat | |
| 4. Others | |
| By Application | 1. Snack |
| 2. Beverages | |
| 3. Bakery | |
| 4. Meat Extender | |
| 5. Others | |
| By Region | 1. North America (US and Canada) |
| 2. Europe (UK, Germany, France and Rest of Europe) | |
| 3. Asia Pacific (China, Japan, India and Rest of Asia Pacific) | |
| 4. Latin America (Brazil, Mexico and Rest of Latin America) | |
| 5. Middle East & Africa (GCC and Rest of Middle East & Africa) | |
Based on the source, the soy segment expected to dominate the market throughout the forecast period:
Based on the application, the global plant-based meat market has been segmented soy, pea, wheat and others. The soy segment is growing rapidly in the plant-based meat market with the highest CAGR of 6.9% in the forecast period.
Soybeans contain both fat and low protein in their plants and can be used for soy protein meal after oil extraction from the seed. These soy proteins provide essential amino acids for human nutrition. Moreover, the rising adverse effects associated with long-term, high protein-high meat diets and adoption of healthy lifestyle and nutritional vegetarian diet are expected to impact the consumption of soy as a source of protein in the global plant-based meat market. The demand for soy protein in the United States is extensively high, leading to increased productivity in the region.
Based on the application, the meat extender segment is expected to grow at a CAGR of around 7.1% throughout the forecast period
Based on application, the market has been segmented into a snack, beverages, bakery, meat extender, and others. The meat extender type accounts of the largest share in the market and are expected to grow at a CAGR of around 7.1% during the forecast period. The market is driven by increasing demand for vegan diet among consumers has created an insatiable market demand for meat analogs.
Due to the increasing preference for plant-based diets among customers worldwide, businesses, both start-ups and established players are entering this high-growth market. Established food businesses such as Cargill (US) and Tyson Foods (US) have invested in start-ups developing plant-based meat products; this is also expected to boost revenues of plant-based meat products in the forecasted period.
The Asia Pacific to dominate the plant-based meat market throughout the forecast period
The Asia Pacific is the leading market in the plant-based meat and registers for almost 39% share in 2018 and further supposed to enhance its dominate in the market over the forecast period owing to the growing demand for meat substitute food products. Also, the region is accounted for the leading supplier for plant-based meat products in the global market to North America and Europe. Moreover, Tofu and Tempeh have been considered to be the staple food in the Asian regions especially in China, Japan, and Korea. The rising demand for meatless food products from consumers across China is expected to fuel the growth of the plant-based meat market during the upcoming period.
North America expected to hold the highest CAGR during the forecast period owing to the high availability of raw materials, rapid growth in the vegan population, and rise in the consumption of non-meat products. Such factors are primarily creating an enormous market growth opportunity for the region in the coming years.
The major players operating in the global plant-based meat market are Morningstar Farms, Beyond Meat, Quorn Foods, Garden Protein International, Amy’s Kitchen, The Vegetarian Butcher, Maple Leaf Foods, Tofurky, and among others.
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Chapter 1 Executive Summary
1.1. Market Summary
1.1.1. Global Plant-based Meat Market, 2016-2026, (USD Million)
1.2. Market Snapshot: Global Plant-based Meat Market
1.3. Market Dynamics
1.4. Global Plant-based Meat Market, by Segment, 2018
1.4.1. Global Plant-based Meat Market, by Source, 2018, (USD Million)
1.4.2. Global Plant-based Meat Market, by Application, 2018 (USD Million)
1.4.3. Global Plant-based Meat Market, by Region, 2018 (USD Million)
1.5. Premium Insights
1.5.1. Plant-based Meat Market in Developed Vs. Developing Economies, 2018 vs 2026
1.5.2. Global Plant-based Meat Market: Regional Life Cycle Analysis
Chapter 2 Market Dynamics
2.1. Market Overview
2.2. Market Drivers
2.2.1. Growing vegan and flexitarian population
2.2.2. Increasing demand for plant based ready to eat products
2.3. Market Restraints
2.3.1. Population allergic to plant-based meat
2.4. Market Opportunities
2.4.1. Growing number of vegan populations
2.5. Industry Value Chain Analysis
2.6. Pricing Analysis
2.7. Porter’s Five Forces Analysis
Chapter 3 Global Plant-based Meat Market, by Source
3.1. Market Overview, by Source
3.1.1. Global Plant-based Meat Market, by Source, 2016-2026 (USD Million)
3.1.2. Incremental Opportunity, by Source, 2018
3.2. Soy
3.2.1. Global Plant-based Meat Market, by Soy, 2016-2026, (USD Million)
3.3. Wheat
3.3.1. Global Plant-based Meat Market, by Wheat, 2016-2026, (USD Million)
3.4. Pea
3.4.1. Global Plant-based Meat Market, by Pea, 2016-2026, (USD Million)
3.5. Other
3.5.1. Global Plant-based Meat Market, by Other, 2016-2026, (USD Million)
Chapter 4 Global Plant-based Meat Market, by Application
4.1. Market Overview, by Application
4.1.1. Global Plant-based Meat Market, by Application, 2016-2026 (USD Million)
4.1.2. Incremental Opportunity, by Application, 2018
4.2. Bakery
4.2.1. Global Plant-based Meat Market, by Cloud Bakery, 2016-2026, (USD Million)
4.3. Snacks
4.3.1. Global Plant-based Meat Market, by Snacks, 2016-2026, (USD Million)
4.4. Beverages
4.4.1. Global Plant-based Meat Market, by Beverages, 2016-2026, (USD Million)
4.5. Meat Extender
4.5.1. Global Plant-based Meat Market, by Meat Extender, 2016-2026, (USD Million)
4.6. Other
4.6.1. Global Plant-based Meat Market, by Other, 2016-2026, (USD Million)
Chapter 5 Global Plant-based Meat Market, by Region
5.1. Market Overview, by Region
5.1.1. Global Plant-based Meat Market, by Region, 2016-2026, (USD Million)
5.2. Attractive Investment Opportunity, by Region, 2018
5.3. North America Plant-based Meat Market
5.3.1. North America Plant-based Meat Market, by Source, 2016-2026 (USD Million)
5.3.2. North America Plant-based Meat Market, by Application, 2016-2026 (USD Million)
5.3.3. United States Plant-based Meat Market, 2016-2026 (USD Million)
5.3.4. Canada Plant-based Meat Market, 2016-2026 (USD Million)
5.3.5. Mexico Plant-based Meat Market, 2016-2026 (USD Million)
5.3.6. Rest of North America Plant-based Meat Market, 2016-2026 (USD Million)
5.4. Europe Plant-based Meat Market
5.4.1. Europe Plant-based Meat Market, by Source, 2016-2026 (USD Million)
5.4.2. Europe Plant-based Meat Market, by Application, 2016-2026 (USD Million)
5.4.3. United Kingdom Plant-based Meat Market, 2016-2026 (USD Million)
5.4.4. Germany Plant-based Meat Market, 2016-2026 (USD Million)
5.4.5. France Plant-based Meat Market, 2016-2026 (USD Million)
5.4.6. Rest of Europe Plant-based Meat Market, 2016-2026 (USD Million)
5.5. Asia Pacific Plant-based Meat Market
5.5.1. Asia Pacific Plant-based Meat Market, by Source, 2016-2026 (USD Million)
5.5.2. Asia Pacific Plant-based Meat Market, by Application, 2016-2026 (USD Million)
5.5.3. China Plant-based Meat Market, 2016-2026 (USD Million)
5.5.4. Japan Plant-based Meat Market, 2016-2026 (USD Million)
5.5.5. India Plant-based Meat Market, 2016-2026 (USD Million)
5.5.6. Rest of Asia Pacific Plant-based Meat Market, 2016-2026 (USD Million)
5.6. Latin America Plant-based Meat Market
5.6.1. Latin America Plant-based Meat Market, by Source, 2016-2026 (USD Million)
5.6.2. Latin America Plant-based Meat Market, by Application, 2016-2026 (USD Million)
5.6.3. Brazil Plant-based Meat Market, 2016-2026 (USD Million)
5.6.4. Mexico Plant-based Meat Market, 2016-2026 (USD Million)
5.6.5. Rest of Latin America Plant-based Meat Market, 2016-2026 (USD Million)
5.7. Middle East & Africa Plant-based Meat Market
5.7.1. Middle East & Africa Plant-based Meat Market, by Source, 2016-2026 (USD Million)
5.7.2. Middle East & Africa Plant-based Meat Market, by Application, 2016-2026 (USD Million)
5.7.3. GCC Plant-based Meat Market, 2016-2026 (USD Million)
5.7.4. Rest of Middle East & Africa Plant-based Meat Market, 2016-2026 (USD Million)
Chapter 6 Competitive Intelligence
6.2. Top 5 Players Comparison
6.3. Market Positioning of Key Players, 2018
6.4. Market Players Mapping
6.4.1. By Source
6.4.2. By Application
6.4.3. By Region
6.5. Strategies Adopted by Key Market Players
6.6. Recent Developments in the Market
6.6.1. Mergers & Acquisitions, Partnership, New Source Developments
Chapter 7 Company Profiles
7.1. Tofurky
7.1.1. Tofurky Overview
7.1.2. Tofurky Product Portfolio
7.1.3. Tofurky Financial Overview
7.1.4. Tofurky News/Recent Developments
7.2. Gold & Green Foods Ltd.
7.2.1. Gold & Green Foods Ltd. Overview
7.2.2. Gold & Green Foods Ltd. Product Portfolio
7.2.3. Gold & Green Foods Ltd. Financial Overview
7.2.4. Gold & Green Foods Ltd. News/Recent Developments
7.3. Sunfed
7.3.1. Sunfed Overview
7.3.2. Sunfed Product Portfolio
7.3.3. Sunfed Financial Overview
7.3.4. Sunfed News/Recent Developments
7.4. VBites Foods Limited
7.4.1. VBites Foods Limited Overview
7.4.2. VBites Foods Limited Product Portfolio
7.4.3. VBites Foods Limited Financial Overview
7.4.4. VBites Foods Limited News/Recent Developments
7.5. Amy’s Kitchen
7.5.1. Amy’s Kitchen Overview
7.5.2. Amy’s Kitchen Product Portfolio
7.5.3. Amy’s Kitchen Financial Overview
7.5.4. Amy’s Kitchen News/Recent Developments
7.6. Quorn Foods
7.6.1. Quorn Foods Overview
7.6.2. Quorn Foods Product Portfolio
7.6.3. Quorn Foods Financial Overview
7.6.4. Quorn Foods News/Recent Developments
7.7. MORNINGSTAR FARMS
7.7.1. MORNINGSTAR FARMS Overview
7.7.2. MORNINGSTAR FARMS Product Portfolio
7.7.3. MORNINGSTAR FARMS Financial Overview
7.7.4. MORNINGSTAR FARMS News/Recent Developments
7.8. Gardein Protein International
7.8.1. Gardein Protein International Overview
7.8.2. Gardein Protein International Product Portfolio
7.8.3. Gardein Protein International Financial Overview
7.8.4. Gardein Protein International News/Recent Developments
7.9. The Vegetarian Butcher
7.9.1. The Vegetarian Butcher Overview
7.9.2. The Vegetarian Butcher Product Portfolio
7.9.3. The Vegetarian Butcher Financial Overview
7.9.4. The Vegetarian Butcher News/Recent Developments
7.10. Maple Leaf Foods
7.10.1. Maple Leaf Foods Overview
7.10.2. Maple Leaf Foods Source Portfolio
7.10.3. Maple Leaf Foods Financial Overview
7.10.4. Maple Leaf Foods News/Recent Developments
Chapter 8 Preface
8.1. Data Triangulation
8.2. Research Methodology
8.2.1. Phase I – Secondary Research
8.2.2. Phase II – Primary Research
8.2.3. Phase III – Expert Panel Review
8.2.4. Approach Adopted
8.2.4.1. Top-Down Approach
8.2.4.2. Bottom-Up Approach
8.2.5. Supply- Demand side
8.2.6. Breakup of the Primary Profiles
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