Plant-based Meat Market size is estimated to record over 10.5% CAGR from 2023 to 2032, backed by the rising health awareness as well as growing environmental concerns among the consumers. People are increasingly looking for healthier dietary options and seeking to reduce their consumption of animal products due to concerns about potential health risks. Additionally, the environmental impact of traditional meat production, including greenhouse gas emissions and deforestation, has led to a surge in demand for more sustainable and eco-friendly protein sources. According to an article published by the World Economic Forum, 65% consumers prefer to make ethical spending choices to live a healthy and sustainable life.
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Innovation and product development have played a pivotal role in market growth. A study conducted by Credit Suisse stated that around 66% consumers, aged 16-40 years across 10 countries, have planned to spend relatively more on plant-based meat and dairy alternatives in the future. Companies are continually developing new plant-based meat products that closely mimic the taste, texture, and mouthfeel of traditional meat, attracting a broader audience, including flexitarians and meat-eaters looking to reduce their meat intake. The availability of a wide range of plant-based meat products, from burgers and sausages to plant-based chicken and seafood alternatives, further expand the appeal and market growth prospects.
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||10.5%|
|Historical Data for:||2018 to 2022|
|No. of Pages:||460|
|Tables, Charts & Figures:||868|
|Segments covered:||Source and Region|
|Pitfalls & Challenges:|
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One of the significant constraints in the plant-based meat market is the competition with traditional meat products. While plant-based options have gained popularity, meat remains a staple in many diets, and shifting consumer habits can be slow. Additionally, the relatively higher cost of plant-based meat products, compared to conventional meat, can deter price-sensitive consumers. Regulatory challenges and labeling discrepancies also pose hurdles. Finally, ensuring a consistent and authentic meat-like taste and texture in plant-based alternatives remains a constant challenge for manufacturers.
The COVID-19 pandemic brought a mix of challenges and opportunities to the global plant-based meat market. While supply chain disruptions temporarily affected production and distribution, the crisis underscored the importance of food safety and sustainability, aligning with the core values of plant-based products. As the pandemic heightened health consciousness and food security concerns, consumers increasingly turned to plant-based meat for its perceived health benefits and reduced risk of zoonotic diseases. Online retail and direct-to-consumer sales surged during lockdowns, bolstering market revenues. The crisis accelerated the shift towards plant-based diets, enhancing the industry growth outlook in a post-pandemic world.
A growing emphasis on clean-label and minimally processed plant-based meat products is a significant trend. Several countries have now recognized the need to label such products. For instance, according to an article published by National Consumers League, Food & Drug Administration (FDA) announced the issuance of draft guidance on the labeling of plant-based milks and plant-based alternatives to “animal-derived foods” (meats) in 2022. Consumers are increasingly scrutinizing ingredient lists and are drawn to products with simple, recognizable components which has led to a surge in product innovation. The manufacturers are working to create plant-based meats that are not only healthy but also transparent in terms of the ingredients.
Additionally, there is a surge in collaborations between foodservice establishments and plant-based meat producers. As per the study published by National Consumers League, Bloomberg Intelligence report anticipates a 500% surge in worldwide sales of plant-based foods by 2030. Many restaurants, fast-food chains, and food delivery platforms are now incorporating plant-based meat options into their menus to cater to the preferences of consumers seeking sustainable and meatless choices. This trend encourages wider acceptance of plant-based meats for convenient dining-out options that align with their dietary and environmental concerns, thereby shaping the market dynamics.
The pea-based meat segment is anticipated to experience robust growth rate, surpassing 10.5% during 2023-2032, owing to the consumer inclination towards vegetarian & vegan diets as well as an increased health consciousness.
The plant-based meat market from soy-based meat balls segment will record significant demand rise through 2032, favored by the product being a versatile protein source.
The food & beverage specialty store segment will generate notable revenues for the plant-based meat market through 2032, owing to a variety of factors including premium positioning & consumer awareness.
North American plant-based meat market size is poised to witness over 10% CAGR till 2032. Led by the United States and Canada, North America has been a hotbed of innovation in plant-based meat development. Major companies like Beyond Meat and Impossible Foods originated here, introducing groundbreaking products that emulate the taste and texture of traditional meat.
The region's health-conscious and eco-friendly consumer base has driven the adoption of plant-based diets, making it a significant contributor to the global shift towards plant-based meat. The widespread integration of plant-based options into restaurant menus across the region has also played a pivotal role in mainstreaming these alternatives globally, shaping the market's evolution.
DuPont, a key player in the global plant-based meat industry, has pursued a range of strategic initiatives to drive growth. The company has invested significantly in R&D, aiming to create innovative plant-based protein ingredients that closely replicate the taste and texture of traditional meat. DuPont has also forged strategic collaborations with food manufacturers and startups in the plant-based sector, broadening its market presence.
Moreover, the company places a strong emphasis on sustainability, promoting eco-friendly practices and ethical sourcing of ingredients, aligning with the values of environmentally conscious consumers. These comprehensive strategies have solidified DuPont's position in the burgeoning plant-based meat market. Other prominent industry players include:
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