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Global Plant-Based Meat Market growing at a CAGR of 14.5% during (2019-26) – GMI RESEARCH

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Global Plant-Based Meat Market growing at a CAGR of 14.5% during (2019-26) – GMI RESEARCH

November 07
05:55 2019
Global Plant-Based Meat Market growing at a CAGR of 14.5% during (2019-26) - GMI RESEARCH

Global Plant-based Meat Market (2019-2026)
Global Plant-based Meat Market by Source (Soy, Wheat, Pea and Others), By Product Type (Burger patty, Sausage, Nugget, Ground Meat and Others), By End-Users (HoReCa and Household/Retail), and By Geography – Opportunities & Forecast, 2019-2026

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.

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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 in the end-user segment in 2018. As consumers are prioritizing health and wellness, restaurants chains are coming up with healthy and nutritious products to cater to this market, and this has led to the 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 the 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 tastes 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 partnering with Beyond Meat in the United States.
  • In September 2019, Burger King launched a plant-based burger named ‘Rebel Whopper’ in Brazil in collaboration with Impossible Foods.
  • In August 2019, Subway partnered with Beyond Meat and launched marinara sub made with plant-based meatballs.
  • In July 2019, Dunkin’ has partnered with Beyond Meat to launch a new plant-based meat product New Beyond Sausage Breakfast sandwich in Manhattan.
  • In August 2018, Beyond Meat and KFC partnered to offer meatless nuggets and wings.
  • In March 2017, Maple Leaf Foods acquired Lightlife Foods Incorporation for USD 140 million, and related costs, a leading manufacturer and brand of refrigerated plant-based protein foods in the United States.
  • In 2017, Nestlé USA acquired California-based Sweet Earth, which has more than 60 plant-based products in its portfolio.

Major players operating in Plant-based meat market are 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.

 

Early buyers will get customization upto 25% on report

Below are other reports on Food & Beverages Market:

Global Gluten-Free Pasta Market by Product Type (Brown Rice Pasta, Quinoa Pasta, Chickpea Pasta, and Multigrain Pasta), By End-User (Online Stores, Supermarkets, Retail Stores, and Others) and By Geography – Opportunities & Forecast, 2019-2026

Global Pea Protein Market by Product Type (Isolated, Concentrated, and Textured), By Form (Dry and Liquid), By Application (Meat Products, Dietary Supplements, Bakery Goods and Snacks, and Others), By End-User (Online Stores, Supermarkets, Specialized Stores, and Others) and By Geography – Opportunities & Forecast, 2019-2026

 

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