Plant-Based Meat Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Source (Soy, Wheat, Pea, Other Sources); Product (Burger patties, Strips & nuggets, Sausages, Meatballs, Other Products); Type (Beef, Chicken, Pork, Other (Seafood)); Region and Country

Published:

Oct-2021

Pages:

267

Table:

95

Figure:

127

Report ID:

UMCG21472

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description

Plant-based Meat Market
Plant-based Meat Market

Global Plant-based Meat Market was valued at US$ 12.4 billion in 2020 and is anticipated display a CAGR of around 17.3% over the forecast period (2021-2027). Single fastest-growing dish or ingredient on menus in the US in 2019 was plant-based burger, which will only become more omnipresent in 2020 as large food manufacturers launch their plant-based meat products in the market in the coming years 2020 and beyond. Recognizing the growth potential of pea protein, Cargill formed a joint venture with U.S. leading pea protein manufacturer PURIS in 2018 and invested US$75 million in PURIS, allowing the company to double its pea protein production. In 2019 both Impossible Foods and Beyond Meat launched new iterations of their original burgers. In addition, Nestlé-owned Sweet Earth Foods introduced the Awesome Burger made with yellow pea protein and Awesome Grounds, which is a plant-based replacement for ground beef. In the same year, Nestlé announced that it would use Awesome Grounds in meatless versions of its DiGiorno pizza and Stouffer’s lasagna. Furthermore, Conagra bolstered its plant-based presence when it acquired the Gardein brand, which includes a wide array of faux chicken, beef, fish, turkey, and pork products, in 2018

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Production process of Traditional Meat production Vs. Lab Grown Meat

During the Covid-19 pandemic, demand for meat reduction and replacement was witnessed among the consumers. However, few companies reported increase in sales. Covid-19 have created increased awareness about the impact of humanity on environment among the consumers. In the recent past climate change has become one of the forefront policies of the government.

Insights Presented in the Report

“Amongst Source, Soy source segment dominated the market in 2020”

Based on Source, the Plant-based Meat Market is segmented into Soy, Wheat, Pea, Other Sources. Currently Soy source is majorly used to produce plant-based meat and meat alternative. Protein rich content and popularity is accelerating the demand for soy-based meat or meat alternative. Furthermore, plant-based products that are incorporating soy as a source is expected to contribute to the growing demand for plant-based meat products globally.

“Amongst Product, Burger patties segment dominated the market in 2020.”

Based on product, Plant-based Meat Market is divided into Burger patties, Strips & nuggets, Sausages, Meatballs, Other Products. In 2020, Burger patties segment dominated the market and is expected to maintain its dominance throughout the forecast period. Plant-based meat burger patties have low-fat and gluten content. Shifting consumer preferences and increasing demand for burger patties from retail channels owing to convenience, taste, and texture are expected to drive the growth of the segment.

“Amongst Type, plant-based chicken dominated the market in 2020.”

Based on type, the market is bifurcated into Beef, Chicken, Pork, Other (Seafood). In 2020, plant-based chicken dominated the market followed by plant-based beef. Impossible Foods offers plant-based meat, including plant-based burgers, received US$ 500 million funding prior to the Covid-19 outbreak and plans for significant expansion in restaurants and retail sector in 2020. Furthermore, the company have entered a partnership with San Francisco food wholesaler Cheetah to sell its burger patties in bulk.

“North America represents as the largest market.”

For a better understanding of the market adoption of Plant-based Meat, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Rest of Europe), Asia-Pacific (China, India, Australia, Singapore, Rest of APAC), and Rest of World. North America dominated the market in 2020, however, growing preference for vegan food and food sourced from plants in the Asia-Pacific region would help the region to witness highest CAGR growth during the analysed period. China’s plant-based protein market is growing strongly. According to Austrade advisors in China, the COVID-19 pandemic has accelerated the adoption of plant-based proteins among consumers. Some of the major players operating in the market include Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Tofurky, Alpha Foods, The Vegetarian Butcher, Quorn Foods, Morningstar Farms, Amy’s Kitchen, Hooray Foods etc.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional & country-level analysis of the industry

Customization Options:

The Global Plant-based Meat Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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1.1. Market Definitions
1.2. Limitation
1.3. Stake Holders
1.4. Currency used in Report

2.1. Research Process of the Plant-based Meat Market
2.2. Research Methodology of the Plant-based Meat Market
2.3. Forecasting Method
2.4. Respondent Profile
2.5. Main Objective of the Plant-based Meat Market Study

5 GLOBAL PLANT-BASED MEAT MARKET COVID-19 IMPACT

6GLOBAL PLANT-BASED MEAT MARKET REVENUE (USD BN), 2019-2027F

7.1. Soy
7.2. Wheat
7.3. Pea
7.4. Other Sources

 

8.1. Burger patties
8.2. Strips & nuggets
8.3. Sausages
8.4. Meatballs
8.5. Other Products

9.1. Beef
9.2. Chicken
9.3. Pork
9.4. Other (Seafood)

10.1. North America Plant-based Meat Market
10.1.1. United States
10.1.2. Canada
10.1.3. Rest of North America
10.2. Europe Plant-based Meat Market
10.2.1. Germany
10.2.2. France
10.2.3. United Kingdom
10.2.4. Rest of Europe
10.3. Asia Pacific Plant-based Meat Market
10.3.1. China
10.3.2. India
10.3.3. Australia
10.3.4. Singapore
10.3.5. Rest of Asia Pacific
10.4. Rest of World Plant-based Meat Market

11.1. Market Drivers
11.2. Market Challenges
11.3. Impact Analysis

12 PLANT-BASED MEAT MARKET OPPORTUNITIES

13PLANT-BASED MEAT MARKET TRENDS

14 LEGAL & REGULATORY FRAMEWORK

15.1.Demand Side Analysis
15.2.Supply Side Analysis
 15.2.1.Top Product Launches
 15.2.2.Top Business Partnerships
 15.2.3.Top Business Expansions, Investments and Divestitures
 15.2.4.Top Merger and Acquisitions

16 VALUE CHAIN ANALYSIS

17.1. Competitive Landscape
17.1.1. Company Shares, By Revenue

18.1. Beyond Meat
18.2. Impossible Foods Inc.
18.3. Maple Leaf Foods
18.4. Tofurky
18.5. Alpha Foods
18.6. The Vegetarian Butcher
18.7. Quorn Foods
18.8. Morningstar Farms
18.9. Amy’s Kitchen
18.10. Hooray Foods

19 DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Plant-based Meat were the three major steps undertaken to create and analyze the adoption of plant-based meat across various regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Plant-based Meat through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Plant-based Meat, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are technology, sample type, contaminant, and end-use sector. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Plant-based Meat in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing awareness of healthy eating paired with company’s focus on launching innovative plant-based food etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Plant-based Meat across the major markets
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Plant-based Meat Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Plant-based Meat market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of source, product, and type doe major country/region globally.

The main objective of the Plant-based Meat Market Study

The current & future market trends of Plant-based Meat were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Plant-based Meat in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include source, product, and type
  • Defined analysis of the regulatory framework for the Global Plant-based Meat industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Plant-based Meat for the major regions & countries
  • Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Rest of Europe), Asia Pacific (China, India, Australia, Singapore, Rest of Asia-Pacific), and Rest of World
  • Company profiles of the Plant-based Meat Market players and the growth strategies adopted by them to sustain in the fast-growing market

Deep dive regional & country level analysis of the industry