SAN FRANCISCO, Nov. 30, 2021 /PRNewswire/ -- The global plant-based meat marketsize is projected to reach USD 18.52 billion by 2028 expanding at a CAGR of 20.4%, according to a new report by Grand View Research, Inc. Growing adoption of vegan lifestyle and diet among health-conscious consumers, especially in developed economies are expected to drive the market growth over the forecast period. Growing concerns regarding animal welfare and Greenhouse Gas (GHG) emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products. The plant-based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector.
Key Insights & Findings from the report:
The plant-based meat sausages product segment is projected to register the fastest CAGR of 20.5% over the forecast period
Rising preference for plant-based diets and increased sales of sausages through retail channels are anticipated to spur the segment growth
Soy-based products accounted for the largest market share of more than 48% in 2019 on account of high demand due to their protein-rich contents
The rising popularity of the vegan diet, particularly in European countries, has pushed the demand for plant-based meat products in the region
In June 2020, Starbucks, in collaboration with Impossible Foods Inc., introduced the Impossible Breakfast Sandwich, which is made with plant-based sausage, to its menu in most of its locations in the U.S. It was launched as the Starbucks' sustainability initiative to meet the rising consumer demand for plant-based meat options
Key companies in the industry are collaborating with fast-food joints and restaurant chains to promote the adoption of their products. For instance, fast-food joints, such as Burger King, MacDonald's, and Subway, are launching new vegan meat products to capitalize on the industry dominated by health-conscious customers. Plant-based meat burgers are likely to exhibit steady growth over the coming years on account of rising consumer concerns regarding conventional meat products in the wake of the coronavirus pandemic. These types of burgers have low gluten and fat contents, which make them a highly favored product among health-conscious individuals.
Grand View Research has segmented the global plant-based meat market on the basis of source, product, type, end-user, storage, and region:
Plant-based Meat Source Outlook (Revenue, USD Million, 2017 - 2028)
Plant-based Meat Product Outlook (Revenue, USD Million, 2017 - 2028)
Nuggets, Tenders & Cutlets
Plant-based Meat Type Outlook (Revenue, USD Million, 2017 - 2028)
Plant-based Meat End-user Outlook (Revenue, USD Million, 2017 - 2028)
Plant-based Meat Storage Outlook (Revenue, USD Million, 2017 - 2028)
Refrigerated Plant-based Meat
Frozen Plant-based Meat
Shelf-stable Plant-based Meat
Plant-based Meat Regional Outlook (Revenue, USD Million, 2017 - 2028)
Australia & New Zealand
Central & South America
Middle East & Africa
List of Key Players of Plant-based Meat Market
Impossible Foods Inc.
Maple Leaf Foods (Field Roast & Maple Leaf)
Conagra, Inc. (Gardein Protein International)
Kellogg NA Co. (MorningStar Farms)
Amy's Kitchen, Inc.
Gold&Green Foods Ltd.
VBites Foods Limited
Kraft Foods, Inc.
Lightlife Foods, Inc.
Yves Veggie Cuisine (The Hain-Celestial Canada, ULC)
Marlow Foods Ltd. (Cauldron)
Eat JUST Inc.
No Evil Foods
DR. PRAEGER'S SENSIBLE FOODS
Check out more studies related to plant-based and vegan foods, conducted by Grand View Research:
Plant Based Protein Supplements Market – The global plant based protein supplements market size is expected to reach USD 10.32 billion by 2028. It is expected to expand at a CAGR of 8.6% from 2020 to 2028.
Vegan Yogurt Market – The global vegan yogurt market size is expected to reach USD 6.5 billion by 2027. It is projected to grow at a CAGR of 18.9% from 2020 to 2027.
Vegan Dessert Market – The global vegan dessert market size is expected to reach USD 5.97 billion by 2027. It is projected to grow at a CAGR of 10.1% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.