Plant-Based Meat Market to Reach $33.3 Billion Globally by 2031 at a CAGR of 20.5%: Allied Market Research
The increase in vegetarian population and flexitarian diet and the ability of plant-based meat products to mimic animal meat products are driving the growth of the global plant-based meat market.
PORTLAND, Oregon., October 25, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Plant-Based Meat Market by Product Type (Tofu, Tempeh, Seitan, Others), By Source (Soybeans, Peas, Wheat, Others), By Distribution Channel ( Indirect, Direct): Global Opportunities Analysis and Industry Forecast 2021-2030”. According to the report, the global plant-based meat industry generated $5.3 billion in 2021, and should generate $33.3 billion by 2031, with a CAGR of 20.5% from 2022 to 2031.
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Main determinants of growth
The increase in vegetarian population and flexitarian diet and the ability of plant-based meat products to mimic animal meat products are driving the growth of the global plant-based meat market. However, compared to animal meat, plant-based meat products may lack essential omega 3 fatty acids, protein, and other nutrients. Additionally, some of the plant-based meat products are full of additives and highly processed, which reduce their nutritional value. Additionally, due to the high sodium content of plant-based meat, it can be harmful for people with hypertension, diabetes, and other health conditions. These aspects are expected to limit the growth of the market. Additionally, various initiatives by animal welfare organizations such as People for the Ethical Treatment of Animals (PETA), aimed at minimizing the excessive slaughter of animals for meat consumption, are expected to present new opportunities in the coming years. come.
- The outbreak of the COVID-19 pandemic has had a positive impact on the food and beverage sector. This in turn has boosted the demand for the global plant-based meat market.
- The rise in veganism has had a huge impact on the adoption of plant-based meat products during the pandemic. The growing popularity of e-commerce platforms and the significant increase in the number of food delivery apps have led to a significant increase in the number of plant-based meat products. Thus, the COVID-19 pandemic has reshaped the plant-based meat market in both developed and emerging markets.
The tempeh segment will maintain its leading status throughout the forecast period
Based on product type, the tempeh segment held the highest market share in 2021, accounting for nearly three-fifths of the global plant-based meat market, and is expected to maintain its leading status throughout. the forecast period. This is because tempeh is rich in essential nutrients such as protein, calcium, iron, vitamins, and other minerals. However, the seitan segment is expected to show the highest CAGR of 21.5% from 2022 to 2031, as it is high in protein and low in fat and calories, and a good source of essential minerals such as iron and selenium.
The soybean segment will maintain its leadership throughout the forecast period
Based on source, the soybean segment held the highest market share in 2021, accounting for almost half of the global plant-based meat market, and is expected to maintain its leading status throughout the forecast period. Soy is considered a nutritional powerhouse and people all over the world enjoy soy as a fresh vegetable dish. It can be consumed in the form of edamame, soy nuts, soymilk and others. However, the pea segment is expected to show the highest CAGR of 21.4% from 2022 to 2031, owing to the increase in demand for gluten-free food products and the rising prevalence of diabetes.
The indirect segment to maintain its leading position during the forecast period
Based on distribution channel, the indirect segment accounted for the largest share in 2021, contributing almost four-fifths of the global plant-based meat market, and is expected to maintain its leading position during the forecast period. , as indirect distribution companies can gain a significant advantage with an increased consumer base. However, the direct segment is expected to show the highest CAGR of 21.3% from 2022 to 2031. The increase in the number of online retailers has fueled the sales of herbal products through the direct sales channel.
Europe to achieve the fastest growth by 2031
Based on the region, North America held the highest market share by revenue in 2021, accounting for nearly two-fifths of the global plant-based meat market. Growing awareness of animal rights North America plant meat industry demand. However, the European region is expected to dominate the market in 2031 and is also expected to experience the fastest CAGR of 21.2% from 2022 to 2031, owing to increasing vegetarian population and decreasing meat consumption in this region.
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Major Market Players:-
- Beyond meat
- Impossible Food Inc.
- Amy’s Kitchen
The report provides a detailed analysis of these key players of the global vegetable meat market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements and others to increase their market share and maintain dominant shares in different regions. The report is valuable for highlighting the business performance, operating segments, product portfolio, and strategic moves of market players to present the competitive scenario.
You want to access statistical data and graphs, strategies of the main players: https://bit.ly/3SztNOv
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