Global Plant-Based Meat Market Sees a Positive Response with Young Demographic Remains Keen on Making Dietary Changes

November 2021

The global plant-based meat market is a relatively new market but has an incredible potential to generate revenue as veganism becomes a highly adopted trend. Fairfield Market Research indicates that the demand for plant-based meat is primarily driven by non-vegetarians changing their food habits. The need to satisfy the craving for meat with vegetarian food through feel and texture is expected to underpin the growth of this market in the coming five years. Veganism and vegetarianism are collectively expected to make a significant contribution towards the steady consumption of plant-based meat products.

According to Fairfield Market Research, the global plant-based meat market is expected to be worth US$13,035.6 Mn by 2026, registering a whopping CAGR of 18.9% between the forecast years of 2021 and 2026.

Key Insights into Global Plant-Based Meat Market:

• Chicken is the fastest-growing meat type segment and is expected to continue to register the robust CAGR of 22.1% in terms of value between 2021 and 2026.

• By source, the soy segment is estimated to account for the largest value share, however, the pea segment is expected to register a double-digit growth of 24.5% over the forecast period.

• By sales channel, the specialty stores segment is estimated to account for the highest value share in 2021. The segment is also expected to reflect favourable growth registering a value CAGR of 19.6% between 2021 and 2026.

• In 2021, North America is estimated to reflect the largest value share of 40.2% and is expected to register the relatively highest CAGR of 24.7% over the forecast period.

• Increased penetration for good-for-you product and rising concern for animal welfare among consumers is expected to fuel the market growth.

Retail Spaces Accommodate Plant-Based Meat Products to Entice Consumers

The Plant-Based Foods Association states that in 2020 sale of plant-based food was up by 27% 2020 in the retail space. Food manufacturers are also making their presence felt by adding more to retail space across big and small stores. The emergence of e-retail stores is also projected to make a positive impact on the global plant-based meat market as its convenience has been exceptionally appealing to consumers during the COVID-19 lockdown. For instance, in September 2021, Nature’s Basket, India, added plant-based meat products across its 25 stores.

Europe to Global Plant-Based Meat Market by a Margin

Geographically, Europe is likely to lead the global plant-based meat market by a margin as UK emerges as the clear leader with a growing vegan population. A tilt towards vegetarianism is also expected to fuel the consumption of plant-based meat products in the region. Big retailers such as Walmart and TESCO and Walmart are making the way for plant-based meat products with dedicated retail sections.

The market in Europe is also being driven by a rise in the millennial population that is consciously making a lifestyle change by making dietary changes. North America too is expected to show an interest in the market as social media campaigns around vegetarian diets continue to influence end users.

Some of the key players operating in the global plant-based meat market are Beyond Meat, Inc, Impossible Foods Inc, Conagra, Inc., OmniFoods, Kellogg's Company, VBites Food Limited, Maple Leaf Foods Inc, Sunfed, JBS SA, and Hormel Foods Corporation.