Plant-Based Meat Market Outlook
Continuous Increase in Number of Vegan Population is to Accelerate Global Plant-based Meat Market
Global plant-based meat market is expected to register double digit growth during the forecast period. The market is expected to reach beyond US$13 Bn by 2026 end, growing at a CAGR of 18.9% over the forecast period. Constantly evolving trend for vegan diet coupled with increased concern for animal welfare is boosting the overall market demand. Since past few years the world has seen a significant rise in the number of vegan populations. For instance, according to the vegan statistics, more than 39% of the U.S. population are adding vegan food options to their diet. From 2014 to 2018 the number of vegans in the U.S. grew by 600% that is from 4 million 20 million. While in the U.K., vegan diet followers increased to 350% in 2016 as compared to the past 10 years, there is also a significant demand for gluten-free food due to rise in prevalence of celiac disease. It has been observed that in the U.K. every (one) person in a 100 are suffering with celiac disease, altogether 13% of country’s population need to avoid gluten consumption. Plant-based meat are mostly composed of gluten-free ingredients and some of the manufacturers such as Sunfed, Meatless Farm etc are also marketing their product with gluten-free label. Altogether vegan and gluten-free property will fuel the growth of plant-based meat market over the forecast period.
Rising Penetration of Plant-based Trend in Retail, and Foodservice to Boost Plant-based Meat Market
Since past few years the space for plant-based meat products on retail shelves has increased dramatically. According to Plant-Based Foods Association retail sales of plant-based food grew at 27% in 2020. Manufacturers are also increasing their footprint in retail industry by making their product available in different stores. This is likely to favour the growth of plant-based meat market.
For instance,
Furthermore, foodservice providers are also taking keen interest in adding new plant-based food items to their menu. They are focusing on introducing new dishes for their consumers. Such frequent new launches on the retail markets is also expected to support the growth of plant-based meat market.
For instance,
Product Taste and Texture Key Areas of Concern Facing Plant-based Meat Market
For all the food and beverage items, taste and flavor is the key ingredient. Flavors suiting the taste buds boost the demand of the product and vice versa. The plant-based meat market is no exception. It is difficult to formulate the product that mimic the taste and texture of conventional meat. In order to obtain good quality plant-based meat products from alternative ingredient it is necessary to adopt balanced formulations and adequate technological processes. In addition, many consumers also seek to avoid more than just meat while making their purchase decision. They also look for products free from egg, and soy. Thus, inappropriate taste and texture along with critical formulation process may restrain the growth of plant-based meat market over the forecast period.
Pea Protein Gains Stronger Traction in Plant-based Meat Market
Fairfield Market Research indicates that pea protein segment is estimated to register highest value CAGR in plant-based meat market during the forecast period. The segment is expected to gain an incremental dollar opportunity US$3,7 Bn by 2026. Pea protein is considered to be more versatile and supports to maintain clean-label product profile while fulfilling consumer demand for protein. It is also highly soluble and is allergen-free. These factors are collectively expected to fuel the growth of this segment in plant-based meat market over the forecast period.
Europe to Hold the Largest Value Share in Plant-based Meat Market, Followed by North America
Europe is estimated to hold largest value share on the pie. The UK is expected to lead the European plant-based meat market as the country has significant number of vegan populations along and the number of plant-based meat manufacturers. Several retailers such as TESCO, and Walmart have dedicated a section for plant-based meat products. In addition, the region also has a millennial population that are willing to pay more for health products. These factors are collectively driving the plant-based meat market in the region. Moreover, North America is expected to exhibit highest CAGR over the forecast period. Increased consumer health concern, coupled with constant rise in product launches is expected drive plant-based meat market forward in the region.
Global Plant-based Meat Market: Key Players
Some of the key players being studied in the global plant-based meat market report are Conagra, Inc., Impossible Foods Inc, Beyond Meat, Inc, OmniFoods, Kellogg's Company, Maple Leaf Foods Inc, VBites Food Limited, Sunfed, JBS SA, and Hormel Foods Corporation.
The Global Plant-Based Meat Market is Segmented as Below:
By Source Coverage
By Meat Type Coverage
By Sales Channel Coverage
By Geographical Coverage
Leading Companies
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Global Plant-Based Meat Market Outlook, 2018 - 2026
4. North America Plant-Based Meat Market Outlook, 2018 - 2026
5. Europe Plant-Based Meat Market Outlook, 2018 - 2026
6. Asia Pacific Plant-Based Meat Market Outlook, 2018 - 2026
7. Latin America Plant-Based Meat Market Outlook, 2018 - 2026
8. Middle East & Africa Plant-Based Meat Market Outlook, 2018 - 2026
9. Competitive Landscape
10. Appendix
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1. Executive Summary
1.1. Global Plant-Based Meat Market Snapshot
1.2. Future Projections
1.3. Market Trends
2. Market Overview
2.1. Market Definitions
2.2. Market Taxonomy
2.3. Market Dynamics
2.3.1. Drivers
2.3.2. Restraints
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.6. Macroeconomic Factors
2.7. Key Developments
3. Global Plant-Based Meat Market Outlook, 2018 - 2026
3.1. Global Plant-Based Meat Market Outlook, by Source, Value (US$ Mn), 2018 - 2026
3.1.1. Key Highlights
3.1.1.1. Soy
3.1.1.2. Wheat
3.1.1.3. Pea
3.1.1.4. Others
3.1.2. BPS Analysis/Market Attractiveness Analysis
3.2. Global Plant-Based Meat Market Outlook, by Meat Type, Value (US$ Mn), 2018 - 2026
3.2.1. Key Highlights
3.2.1.1. Beef
3.2.1.2. Chicken
3.2.1.3. Pork
3.2.1.4. Fish
3.2.2. BPS Analysis/Market Attractiveness Analysis
3.3. Global Plant-Based Meat Market Outlook, by Sales Channel, Value (US$ Mn), 2018 - 2026
3.3.1. Key Highlights
3.3.1.1. Supermarket/ Hypermarket
3.3.1.2. Convenience Stores
3.3.1.3. Online
3.3.1.4. Specialty Stores
3.3.2. BPS Analysis/Market Attractiveness Analysis
3.4. Global Plant-Based Meat Market Outlook, by Region, Value (US$ Mn), 2018 - 2026
3.4.1. Key Highlights
3.4.1.1. North America
3.4.1.2. Europe
3.4.1.3. Asia Pacific
3.4.1.4. Latin America
3.4.1.5. Middle East & Africa
3.4.2. BPS Analysis/Market Attractiveness Analysis
4. North America Plant-Based Meat Market Outlook, 2018 - 2026
4.1. North America Plant-Based Meat Market Outlook, by Source, Value (US$ Mn), 2018 - 2026
4.1.1. Key Highlights
4.1.1.1. Soy
4.1.1.2. Wheat
4.1.1.3. Pea
4.1.1.4. Others
4.1.2. BPS Analysis/Market Attractiveness Analysis
4.2. North America Plant-Based Meat Market Outlook, by Meat Type, Value (US$ Mn), 2018 - 2026
4.2.1. Key Highlights
4.2.1.1. Beef
4.2.1.2. Chicken
4.2.1.3. Pork
4.2.1.4. Fish
4.2.2. BPS Analysis/Market Attractiveness Analysis
4.3. North America Plant-Based Meat Market Outlook, by Sales Channel, Value (US$ Mn), 2018 - 2026
4.3.1. Key Highlights
4.3.1.1. Supermarket/ Hypermarket
4.3.1.2. Convenience Stores
4.3.1.3. Online
4.3.1.4. Specialty Stores
4.3.2. BPS Analysis/Market Attractiveness Analysis
4.4. North America Plant-Based Meat Market Outlook, by Country, Value (US$ Mn), 2018 - 2026
4.4.1. Key Highlights
4.4.1.1. U.S. Plant-Based Meat Market by Value (US$ MN), 2018 - 2026
4.4.1.2. Canada Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
4.4.2. BPS Analysis/Market Attractiveness Analysis
5. Europe Plant-Based Meat Market Outlook, 2018 - 2026
5.1. Europe Plant-Based Meat Market Outlook, by Source, Value (US$ Mn), 2018 - 2026
5.1.1. Key Highlights
5.1.1.1. Soy
5.1.1.2. Wheat
5.1.1.3. Pea
5.1.1.4. Others
5.1.2. BPS Analysis/Market Attractiveness Analysis
5.2. Europe Plant-Based Meat Market Outlook, by Meat Type, Value (US$ Mn), 2018 - 2026
5.2.1. Key Highlights
5.2.1.1. Beef
5.2.1.2. Chicken
5.2.1.3. Pork
5.2.1.4. Fish
5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Plant-Based Meat Market Outlook, by Sales Channel, Value (US$ MN), 2018 - 2026
5.3.1. Key Highlights
5.3.1.1. Supermarket/ Hypermarket
5.3.1.2. Convenience Stores
5.3.1.3. Online
5.3.1.4. Specialty Stores
5.3.2. BPS Analysis/Market Attractiveness Analysis
5.4. Europe Plant-Based Meat Market Outlook, by Country, (US$ Mn), 2018 - 2026
5.4.1. Key Highlights
5.4.1.1. Germany Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
5.4.1.2. France Plant-Based Meat Market by Product, Value (US$ Mn), 2018 - 2026
5.4.1.3. U.K. Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
5.4.1.4. Italy Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
5.4.1.5. Spain Plant-Based Meat Market by Product, Value (US$ Mn), 2018 - 2026
5.4.1.6. Russia Plant-Based Meat Market by Product, Value (US$ Mn), 2018 - 2026
5.4.1.7. Rest of Europe Plant-Based Meat Market Value (US$ Mn), 2018 - 2026
5.4.2. BPS Analysis/Market Attractiveness Analysis
6. Asia Pacific Plant-Based Meat Market Outlook, 2018 - 2026
6.1. Asia Pacific Plant-Based Meat Market Outlook, by Source Value (US$ Mn), 2018 - 2026
6.1.1. Key Highlights
6.1.1.1. Soy
6.1.1.2. Wheat
6.1.1.3. Pea
6.1.1.4. Others
6.1.2. BPS Analysis/Market Attractiveness Analysis
6.2. Asia Pacific Plant-Based Meat Market Outlook, by Meat Type, Value (US$ Mn), 2018 - 2026
6.2.1. Key Highlights
6.2.1.1. Beef
6.2.1.2. Chicken
6.2.1.3. Pork
6.2.1.4. Fish
6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Plant-Based Meat Market Outlook, by Sales Channel, Value (US$ Mn), 2018 - 2026
6.3.1. Key Highlights
6.3.1.1. Supermarket/ Hypermarket
6.3.1.2. Convenience Stores
6.3.1.3. Online
6.3.1.4. Specialty Stores
6.3.2. BPS Analysis/Market Attractiveness Analysis
6.4. Asia Pacific Plant-Based Meat Market Outlook, by Country, Value (US$ Mn), 2018 - 2026
6.4.1. Key Highlights
6.4.1.1. India Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
6.4.1.2. China Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
6.4.1.3. Japan Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
6.4.1.4. Australia & New Zealand Plant-Based Meat Market Value (US$ Mn), 2018 - 2026
6.4.1.5. Rest of Asia Pacific Market by Value (US$ MN), 2018 - 2026
6.4.2. BPS Analysis/Market Attractiveness Analysis
7. Latin America Plant-Based Meat Market Outlook, 2018 - 2026
7.1. Latin America Plant-Based Meat Market Outlook, by Source, Value (US$ Mn), 2018 - 2026
7.1.1. Key Highlights
7.1.1.1. Soy
7.1.1.2. Wheat
7.1.1.3. Pea
7.1.1.4. Others
7.1.2. BPS Analysis/Market Attractiveness Analysis
7.2. Latin America Plant-Based Meat Market Outlook, by Meat Type, Value (US$ Mn), 2018 - 2026
7.2.1. Key Highlights
7.2.1.1. Beef
7.2.1.2. Chicken
7.2.1.3. Pork
7.2.1.4. Fish
7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Plant-Based Meat Market Outlook, by Sales Channel, Value (US$ MN), 2018 - 2026
7.3.1. Key Highlights
7.3.1.1. Supermarket/ Hypermarket
7.3.1.2. Convenience Stores
7.3.1.3. Online
7.3.1.4. Specialty Stores
7.3.2. BPS Analysis/Market Attractiveness Analysis
7.4. Latin America Plant-Based Meat Market Outlook, by Country, Value (US$ Mn), 2018 - 2026
7.4.1. Key Highlights
7.4.1.1. Brazil Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
7.4.1.2. Mexico Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
7.4.1.3. Rest of Latin America Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
7.4.2. BPS Analysis/Market Attractiveness Analysis
8. Middle East & Africa Plant-Based Meat Market Outlook, 2018 - 2026
8.1. Middle East & Africa Plant-Based Meat Market Outlook, by Source, Value (US$ Mn), 2018 - 2026
8.1.1. Key Highlights
8.1.1.1. Soy
8.1.1.2. Wheat
8.1.1.3. Pea
8.1.1.4. Others
8.1.2. BPS Analysis/Market Attractiveness Analysis
8.2. Middle East & Africa Plant-Based Meat Market Outlook, by Meat Type, Value (US$ Mn), 2018 - 2026
8.2.1. Key Highlights
8.2.1.1. Beef
8.2.1.2. Chicken
8.2.1.3. Pork
8.2.1.4. Fish
8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Plant-Based Meat Market Outlook, by Sales Channel, Value (US$ Mn), 2018 - 2026
8.3.1. Key Highlights
8.3.1.1. Supermarket/ Hypermarket
8.3.1.2. Convenience Stores
8.3.1.3. Online
8.3.1.4. Specialty Stores
8.3.2. BPS Analysis/Market Attractiveness Analysis
8.4. Middle East & Africa Plant-Based Meat Market Outlook, by Country, Value (US$ Mn), 2018 - 2026
8.4.1. Key Highlights
8.4.1.1. GCC Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
8.4.1.2. South Africa Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
8.4.1.3. Rest of Middle East & Africa Plant-Based Meat Market by Value (US$ Mn), 2018 - 2026
8.4.2. BPS Analysis/Market Attractiveness Analysis
9. Competitive Landscape
9.1. Company Market Share Analysis, 2019
9.2. Company Profiles
9.2.1. Beyond Meat, Inc
9.2.1.1. Company Overview
9.2.1.2. Product Offering & its Presence
9.2.1.3. Product Description
9.2.1.4. Regional Presence
9.2.2. Impossible Foods Inc
9.2.2.1. Company Overview
9.2.2.2. Product Offering & its Presence
9.2.2.3. Product Description
9.2.2.4. Regional Presence
9.2.3. Conagra, Inc.
9.2.3.1. Company Overview
9.2.3.2. Business Segment Revenue
9.2.3.3. Product Offering & its Presence
9.2.3.4. Product Description
9.2.3.5. Regional Presence
9.2.4. OmniFoods
9.2.4.1. Company Overview
9.2.4.2. Product Offering & its Presence
9.2.4.3. Product Description
9.2.4.4. Regional Presence
9.2.5. Kellogg's Company
9.2.5.1. Company Overview
9.2.5.2. Business Segment Revenue
9.2.5.3. Product Offering & its Presence
9.2.5.4. Product Description
9.2.5.5. Regional Presence
9.2.6. Maple Leaf Foods Inc
9.2.6.1. Company Overview
9.2.6.2. Business Segment Revenue
9.2.6.3. Product Offering & its Presence
9.2.6.4. Product Description
9.2.6.5. Regional Presence
9.2.7. VBites Food Limited
9.2.7.1. Company Overview
9.2.7.2. Product Offering & its Presence
9.2.7.3. Product Description
9.2.7.4. Regional Presence
9.2.8. Sunfed
9.2.8.1. Company Overview
9.2.8.2. Product Offering & its Presence
9.2.8.3. Product Description
9.2.8.4. Regional Presence
9.2.9. JBS SA
9.2.9.1. Company Overview
9.2.9.2. Business Segment Revenue
9.2.9.3. Product Offering & its Presence
9.2.9.4. Product Description
9.2.9.5. Regional Presence
9.2.10. Hormel Foods Corporation
9.2.10.1. Company Overview
9.2.10.2. Business Segment Revenue
9.2.10.3. Product Offering & its Presence
9.2.10.4. Product Description
9.2.10.5. Regional Presence
10. Appendix
10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations
BASE YEAR |
HISTORICAL DATA |
FORECAST PERIOD |
UNITS |
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2020 |
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2018 - 2020 |
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2021 - 2026 |
Value: US$ Million |
REPORT FEATURES |
DETAILS |
Source Coverage |
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Meat Type Coverage |
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Sales Channel Coverage |
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Geographical Coverage |
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Leading Companies |
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Report Highlights |
Key Developments, Market Estimates and Forecast, Market Dynamics, Porter’s Five Forces Analysis, Key Developments, Industry Trends, Macroeconomic Factors, Competition Landscape, COVID-19 Impact Analysis |
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