Global Plant-based Meat Market is expected to foresee significant growth. Asia-Pacific to witness highest growth!

Global Plant-based Meat Market is expected to grow at a CAGR of around 17% during the forecast period 2021-2027. The Plant-based Meat Market generated revenue of ~US$ 12.4 billion in 2020. In a December 2019 survey conducted by the International Food Information Council, 49% of the consumers stated that they had tried a plant alternative to animal meat. Furthermore, as per a survey conducted by one of the top research and consulting firm in 2019, only 12% of plant-based product purchasers described themselves as vegetarians, while 41% said they were omnivores. More than 80% of the purchasers of plant-based UNCUT burgers from Before the Butcher are meat eaters, reports company founder Danny O’Malley. Sales of frozen and refrigerated meat substitutes in major outlets (grocery, drug, mass market, military, and select club and dollar store retailers) increased by more than 19% to nearly US$680.5 million in 2019. 70% of those who never eat meat or have cut back on it citing health as a major reason. In addition, 49% of consumers characterize environmental issues as a major factor, and 41% cite concern about animal welfare.

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Far from seeing its expansion due to coronavirus pandemic, globally plant-based meat industry has witnessed significant gains in the recent months, with many new customers trying plant-based meat products for the first time. As per one of the top market research firm, sales of fresh plant-based meat alternative in the US increased by 2X time every month in 2020. During the Covid-19 pandemic availability of fresh meat was rigorously impacted by the disruptions of supply chains. In addition, employees in the meat-processing plants usually work closely, as a result various facilities became Covid-19 hotspots, while many plants were closed entirely to be safe enough for people to return to work, further limiting the availability of meat products.

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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. Owing to Covid-19 demand for animal sourced food has seen a decline, as Covid-19 is considered as animal origin. Based on product the 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. 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.

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