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Plant-based Meat Market to Reach $33.3 Billion, Globally, by 2031 at 20.5% CAGR: Allied Market Research
Rise in the vegetarian population & flexitarian diet and the ability of plant-based meat products to imitate animal-based meat products drive the growth of the global plant-based meat market. However, compared to animal meat, plant-based meat products may not contain essential omega 3 fatty acids, protein, and other nutrients. Also, some of the plant-based meat products are full of additives and highly processed which reduces their nutritional value. Also, owing to the high sodium content of plant-based meat, it can be harmful to people suffering from hypertension, diabetes, and other health disorders. These aspects are anticipated to restrict the market growth. Moreover, various initiatives by animal welfare organizations such as People for the Ethical Treatment of Animals (PETA), aimed at minimizing excessive killing of animals for meat consumption, is estimated to present new opportunities in the coming years.
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 estimated to maintain its leadership 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 projected to manifest the highest CAGR of 21.5% from 2022 to 2031, as it is high in protein and low in fat and calories, and is a good source of essential minerals such as iron and selenium.
Based on source, the soy segment held the highest market share in 2021, accounting for nearly half of the global plant-based meat market, and is estimated to maintain its leadership status throughout the forecast period. Soy is regarded as nutrition powerhouse and people across the world enjoy soy as fresh vegetable dish. It can be consumed in the form of edamame, soy nuts, soymilk, and others. However, the pea segment is projected to manifest the highest CAGR of 21.4% from 2022 to 2031, due to the rise in demand for gluten-free food products and the growing prevalence of diabetes.
Based on distribution channel, the indirect segment accounted for the largest share in 2021, contributing to nearly four-fifths of the global plant-based meat market, and is projected to maintain its lead position during the forecast period, as through indirect distribution companies can gain significant advantage with increased consumer base. However, the direct segment is expected to portray the largest CAGR of 21.3% from 2022 to 2031. The increase in number of online retailers has fueled the sales of plant-based products through the direct sales channel.
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global plant-based meat market. Growing awareness about animal rights is driving the North America plant-based meat industry demand. However, the European region is expected to dominate the market in 2031 and is also estimated to witness the fastest CAGR of 21.2% from 2022 to 2031, owing to the increase in vegetarian population and declining meat consumption in this region.
The report provides a detailed analysis of these key players of the global plant-based 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 in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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