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Plant Based Meat Market Size is Projected to Reach USD 15.8 Billion by 2028, Growing at a CAGR of 15%: Facts & Factors
Plant Based Meat are items that are created using vegetables or plants only and do not comprise any raw material from animals. These products are an important part of the vegan culture which can be observed across the globe. A large section of society is looking for purely plant based options when it comes to eating habits owing to the increasing side effects shown by animal-based dairy products. Dairy products, in general, have been losing popularity since they have been claimed to impact human health in the long run, for instance, women suffering from Polycystic ovary syndrome or severe acne problems are recommended to stay away from animal-based dairy products as it leads to reinforcement of the medical condition due to added hormonal changes. This has given rise to the demand for healthier substitutes like coconut milk, soy milk, hemp seeds, and dairy-free yogurt, to name a few. These products come with their own set of benefits like lower calorie count, lesser fat content, reduced sugar levels, and higher protein compositions, helping the global market cap gain more popularity.
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The global plant based meat market is projected to grow owing to the rising concerns over debates about the potential ill-impact of meat consumption for a long time. These discussions, even though currently not completely established, have led to an increased hesitation amongst consumers and many people are now preferring plant based food items over animal-based products. As per a study published on the National Library of Medicine website, some cohort studies in the United States (US) and European markets have concluded that long-term red meat consumption, especially processed products, is associated with an increased risk of cardiovascular diseases (CVDs), higher mortality rate, type 2 diabetes, and colorectal cancer in women and men. Some of the diseases are fatal and do not have a concrete treatment plan resulting in more people choosing the healthier option.
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The global market growth trend may be negatively influenced due to the growing concerns about the right labels that should be used for plant based meat. For instance, many states and regulatory bodies have asked organic meat producers to remove the word 'meat' during advertisements as the product does not qualify as a meat product. Many meat processing companies have managed to win legal battles against the use of the label 'meat' as it is termed a misleading marketing campaign.
The global market cap size may benefit from the rising number of plant based meat producers. Even though the substitute has been in point of discussion for many decades, only recently it has received the necessary spotlight resulting in an increase in the number of companies willing to invest in the global market. Alongside, there are multiple other ways like mergers & acquisitions, collaborations, and joint ventures through which the players are expanding their foothold which will subsequently provide more growth opportunities
There have been some reported instances of animal testing being a part of the process through which plant based meat is created. This directly contradicts the claim of plant based products that they are free of animal cruelty thus challenging the authenticity of the products and subsequently the global market growth. Many companies like Chipotle, have refused to use plant based meat since these products are extremely highly processed food items rendering them not as beneficial as they are claimed to be.
Based on product, the global market is divided into patties, burgers, and sausages with over 29% of the global market segment being led by the sale of burgers, in 2021. Based on source, the global market is segmented into pea, soy, and wheat. Meat products derived from soy accounted for more than 48% of the global market in the last year.
Based on type, the global market segments as beef, pork, and chicken with 34% of the market, in 2021, dominated by the chicken segment. Based on storage, the global market is divided into frozen, refrigerated, and shelf stable. Frozen items witnessed the highest sale in the last year and shared around 56.65% of the global market revenue.
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The global plant based meat market is anticipated to be led by North America because of the high awareness rate amongst the population about the presence of such options. The products are relatively higher priced and the per capita income of the people in countries like the US and Canada allows them to spend on such products. The regional revenue may also be attributed to a large number of producers in the market allowing for various options to be made available to the consumers to choose from. This also helps to maintain the supply & demand balance resulting in the prices being under control.
Europe is projected to grow significantly because of growing efforts undertaken by entities promoting sustainable food and clothing consumption, to educate the masses about the benefits of opting for plant-based meat instead of animal meat, which is not just restricted to the health of the consumer but to the environment as well. As per a recent study by smart protein, meat consumption in the EU was down by 46%.
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