DUBLIN--(BUSINESS WIRE)--The "Plant-based Meat Market by Source (Soy, Wheat, Pea, & Other Sources), Product (Burger Patties, Strips & Nuggets, Sausages, Meatballs, & Other Products), Type (Beef, Chicken, Pork, Fish, & Other Types), Process, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The plant-based meat market is estimated to be valued at USD 4.3 billion in 2020 and is projected to reach USD 8.3 billion by 2025, recording a CAGR of 14.0%, in terms of value.
The plant-based meat market is primarily driven by factors such as growing vegan and flexitarian population across the world. North American region is forecasted to grow tremendously owing to factors such as rising investments and consumer demand for vegan and clean-label products in the region. One of the major restraints that is expected to hinder the growth of plant-based meat market is higher price of plant-based meat products as compared to traditional meat products.
"By source, the pea segment is projected to grow at the highest CAGR during the forecast period."
Based on source, the pea segment is expected to be the fastest-growing during the forecast period. This segment is rapidly growing and gaining popularity among plant-based meat manufacturers as it serves as an alternative for consumers with a soy allergy. Pea protein has appealing characteristics such as its lack of allergenicity and its amino acid profile. It is also perceived as clean-label ingredient.
"By product, the burger patties segment is estimated to account for the largest share."
The burger patties segment of the plant-based meat is dominating the market. The plant-based burger patties have been there in the market for a while now. All the major players operating the plant-based meat market are constantly expanding their distribution network in order make the plant-based burger patties available in the market and cater to the rising demand of consumers.
"The North America region is projected to grow at the highest CAGR during the forecast period"
North America is projected to be the fastest-growing market for the period considered for this study, due to the rising flexitarian population in the region, along with the vegan trend gaining momentum which is further contributing to the growth of plant-based meat market in the region. Also, consumers are opting for meatless versions of their traditional cuisines, as they are incorporating plant-based foods in their daily routine diets.
- Growing Vegan and Flexitarian Population Across the World
- Rising Awareness About the Health Benefits Offered by Plant-Based Meat Over Animal Meat
- Growth in Government Initiatives Along with Significant Investments
- Major Food Industry Pioneer Investing in and Introducing Plant-Based Meat Products
- Population Allergic to Plant-Based Meat Sources Such as Soy and Wheat
- Higher Price of Products in Comparison to Traditional Meat
- Alternative Solution to Meet the Growing Demand for Animal Meat Products
- Favorable Marketing and Correct Positioning of Plant-Based Meat
- Perception Regarding the Taste of Plant-Based Meat Products
- Genetically Modified (Gm) Soybeans
COVID-19 Impact on Plant-Based Meat Market
Leading players profiled in this report include the following:
- Beyond Meat (US)
- Impossible Foods Inc. (US)
- Maple Leaf Foods (Canada)
- The Vegetarian Butcher (Netherlands)
- Gardein Protein International (Canada)
- Morningstar Farms (US)
- Quorn Foods (US)
- Amy's Kitchen (US)
- Tofurky (US)
- Gold&Green Foods Ltd. (Finland)
- Sunfed (New Zealand)
- VBites Food Limited (UK)
- Alpha Foods (US)
- Planterra Foods (US)
- Before the Butcher (US)
- No Evil Foods (US)
- Like Meat (Germany)
- The Meatless Farm Co. (England)
- Hooray Foods (US)
- Yves Veggie Cuisine (Canada)
For more information about this report visit https://www.researchandmarkets.com/r/a08a5r