The Worldwide Plant-based Meat Industry is Expected to Reach $12+ Billion by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Plant-based Meat Market By Source, By Type, By Product, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Plant-based Meat Market size is expected to reach $12.32 billion by 2027, rising at a market growth of 18.3% CAGR during the forecast period.

Key Market Players

• Beyond Meat, Inc.
• Impossible Foods, Inc.
• Maple leaf foods, Inc.
• Quorn Foods (Monde Nissin Corporation)
• Omni Foods (Green Monday Holdings)
• Amy's Kitchen, Inc.
• Kellogg Company (Kellogg NA Co.)
• Conagra Brands, Inc.
• The Hain Celestial Group, Inc. (Yves Veggie Cuisine)
• VBites Foods Ltd.

Plant-based meat is a type of meat made from non-animal products like dairy items and acts as an alternative to meat. This kind of meat offers a similar kind of nutrient composition to the original meat option for the people who do not want to consume meat or meat-based products. A significant portion of plant-based meat products is made from soy or gluten-based products.

These plant-based meat products are processed via two simple methodologies viz. thermoplastic extrusion and fiber spinning. Thermoplastic extrusion is the most common methodology adopted by the manufacturers to process plant-based meat products, which is a cost-effective method of fulfilling large-scale productions. The fiber spinning method adds to the cost of production that contradicts the idea of making a low-cost plant-based meat product.

The availability of a broad range of plant-based meat products like chicken, beef, pork, and seafood is contributing to the high popularity of these products among consumers across the globe. Further, the increasing number of product innovation and merchandising strategies within the plant-based meat market is anticipated to spur the growth of the market.

The increasing cases of numerous diseases like diabetes, obesity, and others is expected to surge the demand for low calorie and high-protein content food products and thus, accelerate the growth of the plant-based meat market over the forecast period.

Market Growth Factors:

Growing awareness about the health benefits of plant-based meat products

The rising trend of plant-based products is motivating customers to consume more fruits, legumes, vegetables, nuts, and seeds. In addition, there are several health advantages offered by these plant-based products, which is attracting more consumers towards it. Several studies suggested that high consumption of animal-based meat can lead to diet-related diseases like heart disease, type-2 diabetes, obesity, and cancers. However, the consumption of plant-based products does not cause any such disease, which makes it a popular and healthier option for people.

Positive marketing strategies by several market players

Several market players are increasingly investing in marketing their products along with creating awareness among customers about plant-based meat products. The target customers for these companies are vegetarians, health-conscious consumers, flexitarians, and vegans. It is important for companies to adopt the right strategy to reach out to maximum customers, which can turn up more sales and revenue for the company.

Market Restraining Factor:

The huge price associated with the plant-based meat products

One of the key factors hampering the demand for plant-based meat products is their high price. These products are not economical for consumers of all income groups, which can restrict its demand across the world and thus, is expected to hinder the growth of the plant-based meat market during the forecast period. Additionally, companies are trying hard to introduce low-priced plant-based meat products, which can strengthen their market position.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview

2.1 Introduction

2.1.1 Overview

2.1.1.1 Market Composition and Scenario

2.2 Key Factors Impacting the Market

2.2.1 Market Drivers

2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global

3.1 Cardinal Matrix

3.2 Recent Industry Wide Strategic Developments

3.2.1 Partnerships, Collaborations and Agreements

3.2.2 Product Launches and Product Expansions

3.2.3 Acquisition and Mergers

3.2.4 Geographical Expansions

3.3 Top Winning Strategies

3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)

3.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2017, Dec - 2021, Oct) Leading Players

Chapter 4. Global Plant-based Meat Market by Source

Chapter 5. Global Plant-based Meat Market by Type

Chapter 6. Global Plant-based Meat Market by Product

Chapter 7. Global Plant-based Meat Market by Region

Chapter 8. Company Profiles

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