Plant-based Meat Market Trends, Segments Analysis and Growth Forecast till 2027
The global plant-based meat market size is projected to reach USD xx billion by 2027 expanding at a CAGR of xx%, according to a new report by Grand View Research, Inc. Growing adoption of vegan lifestyle and diet among health-conscious consumers, especially in developed economies are expected to drive the market growth over the forecast period. Growing concerns regarding animal welfare and Greenhouse Gas (GHG) emission created by the distinguished practices of the meat industry, together with celebrity endorsements of vegan/vegetarian diets are projected to augment the demand for plant-based meat products. The plant-based meat is predominantly consumed in the Hotel/Restaurant/Café (HORECA) sector.
Key companies in the industry are collaborating with fast-food joints and restaurant chains to promote the adoption of their products. For instance, fast-food joints, such as Burger King, MacDonald’s, and Subway, are launching new vegan meat products to capitalize on the industry dominated by health-conscious customers. Plant-based meat burgers are likely to exhibit steady growth over the coming years on account of rising consumer concerns regarding conventional meat products in the wake of the coronavirus pandemic. These types of burgers have low gluten and fat contents, which make them a highly favored product among health-conscious individuals.
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Plant-based Meat Market Report Highlights
- The plant-based meat sausages product segment is projected to register the fastest CAGR of 20.5% over the forecast period
- Rising preference for plant-based diets and increased sales of sausages through retail channels are anticipated to spur the segment growth
- Soy-based products accounted for the largest market share of more than 48% in 2019 on account of high demand due to their protein-rich contents
- The rising popularity of the vegan diet, particularly in European countries, has pushed the demand for plant-based meat products in the region
- In June 2020, Starbucks, in collaboration with Impossible Foods Inc., introduced the Impossible Breakfast Sandwich, which is made with plant-based sausage, to its menu in most of its locations in the U.S. It was launched as the Starbucks’ sustainability initiatives to meet the rising consumer demand for plant-based meat options
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Grand View Research has segmented the global plant-based meat market on the basis of source, product, type, end-user, storage, and region