Plant-based Meat Market Size to Hit USD 54.8 Billion by 2035 | Exclusive Report by Roots Analysis

The environmental and animal safety-related advantages offered by plant-based meat products have captured the attention of industry stakeholders. Currently, the majority of companies are engaged in advancing the development of effective methods and technology for plant-based meat production.

This involves increased research efforts towards the deployment of novel technologies including 3D-bioprinting, electrospinning and extrusion technology to enhance the texture and taste of the plant-based meat products. These advancements offer a lucrative opportunity for stakeholders to further innovate and provide consumers with better alternatives to conventional meat products.

Further, rising environmental concerns due to conventionally produced meat is a key driver in strengthening the global market. This coupled with the increased government support for enhanced plant-based meat production with better quality standards are some of the key drivers anticipated to boost the plant-based meat market growth.

By source of protein, soy segment is anticipated to capture the largest share of the plant-based meat market

The large share of this market is mainly attributed to the growing popularity of nutritional and other health-related benefits offered by the soy-based meat products. Further, pea-based meat products are anticipated to grow at a higher CAGR, owing to their better taste and are considered to offer digestive benefits, as compared to the conventional meats.

By type of meat substituted, chicken is anticipated to capture the largest share of the plant-based meat market

The share of plant-based chicken products is high as they are considered as an affordable and efficient type of meat substituted among the consumers. Additionally, owing to its properties such as product consistency and adaptability, it has emerged as the most preferred source of meat. 

By type of end product, burger patties segment is anticipated to capture the largest share of the plant-based meat market

The large share of this market is mainly attributed to the fact that plant-based burgers come in a wide variety of flavors and styles, with ingredients ranging from beans and lentils. It is worth highlighting that the meatballs segment is poised for the highest growth rate. This can be attributed to the fact that plant-based meatballs have comparable taste, flavor and texture as that of conventional meatballs, thus providing an affordable and high-quality option for vegans and vegetarians.

By mode of storage, frozen meat is anticipated to capture the largest share of the plant-based meat market

Given the longer shelf life compared to other modes of storage, frozen meat products are expected to grow substantially during the forecast period. However, this trend is likely to change in the foreseen future considering the growing demand for more affordable shelf-stable meat products.

By type of distribution channel, hotels and restaurants are anticipated to capture the largest share of the plant-based meat market

The large share of this market is mainly due to the fact that the stakeholders in plant-based meat domain are operating in a business-to-business model, by actively seeking collaborations with restaurants and famous chefs in order to make plant-based meat products available to a wide range of consumers. Further, in the future, the plant-based meat market for e-commerce is likely to grow at a relatively faster pace, in the foreseen future, owing to its easy accessibility and affordability.

Key players in the global market:

This report features many key players, including some of the top companies in the plant-based meat market, such as Beyond Meat, Impossible Foods, Nestlé, and Kellogg among with other players such as ADF Foods, Amy's Kitchen, Century Pacific Food, Conagra Brands, Continental Coffee, Ecotone, Everbest Soya Bean Products, Green Monday, Hilcona, ITC, JBS, Kikka Sushi, Linda McCartney (Acquired by Hain Celestial), Maple Leaf Foods, Nongshim Taekyung, OMG Meat, Quorn Foods, Rügenwälder Mühle, Symingtons, Tata Consumer Products, Tesco, Tyson Foods, Vion Food, and yumeat.

Plant-based Meat Market – Regional Analysis

North America region is expected to dominate the plant-based meat market. In recent years, expedited regulatory approval timelines, technical advancements and expansions related to plant-based meat has been witnessed in developed countries, such as the US. This indicates that North America plays a significant role in the global plant-based meat market and underscores the need for companies to focus on this region in order to capitalize the growing demand for plant-based meat products.

Asia-Pacific is a fastest growing region for the plant-based meat market, with countries like China, India, Australia and rest of the Asia-Pacific playing a central role. Further, it is anticipated that the market in Asia-Pacific is likely to grow at a considerable rate owing to the growing demand for meat in this region.

Plant-based Meat Market – Key Segments

by Source of Protein

§  Soy

§  Wheat

§  Pea

§  Others

by Type of Meat Substituted

§  Chicken

§  Beef

§  Pork

§  Seafood

§  Others

by Type of End Product

§  Burger Patties

§  Sausages

§  Strips and Nuggets

§  Minced Meat

§  Meatballs

§  Others

by Mode of Storage

§  Frozen

§  Refrigerated

§  Shelf-stable

by Type of Distribution Channel

§  Hotels and Restaurants

§  Retail Stores

§  E-Commerce

by Geographical Regions

§  North America

§  Europe

§  Asia-Pacific

§  Middle East and North Africa

§  Latin America

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