According to Arizton Advisory and Intelligence, a producer of market research reports, the global plant-based meat market size is expected to grow at a CAGR of over 18% during the period 2019−2025. The report discusses the African Swine Fever disruption, the growth of pea protein, and the increased demand for environmentally-friendly meat replacements.
Key points in the report include:
- Asia is expected to become one of the most lucrative markets for plant-based pork and accounted for over 15% of the market where the African Swine Fever has disrupted the pork supply.
- In North America, the plant-based chicken, followed by plant-based fish, is expected to witness the fastest growth with a CAGR of over 20% during the forecast period.
- While soy-based protein accounted for the largest share in the European market in 2019, pea protein is expected to witness the fastest growth and to grow at a CAGR of over 18%.
- Currently, soy is the most common protein source used in plant-based meat production. However, pea-based protein is increasingly becoming the key ingredient and may generate incremental revenue of over $1 billion by 2025.
- The shift towards environmental sustainability, health awareness, and veganism is driving the market for plant-based meat alternatives.
Gen Z Demand Expected to Boost the Refrigerated Meat(free) Market
- While wheat has been a traditional protein source in plant-based meat, the demand has been declining considerably due to the growing incidence of gluten allergies and the rising consumer demand for gluten-free products.
- Increased efforts to enhance consumer awareness of the environmental impact of beef consumption is driving consumers to opt for sustainable substitutes. Though still a niche market, plant-based beef is expected to continue to drive market growth in the future. Meat-free beef has enormous growth opportunities, with increased penetration and demand.
- As meat consumption is decreasing, the demand for an alternative product among non-vegan consumers is increasing. The positioning of vegan meat in the chilled meat department is expected to witness significant growth in demand. Moreover, Gen Z and millennial consumers are particularly perceiving chilled foods as more premium and fresher than frozen food.
The Clean Label Movement Has Grown From Fad to Mainstream
As the demand for vegan food rises at a precedented rate, the demand for clean labeled food products is also increasing substantially. With veganism often associated with healthy, wholesome, and natural products, consumers are not only eating plant-based products but also seeking whole foods that are free from artificial ingredients and additives. Naturally-vegan foods such as fruits and vegetables, nuts, grains, and oil, fall under the category of clean-label products. However, some processed vegan options contain additives and ingredients that consumers seek to avoid. Accordingly, several large and small brands are addressing the growing desire by reformulating recipes while ensuring that the ingredients are preferred by consumers while also functioning well in the finished product.
The US is the Largest Vegan Meat Market Globally
With the changing consumption patterns, emerging flexitarian and vegan diets, rising environmental concerns, and growing demand for better-for-you products, North America is driving the plant-based meat market with the US being the largest market in the world. And due to the rising awareness of the benefits and government initiatives, the plant-based protein market is also expected to witness rapid growth in Canada.
Key players
- Beyond Meat
- Morningstar Farms
- Gardein
- Field Roast
- Turtle Island Food
- Impossible Foods
- Pure Farmland
- Sweet Earth
- Happy Little Plants
- Good Catch
- Tyson Foods
- Hungry Planet
- Next Level Burger
- Abbot’s Butcher
- Atlantic Natural Foods
- Don Lee Farms
- Dr. Prager’s Sensible Foods
- No Evil Foods
- Ocean Hugger Foods
- Sophie’s Kitchen
- VBites Food Limited
