Global Plant Based Meat Market – Overview:
Alternative meats are gaining traction in the consumer circles owing to a number of reasons. Often soy or gluten-based, these are as rich in protein as meant based variants. It is pertinent to note here that while in a number of Asian countries, these have been part of the staple diet, particularly in those countries that are have predominantly vegetarian communities.
As per Transparency Market Research, new opportunities of growth will emerge in the global plant based meat market over the forecast period. This will be an outcome of a steady compound annual growth rate that the market is set to chart, taking the market worth up significantly.
Reasons that support growth in this market over the forecast period are delineated below. These keep the market on an upward curve.
- Increase in takers of veganism is happening at a rapid rate, even in countries that are traditionally meat-eating. Harmful impact on the environment created by the meat industry by its practices, coupled with celebrity endorsements and benefits of a vegan diet catching up is leading to this dietary preference.
- Countries that have seen a massive increase in the switch to this diet are United States of America and the United Kingdom with 6% and 1.16% of the population identifying themselves as vegans respectively. This leads to a huge demand for plant based meats in the market.
- Growth of spirituality is another factor heavily influencing the plant based meat market. And, it is significant to note here that people who take the vegan route for any reason and also do physically strenuous work demand a higher amount of protein, driving demand for plant based protein up, and propelling growth in the market over the forecast period.
Plant Based Meat Market: Introduction:
A food made from non-meats or sometimes without any other animal products such as dairy products which act as a meat substitute or meat alternative but has same amount of protein content is called plant based meat product. Many plant based meat products are soy based or gluten based products. Plant based meat products are currently processed through two basic methodology i.e either by thermoplastic extrusion or fiber spinning. Thermoplastic extrusion is most commonly used methodology to produce plant based meat products. It is considered to be cost effective method of accommodating large scale productions. On the other side, fiber spinning increases the cost of production which eliminates the advantage of creating an inexpensive plant based meat products.
Plant Based Meat Market: Segmentation:
Plant Based Meat market can be segmented on the basis of source, product type, end user and distribution channel.
On the basis of source, plant based meat product can be segmented into soy based, gluten based and mycoprotein. Among these sources, soy based and gluten based sources are being anticipated to have higher volume share due to its increasing popularity among its consumers.
On the basis of product type, plant based meat products can be segmented into tofu, tempeh, seitan, mushrooms, quorn and other food products which accounts to minimum share compared to above mentioned products. Among these products, Tofu has been considered as one of the preferred plant based meat dish since it is made from soybeans and high in protein and calcium. Moreover it has been a staple food for Asian cuisine for ages. Owing to these factors, dollar share for Tofu would be at the higher end as compared to other plant based meat products especially in Asia-Pacific region.
On the basis of end users, plant based meat market can be segmented into households, food industry and HoReCA. Among these end users, plant based meat products are largely consumed by the household and HoReCa sectors due to its easy availability at lesser cost. Hence the volume sales has been anticipated to be high in these sectors.
On the basis of distribution, plant based meat product can be segmented into direct and indirect. The indirect segment for plant based meat product can be further sub segmented into Modern Stores, Convenience Stores, Specialty Stores, Food Stores and E-Retailers. Since Modern Stores and Convenience stores facilitates an easy accessibility platform for the consumers to buy the product. The dollar share is higher for these two sectors as compared to other sectors. Moreover global internet penetration rate has been increasing every year at a higher rate. The number of internet users is expected to surge in the coming years. Owing to these factors, many manufacturers, producers have been going online to promote its product and services. Hence distribution through E-Retailers is expected to grow at a significant rate.
Plant Based Meat Market: Regional Outlook:
Regional segment for the plant based meat market is divided into five different regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific region has been anticipated to have higher share in terms of volume and value sales due to the increasing popularity of plant based meat products among the consumers. Moreover, Tofu and Tempeh have been considered to be the staple food in the Asian regions especially in China, Japan and Korea. MEA and North America regions are considered to be the emerging market for plant based meat products due to consumer’s shift in diet from meat consumption to vegan or vegetarian products.
Plant Based Meat Market: Demand Drivers:
Consumers in the modern age are now being health conscious and are being more considerate on food intake. There is an increasing health awareness among the consumers about meat adulteration when it comes to meat consumption. As a result consumers are now gradually shifting their diet to vegetarian or organic products. And there are many health benefits associated with vegan products. These factors can help drive the demand for plant based meat products among its consumers.
Plant Based Meat Market: Key Players:
Some of the key players for Plant Based Meat Market are as follows: Impossible Foods Inc., Beyond Meat, Parabel USA Inc, Archer Daniels Midland Company, E. I. du Pont de Nemours and Company, Garden Protein International, Inc., Amy’s Kitchen Inc., Morningstar Farms LLC and Quorn Foods, Inc.