NEW YORK, March 30, 2022 /PRNewswire/ — The World vegetable meat market the size should reach $24.03 billion in 2030 and register a revenue CAGR of 18.7% over the forecast period, according to the latest Reports and Data report. Rising awareness of the nutritional benefits of plant-based meat, as well as increased consumption of soy-based meat due to its meat-like texture and flavor are some of the key factors that are expected to boost market revenue growth over the forecast period. Plant-based meat is increasingly popular as part of a vegan diet. Veganism is gaining popularity with consumers for health and environmental reasons. This trend is expected to support the revenue growth of the vegetable meat market.
The plant meat market is expected to grow as more and more people become aware of the health benefits of plant meat over animal meat. Plant-based foods have a number of health benefits that people have come to realize recently. Obesity, heart disease, type 2 diabetes and cancer have all been linked to excessive consumption of animal meat. However, the consumption of plant-based meat does not lead to such diseases. In addition, these meat substitutes contribute to the development of better immunity.
The introduction of multiple awareness programs by various animal welfare organizations, such as PETA, aimed at eliminating the slaughter of animals for meat consumption, is also driving the demand for the products. Additionally, in response to changing consumer tastes and preferences, several manufacturers are introducing vegan meat products with improved flavor, shelf life, texture, and nutritional value. Additionally, a number of well-known food companies are making strategic deals with a number of vegan meat start-ups to expand their product portfolios, resulting in premiumization of products. The growing acceptance of these meat substitutes in a variety of cuisines, such as Thai, Chinese, and Italian cuisine, is expected to continue driving the revenue growth of the global plant-based meat market over the forecast period. .
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Some highlights of the report
- The peas segment is expected to register a faster revenue growth rate during the forecast period. Consumers with a soy allergy can use meat made from peas as a substitute. The non-allergenicity of pea protein, as well as its amino acid profile, are attractive features. It has a reputation for being a clean label ingredient, in addition to being gluten-free, soy-free and lactose-free. Pea protein also helps build muscle, is easy to digest, helps improve heart health, and is a good source of iron.
- The sausage segment is expected to register a rapid growth rate over the forecast period. Plant-based sausages are designed to look, smell, sizzle and satisfy similarly to pork sausage. Increasing investment by companies to bring new tastes to their plant-based sausages, such as mild Italian, hot Italian, and spinach pesto, is expected to drive the segment’s revenue growth.
- The HoReCa segment is expected to grow at a rapid rate in the global plant-based meat market during the forecast period. As the popularity of the vegan and flexitarian diet grows, fast food chains, restaurants and casual dining venues are allocating a section of their menu entirely to “meatless” options, which is expected to fuel the segment’s growth.
- market in Europe is expected to register a significantly rapid revenue CAGR in the global plant-based meat market over the forecast period, owing to a positive consumer attitude towards vegetarian and vegan meat products.
- Companies profiled in the market report are Impossible Foods Inc., Conagra Inc., Kellogg NA Co., Amy’s Kitchen Inc., Gold&Green Foods Ltd., VBites Foods Ltd., Lightlife Foods Inc., BeyondMeat, Tofurky, and Trader Joe’s.
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For the purposes of this report, Reports and Data has segmented the global plant-based meat market on the basis of source type, product type, storage type, end-use, and region:
- Source Type Outlook (Revenue, USD Billion; 2019-2030)
- Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Nuggets, fillets and cutlets
- Storage Type Outlook (Revenue, USD Billion; 2019-2030)
- Long shelf life
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Food industry
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- Regional Outlook (Revenue, USD Billion; 2019-2030)
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of MEA
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