NEW YORK, Dec. 4, 2023 /PRNewswire/ — The plant-based meat market is forecasted to grow by USD 12.53 billion from 2022 to 2027. However, the growth momentum will accelerate at a CAGR of 26.1% during the forecast period, according to Technavio. Albertsons Co. Inc, Beyond Meat Inc., Conagra Brands Inc., Ecozone, Gathered Foods Corp., Green Monday, Hormel Foods Corp., Impossible Foods Inc., Jensen Meat Co., Kellogg Co, Kerry Group Plc, Kroger Co., Maple Leaf Foods Inc., Monde Nissin Corp., Nestle SA, New Wave Foods, The Kraft Heinz Co., The Tofurky Co. Inc., Tyson Foods Inc., and Unilever PLC. are some of the major market participants. To know about the vendor offerings, request a sample report.
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Plant-based meat market 2023-2027: Scope
The plant-based meat market report also covers the following areas:
Plant-based meat market 2023-2027: Drivers and challenges
The new product launches are notably driving the market growth. Due to the growing health awareness of consumers and environmental concerns, the demand for plant-based meat products is increasing. To meet the growing demand for plant-based meat products, vendors around the world are launching new products. Successful new product launches increase suppliers’ revenue streams and market share. One such new product launch includes two new iterations of its plant-based burger, with one version offering a more meaty experience and the other being a more nutritious version of its burger, by Beyond Meat. Such factors will drive market growth during the forecast period.
However, increasing consumption of animal meat is a major challenge impeding the market growth. Consumption of meat such as pork, beef, and chicken is increasing in several countries such as the United States, China, India, and Russia. In quantitative terms, the US was the largest beef market in 2020. Beef consumption in the US grew significantly between 2019 and 2020. Quantitatively, chicken consumption increased by more than 2% in the United States and 1% in China in 2019-2020. Thus, increasing consumption of animal meat products will negatively affect the growth of the global market during the forecast period.
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Plant-based meat market 2023-2027: Segmentation analysis
- Foodservice System Outlook (USD Million, 2017 – 2027)
- Frozen
- Refrigerated
- Shelf-stable
- Type Outlook (USD Million, 2017 – 2027)
- Plant-based beef
- Plant-based chicken
- Plant-based pork
- Others
- Region Outlook (USD Million, 2017 – 2027)
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Rest of Europe
- APAC
- China
- India
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Chile
- Brazil
- Argentina
Plant-based meat market 2023-2027: Segmentation highlights
- The plant-based meat market share growth by the frozen segment will be significant. Frozen meat products offer nutritional benefits to consumers. Some vendors are also focusing on expanding their presence in the market by opening new production facilities for frozen meat products. Such expansions by vendors offering frozen meat may increase the sales of these products and drive market growth during the forecast period.
- North America is estimated to account for 41% of the growth of the global market during the forecast period. The region is growing owing to its health consciousness and growing concern about the environmental impacts of meat production. The increasing number of new product launches, investments, and the popularity of plant-based meat products among millennials will also drive the growth of the market in North America during the forecast period.
Plant-based meat market 2023-2027: Key Highlights
What are the key data covered in this plant-based meat market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the plant-based meat equipment market between 2023 and 2027
- Precise estimation of the size of the plant-based meat equipment market size and its contribution of the market in focus to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the plant-based meat equipment market industry across APAC, North America, Europe, Middle East and Africa, and South America
- Thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of plant-based meat equipment market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Foodservice System
- market Segmentation by Type
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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SOURCE Technavio
