According to a new report conducted by Verified Market Research, the plant-based meat market is expected to over double between now and 2030.
The Global Plant-based Meat Market report found that in 2021 the global plant-based meat market was valued at $4.62 billion, which grew to just over $5 billion by the end of 2022. The report predicts that the market will continue to grow at a rapid rate and reach a value of $14.17 billion by 2030. This would mark a compound annual growth rate (CAGR) of 13% from 2022 to 2030.
“The global plant-based meat market has experienced remarkable growth in recent years, driven by a rising demand for sustainable and environmentally friendly alternatives to natural meats”, states the report. “Plant-based meat products, crafted from carefully selected plant-based ingredients, closely mimic the taste, texture, and appearance of conventional meats. This emerging trend encourages consumers to adopt healthier diets, emphasizing the consumption of fruits, vegetables, nuts, and seeds.”
Moreover, “heightened awareness of the health benefits linked to plant-based products has fueled the demand for these meat substitutes.”
The study states that “Nutritional benefits and safety features are key factors contributing to the surging popularity of plant-based meat products.”
The industry’s top companies, according to the report, include:
- Beyond Meat (United States)
- Impossible Foods Inc. (United States)
- Maple Leaf Foods (Canada)
- The Vegetarian Butcher (Netherlands)
- Gardein Protein International (Canada)
- Morningstar Farms (United States)
- Quorn Foods (United States)
- Amy’s Kitchen (United States)
- Tofurky (United States)
- Gold&Green Foods Ltd. (Finland)
“These key players have been at the forefront of innovation and have carved a significant market share for themselves”, states the report. “Their diverse range of plant-based meat offerings, combined with strategic marketing efforts, has placed them at the top of the industry’s ranking.”
Looking ahead, “the plant-based meat market is poised for further growth as consumers continue to prioritize health and sustainability. Despite the challenges posed by the COVID-19 pandemic, efforts to improve cost-effectiveness and enhance distribution channels are underway to bolster market expansion.”
The study says that “In conclusion, the plant-based meat industry is experiencing a revolution driven by increasing health consciousness and environmental awareness. As the market continues to grow, key development strategies, market share, and market ranking analysis will be essential for players seeking to maintain their competitive edge and cater to the evolving demands of consumers worldwide.”
