IMARC Group’s latest research report, titled “Plant-Based Meat Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the plant-based meat market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global plant-based meat market size reached US$ 10.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.7 Billion by 2028, exhibiting a growth rate (CAGR) of 25.64% during 2023-2028.
Plant-Based Meat Market Overview:
Plant-based meat refers to substitutes made from plant-based ingredients that mimic traditional animal meat’s taste, texture, and appearance. It offers a more sustainable option with reduced greenhouse gas emissions and land and water use. Health-conscious consumers seek plant-based options that are lower in saturated fat and cholesterol. Plant-based meat provides a viable alternative for individuals seeking to reduce their animal product consumption without compromising taste or nutrition.
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Top Manufacturers in Plant-Based Meat Industry:
- Amy’s Kitchen, Inc.
- Beyond Meat
- Boca Foods Company (Kraft Foods, Inc.)
- Garden Protein International (Conagra Brands, Inc.)
- Impossible Foods, Inc.
- Maple Leaf Foods
- MorningStar Farms (Kellogg Na Co.)
- Quorn Foods
- The Vegetarian Butcher
- Vbites Food Limited
Global Plant-Based Meat Market Trends:
The global market is primarily driven by the increasing concerns about sustainability and environmental impact. In line with this, the rising health and wellness considerations are significantly contributing to the market. Furthermore, the growing availability of nutritious and protein-rich plant-based meat options is attracting health-conscious consumers seeking healthier alternatives. Apart from this, the changing consumer tastes and preferences are positively influencing the market.
Advances in food technology and research have allowed the development of plant-based products that provide a satisfying and familiar meat-eating experience. The improved quality and variety of plant-based meat options have attracted a broader consumer base, including flexitarians, vegetarians, and individuals seeking to reduce their meat consumption. Moreover, the rise of ethical and animal welfare concerns is creating a positive outlook for the market. Additionally, the easy availability and accessibility of plant-based meat products are providing a boost to the market.
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Key Market Segmentation:
Breakup by Product Type:
- Burger Patties
- Sausages
- Nuggets and Strips
- Ground Meat
- Meatballs
- Others
Breakup by Source:
- Soy
- Wheat
- Peas
- Others
Breakup by Meat Type:
- Chicken
- Beef
- Pork
- Others
Breakup by Distribution Channel:
- Restaurants and Catering Industry
- Supermarkets and Hypermarkets
- Convenience and Specialty Stores
- Online Retail
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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