The global plant-based meat market is anticipated to experience a substantial compound annual growth rate (CAGR) of 13.34 per cent from 2022 to 2030, according to the latest report from Verified Market Research (VMR).
The market was valued at US$4.62 billion in 2021 and is expected to reach $14.27 billion by the end of the forecast period.
VRR said that the global plant-based meat market has experienced substantial growth in recent years from the increased demand for sustainable and greener alternatives to traditional meat.
Plant-based meat products are usually crafted from select plant-based ingredients that can closely replicate conventional meat’s taste, texture, and appearance.
This emerging trend, continued the report, encourages consumers to have heightened awareness of the health benefits of plant-based meat products aside from its sustainability aspect.
Nutritional benefits contributing to the popularity of plant-based meat include lower levels of saturated fats, cholesterol, and calories while boasting higher amounts of micronutrients like zinc, iron, and calcium.
However, despite the rapid growth of the plant-based meat market, the industry still faces challenges, such as needing to be more competitively priced than its animal-based counterparts.
The report said industry-leading companies proactively address this issue, aiming to cater to price-sensitive markets in India, China, and South Africa.
Some of the key players driving the plant-based meat market (in no particular order):
- Beyond Meat (United States)
- Impossible Foods Inc. (United States)
- Quorn Foods (United States)
- Amy’s Kitchen (United States)
- Tofurky (United States)
- Maple Leaf Foods (Canada)
- The Vegetarian Butcher (Netherlands)
- Gardein Protein International (Canada)
- Morningstar Farms (United States)
- Gold&Green Foods Ltd. (Finland)
