Animals and the Environment are Being Saved by the Market for Plant-based Meat
The market is anticipated to be driven by growing consumer interest in Plant-based diets and increased awareness of animal rights due to numerous welfare groups. As more people choose a vegetarian diet free of animal-based items, plant-based meat is increasingly a staple of the vegan diet. While some customers choose vegetarian ingredients to avoid animal cruelty and to consume sustainable food and beverage products, others are moving toward veganism for ethical and health reasons.
Consumers are becoming more concerned with the welfare and suffering of animals. Particularly in North America and Europe, this has driven the popularity of vegan, vegetarian, and flexitarian diets as well as the adoption of fads like "Meatless Monday." Environmental issues are also becoming more and more important to consumers. A significant source of pollution, animal husbandry may be responsible for up to 51% of all greenhouse gas emissions. Additionally, the business uses a lot of water and pollutes the environment in addition to deforestation.
In addition, pea-based patties may easily replace chicken, beef, or pork-based patties in burgers. a number of qualities, including a high protein content, similarity to meat in terms of texture and consistency, accessibility, and speed of preparation. Pea protein increases heart health, helps with muscular strength, and is simple to digest. Additionally, it contains a lot of iron. Over the course of the projection period, this is anticipated to fuel demand for pea-based patties.
Consumers are becoming more concerned with the welfare and suffering of animals. Particularly in North America and Europe, this has driven the popularity of vegan, vegetarian, and flexitarian diets as well as the adoption of fads like "Meatless Monday." Environmental issues are also becoming more and more important to consumers. A significant source of pollution, animal husbandry may be responsible for up to 51% of all greenhouse gas emissions. Additionally, the business uses a lot of water and pollutes the environment in addition to deforestation.
In addition, pea-based patties may easily replace chicken, beef, or pork-based patties in burgers. a number of qualities, including a high protein content, similarity to meat in terms of texture and consistency, accessibility, and speed of preparation. Pea protein increases heart health, helps with muscular strength, and is simple to digest. Additionally, it contains a lot of iron. Over the course of the projection period, this is anticipated to fuel demand for pea-based patties.
The Market is Greatly Impacted by the Price Range of Plant-based Meat
The cost of plant-based meat is anticipated to achieve parity with traditional animal meat by 2023, according to new figures from non-profit group Good Food Institute (GFI). Since customers are more inclined to test a new Plant-based choice that is not much more expensive than its animal-based counterpart, achieving price parity is essential for widespread acceptance. Consumers identified price as the second-most significant element (after flavour) in buying a plant-based product in a recent study by GFI and consumer research firm Mindlab that examined price as a driver of purchase intent.
Despite more than 45% increase in retail sales for plant-based meat in 2023, the cost of plant-based meat per pound is presently double that of traditional beef, triple that of pork, and four times that of chicken. Closing the price difference would probably encourage more customers to buy items made from plants. Alternative proteins produced by fungus, yeasts, and single-celled algae will be equal to animal proteins by 2025. Last but not least, by 2032, the cost of proteins derived directly from animal cells (often referred to as "cell-based meat" or "cultured meat") would be equal.
Despite more than 45% increase in retail sales for plant-based meat in 2023, the cost of plant-based meat per pound is presently double that of traditional beef, triple that of pork, and four times that of chicken. Closing the price difference would probably encourage more customers to buy items made from plants. Alternative proteins produced by fungus, yeasts, and single-celled algae will be equal to animal proteins by 2025. Last but not least, by 2032, the cost of proteins derived directly from animal cells (often referred to as "cell-based meat" or "cultured meat") would be equal.
Recent Trends in the Plant-based Meat Industry:
- New Plant-based proteins like pea, chickpeas, lentils, fungi, and algae enhance meats.
- Advancements replicate traditional meat's texture and taste, enhancing plant-based meat's authenticity.
- Companies improve plant-based meats' nutrition by adding vitamins, minerals, and lowering sodium.
- Consumers seek clean labels, prompting reduced artificial additives and preservatives in products.
- Sustainability is crucial, emphasizing reduced environmental impact of plant-based meats versus animal meats.
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High Costs and Taste Issues Hamper Plant-based Meat Market Growth Amid Funding Declines and Failures
The plant-based meat market faces challenges due to elevated production costs compared to conventional meat, leading to higher retail prices that may dissuade budget-conscious buyers. Additionally, despite ongoing improvements, these products sometimes fall short in taste and texture compared to traditional meat, potentially limiting appeal among dedicated meat consumers. Furthermore, the plant-based meat market faces significant constraints due to increased operational costs and economic pressures. In 2023, venture capital funding for plant-based meat startups dropped to its lowest since 2018, impacting innovation. High-profile failures, including VBites' administration and Beyond Meat's restructuring, further highlight the market's instability and challenges.
Last year, Plant-based company Impossible Foods announced its second price decrease within a year for their plant-based meat, dropping the suggested retail price to US$9.32 per pound, a 20 percent cut. And rival Beyond Meat has also announced that it hopes to under-price animal protein in at least one category by the end of 2024. In addition, consumers often search for nutritional aspects such as additives, sodium levels, and protein content. Additionally, sourcing high-quality, sustainable ingredients presents both cost and supply chain challenges. Varying international regulations further complicate market entry and compliance. Uncertainty regarding health benefits and environmental claims may also hinder widespread adoption.
Last year, Plant-based company Impossible Foods announced its second price decrease within a year for their plant-based meat, dropping the suggested retail price to US$9.32 per pound, a 20 percent cut. And rival Beyond Meat has also announced that it hopes to under-price animal protein in at least one category by the end of 2024. In addition, consumers often search for nutritional aspects such as additives, sodium levels, and protein content. Additionally, sourcing high-quality, sustainable ingredients presents both cost and supply chain challenges. Varying international regulations further complicate market entry and compliance. Uncertainty regarding health benefits and environmental claims may also hinder widespread adoption.
Health-Focused and Gourmet Plant-based Products Capture Market with Fresh Flavours and Quality
Major industry leaders utilize strategies that focus on launching new products, merging with competitors, and purchasing companies to grow their customer base and enhance their range of products. Beyond Meat unveiled a new plant-based product called Beyond Sun Sausage, which is different from conventional meat, in July 2024. Crafted from spinach, bell peppers, yellow peas, brown rice, red lentils, and faba beans, it offers three unique flavors: Cajun, Pesto, and Pineapple Jalapeño. Each sausage, made with avocado oil, delivers 12g of protein, 1g of saturated fat, and 0mg of cholesterol. This product has earned certifications from the American Heart Association and the American Diabetes Association for its impressive nutritional profile.
Furthermore, in June 2023, Impossible Foods expanded its Plant-based offerings with the launch of the Impossible Indulgent Burger. This new premium patty has a thicker, juicier profile, catering to gourmet tastes and grill enthusiasts. Designed for minimal shrinkage, it competes with traditional beef in flavour and quality. Alongside the Indulgent Burger, Impossible Foods also introduced Beef Lite for health-conscious consumers earlier this year. The company is using a new marketing campaign to broaden its demand, targeting both loyal fans and new flexitarians.
Furthermore, in June 2023, Impossible Foods expanded its Plant-based offerings with the launch of the Impossible Indulgent Burger. This new premium patty has a thicker, juicier profile, catering to gourmet tastes and grill enthusiasts. Designed for minimal shrinkage, it competes with traditional beef in flavour and quality. Alongside the Indulgent Burger, Impossible Foods also introduced Beef Lite for health-conscious consumers earlier this year. The company is using a new marketing campaign to broaden its demand, targeting both loyal fans and new flexitarians.
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Developed Nations are Exploring Plant-based Meats Market
The North America led the market and generated the most money. Rising consumer awareness of the dangers of ingesting tainted meat products and an increase in the usage of meatless meat products are both credited with driving the market growth in this area. As demand for Plant-based foods, particularly plant-based meat, increases, it is projected that consumer perceptions of food sustainability and safety will change even more. The increasing investment by businesses to add fresh and innovation flavours to their Plant-based sausages, such as sweet Italian, spicy Italian, and spinach pesto, is anticipated to drive up product demand. Marlow Foods Ltd., Impossible Foods Inc., and Moving Mountains are a few of the industry leaders in the Plant-based sausage space.
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The report provides a detailed overview of the plant-based meat market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for plant-based meat market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the plant-based meat market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the Plant-based meat market. Some key country and region included in the plant-based meat market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Central America Countries, Caribbean Countries, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Czech Republic, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Singapore, Malaysia, Philippines, Vietnam, Thailand, Bangladesh, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Iraq, Kenya, Rest of MEA |
Plant-based Meat Market Research Report Covers In-depth Analysis on:
- Plant-based meat market detailed segments and segment-wise market breakdown
- Plant-based meat market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in plant-based meat industry)
- Current, historical and forthcoming 10 years market valuation in terms of plant-based meat market size (US$ Mn), volume (Tons), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Plant-based meat market demand analysis
- Plant-based meat market pricing analysis over forecast period (by key segment and by region)
- Plant-based meat market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in plant-based meat market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in plant-based meat market
- Plant-based meat market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on plant-based meat market forecast by countries
- Mergers and acquisitions in plant-based meat market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the primary drivers for the growth of the plant-based meat market?
Key drivers include increasing consumer demand for healthier and sustainable food options, advancements in food technology and rising awareness about animal welfare.
What are the major challenges facing the plant-based meat market?
Challenges include high production costs, taste and texture perceptions compared to traditional meat and regulatory hurdles in different regions.
How does consumer preference affect the plant-based meat market?
Consumer preference for health, environmental sustainability and ethical considerations drives the demand for plant-based meat, influencing market trends and product development.
Which regions are expected to see the highest growth in the plant-based meat market?
North America and Europe are anticipated to experience the highest growth due to strong consumer interest and favorable market conditions.
