Consumers’ Growing Health And Ethical Awareness Is Driving The Plant-Based Meat Market
Increasing consumer awareness associated with the benefits of vegetarian diets is projected to contribute to the growth of the global plant-based meat market. Vegetarian diets offer various benefits such as low insulin levels, decreased rate of heart diseases, and improved kidney functions. According to an article by Vegconomist- a vegan business magazine- published in July 2019, plant-based meat contains lower levels of cholesterol, saturated fat, and calories, in comparison with animal-based meat. Moreover, rising consumer awareness on animal rights through global welfare organizations such as Animal Aid Unlimited (AAU) and People for the Ethical Treatment of Animals (PETA) will boost the demand for plant-based meat products, which in turn, is predicted to uptake revenues and contribute to the plant-based meat market’s growth over the forecast period.
The global plant-based meat market size is expected to grow from $12.22 billion in 2019 to $12.41 billion in 2020 at an annual growth rate of 1.58%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $17.73 billion in 2023 at an annual rate of 12.62%.
The plant-based meat market consists of sales of plant-based meat and related services. Plant-based meat is prepared from plants and is similar to conventional meat in appearance and taste. It is available in the form of a burger patty, crumbles, nuggets, and sausages. Plant-based meat is produced using ingredients such as wheat gluten, lentils, yuba, tofu, soybeans, and a variety of nuts.
In the plant-based meat market report, the market is segmented by product type into burger patties, sausages, strips, nuggets, meatballs, and others. It is also segmented by source into soy, wheat, pea, and others.
The increasing launch of new innovative products that are made from plant-based meat is a major trend in the plant-based meat market. For instance, in June 2019, the world’s largest meat producer announced the sales of preprotein made nuggets at grocery stores as a part of a new brand, Raised & Rooted, that is engaged in selling blended and plant-based meat products. Moreover, in June 2019, a leader in plant-based meat announced the launch of its new product, Beyond Beef. Beyond Beef is a new plant-based ground meat prepared without GMOs, gluten or soy, designed to deliver meaty texture, juiciness, and the same versatility of traditional beef.