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Plant-based Meat Market Size, Trends, Opportunities, and Leading Players

The global plant-based meat market is estimated to be valued at USD 7.9 billion in 2022. It is projected to reach USD 15.7 billion by 2027, with a CAGR of 14.7%, in terms of value between 2022 and 2027.

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Plant-based Meat Market Size, Trends, Opportunities, and Leading Players

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  1. Plant-based Meat Market Size, Trends, Opportunities, and Leading Players Plant-basedmeatreferstofoodproductsthatresembletraditionalanimalmeatintaste,texture,andappearancebutaremadeentirelyfromplant-basedingredients.Theseproductsaredesignedtomimicthesensoryexperienceofconsumingmeatwithoutusinganimal-derivedingredients.Commonsourcesforplant-based meatincludesoy,wheat,peas,mushrooms,andothervegetables,whichareoftenprocessedandcombinedwithvariousflavouringsandbinderstocreateproductslikeburgers,sausages,nuggets,andmore.Plant-basedmeathasgainedpopularityduetoenvironmental,ethical,andhealthconcernsassociatedwithtraditionalmeatproduction,aswellastheincreasingdemandforvegetarianandveganalternatives. Theglobalplant-basedmeatmarketisestimatedtobevaluedatUSD7.9billionin2022.ItisprojectedtoreachUSD15.7billionby2027,withaCAGRof14.7%,intermsofvaluebetween2022and2027. Plant-basedMeatMarketTrends Herearesomeoftheplant-based meat market trends: IncreasingHealthConsciousness:Withgrowingawarenessaboutthehealthbenefitsofplant-baseddiets,moreconsumersareoptingforplant-basedmeatalternativesastheyseekhealthierproteinsources.Plant-basedmeatsareoftenperceivedaslowerinsaturatedfatsandcholesterolcomparedtotraditionalmeatproducts. EnvironmentalConcerns:Concernsabouttheenvironmentalimpactofconventionalmeatproduction,includingdeforestation,greenhousegasemissions,andwaterusage,haveledconsumerstoexploreplant-basedalternativesasamoresustainableoption.Manyconsumersaremotivatedbythedesiretoreducetheircarbonfootprintandmitigateclimatechange. ExpansionofProductOfferings:Theplant-based meat markethaswitnessedasurgeinproductinnovationandvariety.Companiesareconstantlyintroducingnewplant-basedmeatproducts,rangingfromburgersandsausagestochickennuggetsandseafoodalternatives.Thisexpandedproductrangecaterstodiverseconsumerpreferencesanddietaryrequirements. ImprovedTasteandTexture:Advancementsinfoodtechnologyhaveenabledmanufacturerstodevelopplant-basedmeatproductsthatcloselymimicthetaste,texture,andmouthfeeloftraditionalmeat.Enhancedflavorprofilesandrealistictextureshavehelpedovercomebarrierstoadoptionamongconsumerswhowerepreviouslyskepticalaboutplant-basedalternatives.

  2. RetailandFoodserviceAdoption:Plant-basedmeatproductsareincreasinglyavailableinmainstreamretailoutlets,restaurants,andfast-foodchains.Thegrowingpresenceofplant-basedoptionsonmenusandgrocerystoreshelvesreflectsincreasingconsumerdemandandacceptance.Collaborationbetweenfoodmanufacturersandfoodserviceprovidershasfacilitatedbroaderaccessibilityandvisibilityofplant-basedmeatproducts.RetailandFoodserviceAdoption:Plant-basedmeatproductsareincreasinglyavailableinmainstreamretailoutlets,restaurants,andfast-foodchains.Thegrowingpresenceofplant-basedoptionsonmenusandgrocerystoreshelvesreflectsincreasingconsumerdemandandacceptance.Collaborationbetweenfoodmanufacturersandfoodserviceprovidershasfacilitatedbroaderaccessibilityandvisibilityofplant-basedmeatproducts. CelebrityEndorsementsandMediaCoverage:Endorsementsfromcelebrities,influencers,andprominentfiguresinthehealthandenvironmentaladvocacyspacehavecontributedtothemainstreamacceptanceofplant-baseddietsandproducts.Mediacoveragehighlightingthebenefitsofplant-basedeatingandtheethicalconsiderationssurroundinganimalagriculturehasfurtherfueledconsumerinterestinplant-basedmeatalternatives. InvestmentandIndustryGrowth:Theplant-basedmeatmarkethasattractedsignificantinvestmentfrombothtraditionalfoodcompaniesandventurecapitalfirms.Thisinfluxofcapitalhassupportedtheexpansionofproductioncapacity,researchanddevelopmentinitiatives,andmarketingeffortswithintheplant-based meat industry.Asaresult,themarketisexperiencingrapidgrowthandheightenedcompetitionamongmarketplayers. Plant-basedMeatMarketOpportunities:Increaseinconsumers’ focusonmeatalternatives Variousfoodproductssuchasmeatpattiesandsausagesarebeingreplacedbyplant-based/plant-infusedmeatproducts,consideringthegrowinghealthawarenessamongconsumers,whichisexpectedtodrivedemandforplant-based meatproducts.AccordingtoTheFoodScienceandHealthDatabaseOrganization,in2018,“22millionUKcitizensnowidentifyasbeinga‘flexitarian,’ viewednotasafaddiet,butinstead,apermanentlifestylechoice,notablymostpopularamonghighlyinfluentialmillennials.” Thus,theincreasingveganandflexitarianpopulationisabigopportunityforplant-basedmeatmanufacturersintheindustryduringtheforecastperiod. Thefoodretailsegmentamongdistributionchannelsisestimatedtohavethelargestmarket Basedonthedistributionchannel,thefoodretailsegmentisestimatedtoaccountforthelargestshareoftheplant-basedmeatmarketin2022.Foodretailreferstooperatingretail,supermarkets,hypermarketstores,andotherstoreswherevariousproducts,suchasgroceryitems,vegetables,uncookedmeat,andfrozenproducts,aremadeavailabletoconsumers.Thedistributionchannelisalreadypopularamongconsumersworldwideduetothewideavailabilityofvariousproducts.Therefore,thisdistributionchannelisbeingusedbyestablishedplant-basedmeatcompaniesand

  3. startupstoincreasethepenetrationoftheirproductsinthemarket,makingitthelargestsegmentduringtheforecastperiodintheplant-basedmeatmarket.startupstoincreasethepenetrationoftheirproductsinthemarket,makingitthelargestsegmentduringtheforecastperiodintheplant-basedmeatmarket. MakeanInquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=44922705 NorthAmericaisthefastest-growingregioninplantbasedmeatmarket. NorthAmericaisthefastest-growingregion,withasignificantCAGRintheplant-basedmeatmarket.ForAmericanconsumers,meatisaveryprominentpartoftheirdiets.However,asmanyresearchershighlightedthehealthrisksrelatedtotheconsumptionofredmeat,consumersareincreasinglyshiftingtowardplant-baseddietsastheyareahealthieroptioncomparedtoanimalmeat.Manyconsumersintheregionareadoptingflexitarianlifestylesandincorporatingplant-basedfoodsintotheirdailydiets.Alongwiththis,thetrendofveganismisgainingmomentumintheregion,whichisfurthercontributingtothegrowthoftheplant-basedmeatmarket. TopCompaniesinPlant-basedMeatMarket Herearesomeoftheplant-based meat market shares: BeyondMeat(US) KelloggCompany(US) ImpossibleFoodsInc.(US) MapleLeafFoods(Canada) Unilever(UK) ConagraFoods(US) Tofurky(US) Gold&GreenFoodsLtd(Finland) Sunfed(NewZealand) MondeNissin(Philippines) RequestforSamplePages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=44922705 Plant-basedMeatMarketTargetAudience: • Meatalternativemanufacturersandsuppliers • Technologyproviderstomeatalternativemanufacturers • Processedmeatalternativemanufacturers/suppliers • CommercialResearchandDevelopment(R&D)institutionsandinstitutions • Tradeassociationsandindustrybodies financial

  4. Governmentorganizations,researchorganizations,andconsultingfirmsGovernmentorganizations,researchorganizations,andconsultingfirms • Importersandexportersofmeatsubstitutes • Associations,regulatorybodies,andotherindustry-relatedbodies: • FoodandDrugAdministration(FDA) • EuropeanFoodSafetyAgency(EFSA) • FoodProcessingSuppliersAssociation(FPSA) • FoodStandardsAustraliaNewZealand • EuropeanFoodInformationCouncil(EUFIC) • GoodFoodInstitute(GFI) • Plant-basedFoodAssociation(PBFA) • KeyQuestionsAddressedbythePlant-Based MeatMarket Report: • Whatisplant-basedmeat? • Whatarethemaintypesofplant-basedmeat? • Isplant-basedmeatgood? • Whatisthecurrentsizeoftheglobalplant-basedmeatmarket? • WhicharetheleadingplantbasedmeatmanufacturersintheUSA?

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