Plant Based Meat Products market Pin-Point Analysis for Changing Competitive Dynamics


Plant Based Meat Products market Pin-Point Analysis for Changing Competitive Dynamics

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Plant-based meat products are manufactured from plants to feel, taste, and appear like real meat. Plant-based meat products are healthier than regular meat as they're lower in saturated fat and calories. Plant-based meats products come in the form of nuggets, sausages, patties, meatballs. Plant-based meat products are made from vital wheat gluten or seitan, soy and tofu, pea protein, potato starch, coconut oil, beans lentils, nuts seeds, and vegetables.

The Plant based meat products market is projected to reach US$ 14,527.55 million by 2028 from US$ 5,354.72 million in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028. Plant-based meat products are made using plant proteins such as soy protein, pea protein, and wheat protein. Soy protein is more affordable than other plant proteins, and it provides ideal texture to the products, which is similar to conventional animal meat products. Patties, nuggets, sausages, and meatballs are among the common plant-based meat products available in the market. Consumers are highly inclined toward plant-based or vegan-friendly products owing to increased health concerns and rising awareness regarding animal welfare. Plant-based products are generally perceived as healthier than conventional ones.

Based on type, the plant based meat products market is segmented into patties, nuggets, meatballs, sausages, and others. The patties segment held the largest share in the plant based meat products market in 2020, whereas the others segment is projected to register the fastest CAGR during the forecast period. Owing to the huge popularity of burgers among millennials, there is a high demand for burger patties across the world. However, with rising concerns related to the inhumane treatment given to the livestock animals at slaughterhouses, consumers are reducing animal meat consumption and switching toward plant-based meat burger patties.

As the rising importance of environmental sustainability has increased among the population. Over the past few years, awareness regarding environmental sustainability among people has increased significantly. Climate change has affected the earth's natural ecosystems and possesses a significant threat to the present and future generations' well-being. Global population growth and urbanization are the primary causes of natural resource depletion, including water, fossil fuels, and land, among others, contributing to global warming. Due to the rising global population, the demand for food is also increasing. People are heavily reliant on animal sources to meet their nutritional requirements. This factor exerts high pressure on the livestock industry. The livestock industry is one of the major contributors to anthropogenic greenhouse gas emissions.

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A few players operating in the global plant-based meat products market are Beyond Meat; Conagra Brands, Inc.; Kellogg’s Company; Tofurky; Field Roast; Before the Butcher; VBites Foods Inc.; Hilary’s – Drink Eat Well, LLC.; Quorn; and Impossible Foods Inc. among few others.

Further, animal agriculture consumes enormous amounts of water. According to the Water Footprint Network, 1 kilogram of vegetables requires only 322 liters of water, whereas 1 kilogram of beef requires 15,415 liters of water. All these factors have significantly raised the sustainability concerns among consumers leading to which they are shifting toward plant-based alternatives. The consumption of plant-based meat products helps to minimize carbon footprints, save water and other natural resources, and reduce the overall environmental impacts. Thus, the growing importance of environmental sustainability is expected to significantly drive the development of the plant-based meat products market over the forecast period.

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