Plant-Based meat is a food made from soy or gluten which provides same nutritional value as meat. Plant-based meat products are gaining popularity nowadays due to many health and environmental reasons. There are two different methods of processing plant-based meat: thermoplastic extrusion and fiber spinning. Plant-Based meat products are extensively adopted in daily diet, owing to presence of essential nutrients similar to meat products.
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Key players in Global Plant-Based Meat Market
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Key players operating in the global plant-based meat market include, Beyond Meat, Impossible Foods Inc., Parabel USA Inc., Archer Daniels Midland Company, Amy’s Kitchen Inc., Quorn Foods, Inc., Garden Protein International, Inc., and Morningstar Farms LLC.
Market Dynamics
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Increasing health awareness in consumers, meat adulteration, and environmental or ethical concerns are major factors that drive plant-based meat market growth. Consumers are changing their dietary pattern in order to exclude meat protein and include Plant-Based protein. These products help consumer with daily protein supply required for better health. Moreover, plant-based meat helps to reduce the calorie intake by 20%, which helps to reduce weight. The meat substitute reduce risk of heart disease, cancer, lower blood cholesterol, and increasing bone mass. Adulteration and infectious in meat can cause brain disorder, diarrhea, abdominal cramps, muscle pain, and fever. Therefore, increasing prevalence of such diseases associated with meat consumption is projected to boost growth of plant-based meat market over the forecast period.
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Abundance of feedstock worldwide is major factor contributing to growth of the plant-based meat market. According to the Food and Agriculture Organization (FAO), estimated production of cereal in 2017-18 was pegged at 2,650.8 million metric tons worldwide.
Market Outlook
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Among product types, tofu segment accounted for the highest market share in the market in 2017. Tofu, originated in China about 2000 years ago, is efficient source of protein and contains all eight essential amino acids. Notable health benefits of tofu include, low cholesterol levels, maintaining cardiovascular health, preventing osteoporosis and ease menopause symptoms.
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Among end-use industries, household segment held dominant position in the market in 2017 and is expected to retain its dominance over the forecast period. This is owing to high availability and accessibility and less cost of plant-based products.
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Market Taxonomy
On the basis of product type, the global Plant-Based meat market is segmented into:
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Tofu
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Mushroom
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Tempeh
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Quorn
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Seitan
On the basis of source, the global Plant-Based meat market is segmented into:
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Gluten Based
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Soy based
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Mycoprotein
On the basis of distribution channel, the global Plant-Based meat market is segmented into:
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Supermarket
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Hypermarket
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Convenience store
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Online stores
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Others
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