Plant-based meat, also known as meat analogues, vegan meat, mock meat, or meat substitutes refers to meat alternatives made from plants including vegetables, grains, and legumes. The alternatives look and taste similar to meat and are suitable for flexitarians and vegetarians. The products contain protein and other essential nutrients but do not contain cholesterol or animal fat. They are an environmentally sustainable option as their production requires less water and emits fewer greenhouse gases as compared to conventional meat production.
The global Plant Based Meat Market is estimated to be valued at US$ 7.2 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The growing health consciousness among consumers worldwide provides an opportunity for growth of the plant based meat market. With increasing obesity levels and associated health issues, consumers are adopting healthier lifestyle choices and cutting back on animal meat consumption. Plant based meats are viewed as a nutritious alternative to conventional meat as they contain protein but have less fat and no cholesterol. Their growth in popularity can be attributed to evolving tastes of health-conscious millennial consumers who are driving demand for more plant-based options. Porter's Analysis Threat of new entrants: Low capital requirement for startups pose moderate threat of new entrants. However, established brands have strong brand recognition and supply chain advantages. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, health and environmental benefits are driving more consumers towards plant-based meat. Bargaining power of suppliers: Suppliers of key raw materials like soy and pea proteins have moderate bargaining power due to availability of alternative suppliers. Suppliers of customized plant-based meat ingredients have higher bargaining power. Threat of new substitutes: Threat from new substitutes is high as animal-based meat companies are developing their own plant-based meat options. Competitive rivalry: Intense competition between established brands Impossible Foods, Beyond Meat and newer entrants like Maple Leaf Foods. Competition on taste, nutrition, product innovation and pricing. SWOT Analysis Strengths: Growing health and environmentally conscious consumer base. Development of plant-based meat with similar taste and texture to animal meat. Weaknesses: Higher cost than animal meat, limited product range, consumer perception issues in some markets. Opportunities: Growing flexitarian/vegetarian population, expansion in foodservice channels, developing markets potential. Threats: Pushback from meat industry, overdependence on key ingredients, stringent regulations. Key Takeaways The global Plant-Based Meat Market Share is estimated to be valued at US$ 7.2 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030. The global plant-based meat market is expected to witness high growth over the forecast period led by North America and Europe. In North America, the U.S. accounts for the largest share owing to rising veganism and flexitarianism. Key players like Beyond Meat and Impossible Foods have strengthened distribution in the U.S. retail and foodservice sectors which is driving growth. Europe is also a major market for plant-based meat led by countries like Germany, UK and France where health and sustainable eating is priority. Established brands are expanding their product ranges to include alternative protein burgers, sausages, chicken and seafood to capture diverse consumer demand. Key players operating in the plant-based meat market are Beyond Meat, Impossible Foods, Maple Leaf Foods, The Vegetarian Butcher, V2food, Garden Protein International, Morningstar Farms. Beyond Meat and Impossible Foods are leading innovation with product ranges mimicking texture and taste of animal meat very closely. Smaller companies are also launching customized plant-based meat ingredients for food brands. The market is expected to further consolidation as large meat and CPG companies invest in startups. For more insights, read- https://www.newsstatix.com/plant-based-meat-market-trends-size-and-share-analysis/
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