Covina, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Prophecy Market Insights forecasts that the global market for plant based meat size and share will grow from US$ 8.8 Billion in 2024 to US$ 31.7 Billion by 2034, driven by a compound annual growth rate (CAGR) of 15.1% throughout the forecast period.
Plant Based Meat Market Report Overview
Plant Based Meat is a rapidly growing segment within the global food industry offering a sustainable and ethical alternative to traditional animal meat. Made from plant-derived ingredients like soy, peas, and wheat, plant-based meat is designed to mimic the taste, texture, and nutritional profile of conventional meat products.
These products cater to a diverse range of consumers, including vegetarians, vegans, flexitarians, and those looking to reduce their meat consumption due to health, environmental, or animal welfare concerns. With the rising awareness of the environmental impact of meat production, including greenhouse gas emissions and resource consumption, plant-based meat has gained significant traction as a more sustainable food choice.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Plant Based Meat Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Impossible Foods Inc.
- Beyond Meat
- Parabel USA Inc
- Archer Daniels Midland Company
- E. I. du Pont de Nemours and Company
- Garden Protein International Inc.
- Amy’s Kitchen Inc.
- Morningstar Farms LLC
- Quorn Foods, Inc.
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Analyst View:
The target market has evolved from niche products to mainstream offerings available in various formats, such as burgers, sausages, nuggets, and even seafood alternatives. Innovations in food technology have enabled the development of plant-based meat products that closely replicate the sensory experience of eating animal meat, making them appealing to a broader consumer base.
Market Dynamics:
Drivers:
Increasing Health Awareness
- Concerns about the negative health effects of consuming large amounts of meat, such as obesity, cardiovascular disease and some types of cancer are prompting an increasing number of consumers to look for better alternatives to conventional meat.
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Market Trends:
Technological Advancements in Food Science
- Food technology has made great strides that have helped the industry by enabling the creation of plant-based meat substitutes that taste, feel and look very similar to animal meat.
Segmentation:
Plant Based Meat Market is segmented based on Source, Product, End-Users, Distribution, and Region.
Source Insights
- Soy-based is anticipated to boost the growth for target market as soy is rich in essential amino acids, making it a complete protein source, which is crucial for replicating the nutritional profile of animal-based meats.
Product Insights
- Tofu is anticipated to boost the growth for target market as Tofu is rich in protein, low in calories, and contains essential amino acids, making it a nutritious alternative to meat.
End-Users Insights
- Food industry is anticipated to boost the growth for target market as the food industry is a major driver of the plant-based meat market due to its extensive use of these products in a variety of applications.
Distribution Insights
- Direct is anticipated to boost the growth for target market as this direct interaction helps in building strong customer relationships and brand loyalty, which is crucial for the growth and success of plant-based meat products.
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Recent Development:
- In August 2024, Nestlé launched Maggi Rindecarne, a plant-based meat alternative designed to extend meals, in Chile. Customers can cook a dish that combines plant-based and meat proteins with the soy-spice mixture, tripling the quantity of servings at a reasonable cost. When Maggi Rindecarne is combined with minced beef, the dish's nutritional content is maintained without sacrificing flavor. It is also adaptable and customizable, and it may be used to make any top dish using minced beef.
Regional Insights
- North America: This region has a well-established infrastructure for plant-based meat products, including a wide range of offerings from major brands and innovative startups. The market is characterized by a high level of consumer acceptance and the availability of plant-based meat products in mainstream grocery stores, restaurants, and food service establishments
- Asia Pacific: The rise of plant-based meat products is also supported by increasing investments from local and international companies, which are expanding product offerings and improving market access.
Browse Detail Report on "Plant Based Meat Market Size, Share, By Source (Soy Based, Gluten Based and Mycoprotein), By Product (Tofu, Tempeh, Seitan, Mushrooms, Quorn and Other), By End-Users (Households, Food Industry and Horeca), By Distribution (Direct, and Indirect), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Global-Plant-Based-Meat-Market-4580
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