Plant Based Meat Market is likely to grow at a steady rate owing to its increased demand for medical issues, healthy lifestyle, and awareness on animal cruelty & health issues. They are made using plant and other plant based supplements to look, smell, feel, taste like meat. They mimic the properties of natural meat and are considered to be meat substitute. Food & Agriculture Organization of the United Nations (FAO) estimates that only 30 plant species comprise 90% of net calorie intake, which provides a large number of plant species to develop new and improved ingredients which should stimulate plant based meat market demand.
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Plant based meat products are specifically made to replicate features of meat such as texture, flavor, and aroma. The primary ingredients of these products are identified and sourced from plants such as soy, potatoes, wheat gluten, tempeh, lentils, tofu, & a variety of nuts, which are processed using high-moisture extrusion with advanced techniques in order to meet exact taste, functional, and textual criteria. It offers ways to satisfy growing demand for meat in a sustainable way and are accessible, cost-competitive, and delicious, which is likely to shift global market to plant based meat market.
Growing demand for healthier, and low fat content food is another reason for subsequent shift towards plant based meat. Better marketing wizardry and technology are fueling sales, new startups like Beyond Meat and Impossible Foods aim to influence carnivores with plant-based products that taste and look like meat. In 2018, global meat alternatives market size was valued at about USD 760 million on account of increased awareness of diseases caused by meat based proteins, which should augment plant based meat market demand.
Growing health consciousness, food intake considerations and meat adulteration concerns among consumers is likely to boost product demand. Various nuggets, strip, sausages, and burgers contain chicken as the primary meat ingredient. Chicken eggs and flesh contain high amounts of animal fats, protein, and cholesterol. The protein content of plant based meat products is comparable to that of natural meats. Many fast food companies including McDonald’s and Burger King are shifting their attention towards plant based meat burgers and other meat alternatives on account of increasing vegan population and consumer’s preference for veg burger over non-veg burger which should foster product demand.
Asia Pacific plant based meat market size led by Japan, India, China and South Korea should witness significant market growth owing to new dietary guidelines set by the Chinese government, to encourage people to reduce their meat consumption by half owing to growing trend of vegetarianism. Growing environmental impact pertaining to the excessive killing of animals for meat production has led to substantial demand for domestic plant based meat market. China currently consumes 40 per cent of the world’s fruit and vegetables, and the regional vegan population is about 50 million in 2018, which should boost product growth.
North America led by Canada, Mexico and U.S. plant based meat market demand is likely to increase substantially owing to rising demand for processed and low cholesterol foods. U.S. plant-based retail market size surpassed USD 4 billion in 2018 and is likely to grow further on account of exponential growth of food trucks, delivery, and takeaway. Global food truck market size is predicted to surpass USD 140 million in the forecasted timeframe owing to their mobility and ethnic cuisine. U.S. plant-based food manufacturers are developing products with profiles that match consumer preferences for a specific dish to encourage consumption thereby driving plant based meat market demand.
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Europe driven by France, Italy, UK, and Germany plant based meat market size may witness moderate growth during forecasted period owing to change in food preferences, adoption of a healthy lifestyle, allergies caused by animal proteins and easy raw material availability when compared to livestock industry. The National Institute of Allergy and Infectious Diseases reveal that 90% of food allergies are caused by meat based products which indicates ample growth opportunities. Vegan burger makers Beyond Meat and Impossible food are expanding production in Europe owing to health-conscious consumers choosing vegan or vegetarian diets, thereby stimulating market growth. Plant based meat is cheaper and easier to mass-produce than traditional meat, which encourage overconsumption, thereby increase obesity and related issues. Moreover, lab-grown meat has negligible fat and bones content which compromise the taste to some consumers and should hamper product demand.