Plant-based Meat Market Worth $27.9 Billion by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, May 23, 2019 /PRNewswire/ -- According to the new market research report "Plant-based Meat Market by Source (Soy, Wheat, Pea, Quinoa, Oats, Beans, Nuts), Product (Burger Patties, Sausages, Strips & Nuggets, Meatballs), Type (Pork, Beef, Chicken, Fish), Process, and Region - Global Forecast to 2025", published by MarketsandMarkets, the Plant-Based Meat Market is estimated at USD 12.1 billion in 2019 and is projected to grow at a CAGR of 15.0% from 2019 to 2025, to reach USD 27.9 billion by 2025. The growing health concerns regarding the consumption of animal protein has urged consumers to opt for alternative protein sources, boosting the sales of plant-based meat products. The plant-based meat market has been gaining attention from business giants such as Bill Gates. Major food companies such as Tyson Foods (US) and Cargill, Incorporated (US) are investing in start-ups offering plant-based meat products. These factors are expected to open new opportunities for the growth of the global plant-based meat market in the coming years.
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The pea segment is projected to be the fastest-growing in the plant-based meat market during the forecast period.
Pea protein is gaining popularity among plant-based meat manufacturers at a global level owing to its high protein content, and health benefits offered such as reduced cholesterol and lower blood pressure. Leading players in the global plant-based meat industry are now shifting their interest toward pea and have also started developing pea-based meat products such as patties, sausages, and slides, which have a high protein value. For instance, in May 2019, Lightlife (US), an alternative protein company, launched a pea-based meat burger to replace beef burgers. In addition to this, Good Catch Foods' fish-free tuna and the UK-based Nomad Foods' Green Cuisine line (that includes meatless burgers, sausages, and Swedish meatballs) also include pea as one of the key ingredients.
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The burger patties segment is projected to record the fastest growth during the forecast period.
Burger patties are one of the most popular plant-based meat products available in the market. Impossible Foods (US) and Beyond Meat (US) are the two leading market players that are offering burger patties. These companies are backed by a robust distribution network, which enables them to cater to the demand for burger patties across the US. The expansion of distribution channels of these key players and the rising sales of burgers are projected to drive the global plant-based meat market. Impossible Foods (US) has a widespread presence in the US market, with its products being distributed in over 4000 locations in the country. Apart from this, Beyond Meat (US), in 2018, formed a partnership with PHW Group (Germany) for the distribution of its plant-based burgers in Europe.