Plant Based Meat Alternative Market

Plant Based Meat Alternative Market to be Worth US$ 19.8 Billion by 2030

 

Reports and Insights has published a new report titled, “Plant Based Meat Alternative Market: Opportunity Analysis and Future Assessment 2022-2030

Plant Based Meat Alternative Market, By Ingredients (Proteins (Soy Protein, Pea Protein, Wheat Gluten, Legume proteins, Rapeseed, sunflower and other seed proteins, Others), Binders and Texturizing Agents (Xanthan Gum, Carrageenan, Methylcellulose), Locust Bean Gum, Calcium Alginate, Others, Fat, Oil and Oil Substitutes, Flavor and Coloring Agents), By Alternative (Beef Alternative, Chicken Alternative, Pork Alternative, Seafood Alternative, Egg Alternative), By End Products (Tofu, Burgers, Sausages, Patties, Nuggets, Tenders & Cutlets, Grounds, Steaks, Chicken Like Blocks, Others), By Technology (Extrusion, Shearing, Spinning, Freeze Alignment), By Storage (Refrigerated, Frozen, Shelf-stable) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.

The plant-based meat alternative market is estimated to reach at a value of US$ 7.4 Bn by the end of 2022 and expected to reach at a value of US$ 19.8 Bn by 2030 with a significant CAGR of 13.2%.

The latest era of plant-based meat alternatives is significantly more and greater than just a simple veggie burger. The vegan alternatives of meat and plant-based meat replacements, which was once a niche market has now become mainstream and flourishing exponentially to the theme of a multibillion-dollar global market.

One of the primary factors that is majorly boosting the demand of plant-based meat alternatives is soaring awareness about the harmful impact ranched meat and meat products leaves on the environment along with the increased animal welfare among people which is inclining them more and more towards vegan diets. Owing to which, the plant-based meat alternative market is projected to rise significantly in the following years.

In addition to that, the recent evidence from large prospective US and European cohort studies suggests that the long-term consumption of increased amounts of red meat and specifically of processed meat is associated with an increased risk of various cardiovascular diseases, colorectal cancer, type 2 diabetes and total mortality, in both men and women. Such factors are further encouraging people to shift towards vegetarian or vegan diets which are much healthier as it includes no antibiotics, no cholesterol, and less saturated fats, resultantly propelling the demand of plant-based meat alternatives across the markets. Thus, the plant-based meat alternatives market is estimated to witness major breakthroughs over the forecast period.

Moreover, the plant-based meat contains much healthier ingredients as it offers the same texture, flavor and taste as farmed meat products. For instance, soy as an ingredient comprises all the standard (nine) amino acids, which are crucial for the development of the human body. Its potential to improve the solubility, water absorption, viscosity, emulsification, anti-oxidation, and texture of the ultimate product is further anticipated to accelerate the demand for soy in plant-based meat products over the forthcoming future. Thus, the plant-based meat alternative market is projected to grow substantially over the coming years.

Reports and Insights Study identifies some of the key participating players in the plant based meat alternative market globally are Impossible Foods, Kraft Heinz, Conagra Brands, Inc., Beyond Meat, Eat Just, Inc., Maple Leaf Foods, The Vegetarian Butcher, Gardein Protein International, Morningstar Farms, Quorn Foods, Amy’s Kitchen, Tofurky, Gold&Green Foods Ltd., Sunfed, VBites Food Limited, Alpha Foods, Planterra Foods, Before the Butcher, No Evil Foods, Like Meat, The Meatless Farm Co., Hooray Foods, Yves Veggie Cuisine, among others.

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