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Zion Market Research has published a new report titled “Plant Based Meat Market by Product Type (Tofu, Tempeh, Seitan, RTC/RTE, and Natto), by Source (Soy, Wheat, Mycoprotein, and Others), by End-Use (Retail and Industrial), and by Distribution Channel (Business-to-Business and Business-to-Consumer): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global plant based meat market was valued at approximately USD 11.92 billion in 2018 and is expected to generate around USD 21.23 billion by 2025, at a CAGR of around 8.6% between 2019 and 2025.Fake meat has evolved into a popular trend on menu card at large. Plant-based meat is anything that mimics traditional meat but is made entirely using plant ingredients. It is mainly consumed by vegetarians and vegans. Despite the rising awareness of inefficiencies associated with the livestock production and other harmful effects of animal agriculture at the industrial-scale, the world is likely to consume more meat per capita this year than ever before. This is a major factor boosting the plant based meat market globally. The growing concerns regarding the environmental impact and sustainability of the meat industry are the major growth driver of the global plant based meat market. The growing concerns regarding the sustainability of livestock production, meat availability, and change in food preferences have led to many people opting for meat substitutes. This has immensely benefitted the plant based meat market globally. However, high production cost and difficult product availability may restrain the plant based meat market globally. Considering the change in food preferences and growing advancements made in the food industry, numerous opportunities for market growth are expected in the future.
On the basis of product type, the market is segmented into tofu, seitan, RTC/RTE, tempeh, and natto. Tofu is one of the most favored plant-based meat ingredients, as it is made directly from soybeans and is high in protein and calcium along with being a staple food of the Asian cuisine. By source, the market is divided into mycoprotein, soy, wheat, and others. Soy-based and gluten-based sources are expected to hold higher market shares in the future, owing to their increasing popularity among the consumers. Based on end-user, the market is bifurcated into retail and industrial. The distribution channel segment comprises of business-to-business and business-to-consumer (convenience stores, traditional stores, food & drink specialty stores, modern groceries, and online retail).
By region, Asia Pacific is expected to hold a major share of the global plant based meat market in the future, owing to the growing preference for plant based substitutes, such as tofu and tempeh across various Asian countries like China and India. North America held a significant share of the global plant based meat market in 2018.
Some major players of the global plant based meat market are E. I. du Pont de Nemours and Company, Morningstar Farms LLC, Beyond Meat, Archer Daniels Midland Company, Amy’s Kitchen Inc., Garden Protein International Inc., Quorn Foods, Inc., Parabel USA Inc., and Impossible Foods Inc., among others.
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This report segments the global plant based meat market into:
Global Plant Based Meat Market: Product Type Analysis
Tofu
Tempeh
Seitan
RTC/RTE
Natto
Global Plant Based Meat Market: Source Analysis
Soy
Wheat
Mycoprotein
Others
Global Plant Based Meat Market: End-Use Analysis
Retail
Industrial
Global Plant Based Meat Market: Distribution Channel Analysis
Business-to-Business
Business-to-Consumer
Modern Groceries
Convenience Stores
Food and Drink Specialty Stores
Traditional Stores
Online Retail
Global Plant Based Meat Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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