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This report provides a projection and study of the global plant-based meat market. It provides historical data of 2013, along with estimated data for 2018, and forecast data up to 2026 in terms of revenue (US$ Mn) and volume (MT). The report also consists of macroeconomic indicators, along with an outlook on plant-based meats for the global market. It includes the drivers and restraints of the global plant-based meat market, and their impact on each region during the forecast period. The report also comprises the study of ongoing industry trends and opportunities for the plant-based meat market. It also includes supply chain analysis. For providing users with a widespread view of the plant-based meat market, we have included detailed competitive analysis, along with key players in the market, and analysis on the strategies followed by them. The competitive dashboard provides a detailed comparison of plant-based meat manufacturers on the basis of revenue, product offerings, and key strategies. The study encompasses market attractiveness analysis by nature, product type, application, and region.
A detailed study of the plant-based meat market has provided our analysts with the observation of a shift towards the consumption of plant-based meat over the forecast period. The market is primarily driven by a rise in the demand for healthy food products and increasing vegan population across the globe. In 2012, the vegan population accounted for around 25.6% of the global population. Among them, tofu is perceived to be the most similar alternative for meat, and consequently, other soy food products like tempeh are also gaining popularity, due to its texture, chewiness, and sensory attributes. Soy food products like tempeh and tofu also offer an economic benefit, right from the agricultural to the commercial class in countries like China and South East Asia, where it is also produced as a means of earning a livelihood.
The increasing consumption of unhealthy/ comfort food with high cholesterol has given rise to an alarming state of increasing obese population. Developed countries like the U.S., France, the United Kingdom, and others are facing obesity as one of the chronic disorders among human beings. Government bodies in these nations are taking efforts to make amendments in the food industry regarding the nutrition value content in processed vegetable and meat products. Plant-based meat products are identified as promising ingredients in food products to increase protein content without adding cholesterol. Obesity is expected to become epidemic and challenge the public health sector, as it is increasing in most of the population, from infants to adults. Moreover, cardiovascular diseases linked with obesity, such as diabetes, hypertension, and dyslipidemia, further add as a threat to human health.
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Consumers are increasingly shifting their preference towards natural and organic food products, with intense focus on the various health benefits plant-based meat offers. Consumers are inclining towards organically produced goods, and this has been dramatically increasing over the last few decades, owing to health consciousness and increasing awareness. The sales of organic food are expected to continue to show double-digit growth during the forecast period. In fact, the demand for organic food is expanding significantly; consumer demand is exceeding some domestic supplies. According to the Organic Trade Association, in 2016, the U.S. organic food market was valued at US$ 43 Bn, an increase by 8% as compared to the previous year.
According to USDA, the U.S. now spends more than US$ 1 Bn annually to import organic food. Moreover, the ratio of imported to exported products is around 8:1. In the U.S., organic products are now available in around 20,000 natural food stores, and in 3 out of 4 conventional grocery stores.
The report includes the company profiles of key manufacturers of plant-based meats in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. For market sizing of the plant-based meat market, primarily, we determined the region-wise consumption of plant-based food products through various regional government sources. Furthermore, we determined the overall consumption of the main product types of plant-based food products such as tofu, tempeh, seitan, RTC/RTE, and natto, which summed up the total market volume sales of the global plant-based meat market.
A number of primary and secondary sources were consulted during the course of the plant-based meat study. Secondary sources include Factiva and Hoovers, U.S. Food and Agriculture Organization Databases, and company annual reports and publications. This report covers market dynamics related to plant-based meats that include the drivers and trends driving each segment, and opportunities in the plant-based meat market. The report also includes analysis and insights into the potential of the plant-based meat market in specific regions. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, product portfolio of plant-based meat manufacturers, and recent developments in the plant-based meat market space. Some of the key players analysed are Turtle Island Foods, Inc., Nutrisoy Pty Ltd, Pinnacle Foods, Inc., Amy's Kitchen Inc., Atlantic Natural Foods, LLC, Impossible Foods Inc., The Hain Celestial Group, Inc., Beyond Meat Inc., Pacific Foods of Oregon, Inc., Monde Nissin Corporation, Kellogg Company, Fry Group Foods (Pty) Ltd., Nasoya Foods, Inc., Hügli Holding AG, Sweet Earth, Inc., VBites Food ltd., The Kraft Heinz Company, Schouten Europe B.V., Lightlife Foods Inc. and Taifun-Tofu GmbH, among other plant-based meat manufacturers.
Global Plant-based Meat Market – By Product Type
- Tofu
- Tempeh
- Seitan
- RTC/RTE
- Natto
Global Plant-based Meat Market – By Source
- Soy-based Meat Alternatives
- Wheat-based Meat Alternatives
- Mycoprotein Meat Alternatives
- Other Sources of Meat Alternatives
Global Plant-based Meats Market – By End Use
- Retail
- Industrial
Global Plant-based Meats Market – By Distribution Channel
- Business to Business
- Business to Consumer
- Modern Groceries
- Convenience Stores
- Food & Drink Specialty Stores
- Traditional Stores
- Online Retail
Global Plant-based Meat Market – By Region
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
Data scrutiny for the global plant-based meat market is estimated in terms of value and volume consumption. To arrive at the volume consumption of plant-based meats, production data of countries producing raw materials across the globe has been taken into consideration. In addition, the production of application of plant-based meats in top producing countries is also tracked for benchmarking purposes. Furthermore, Market Research Reports Search Engine estimated volume data on the consumption of plant-based meats for several countries by understanding the demand and supply of plant-based meats. It includes production, growth, volume and value sales, transition, pricing, population, consumer preference, and consumption of plant-based meats among end-user verticals.
MRRSE then determined the volume consumption of plant-based meats across various regions, including North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Forecasting is done on an internal proprietary model using different macro-economic, industry-based demand driving factors impacting the market and its forecast trends, by identifying and allocating a weighted score to forecast factors that influence the demand for plant-based meats. These factors were the representative of an entire value chain, as well as macro-economic indicators such as production have been taken into consideration to arrive at the volume consumption of plant-based meats in respective countries.
The weighted average selling price for plant-based meats was considered to estimate the market size for top plant-based meat consuming countries. These prices were captured in their respective countries and then converted into USD to offer forecasts in one consistent currency standard.
Given the characteristics of the market, MRRSE triangulated the data based on supply side, demand side, and dynamics of the global plant-based meat market. To develop the global plant-based meats market forecast, MRRSE analyzed various factors to understand their respective impact on the target market. However, quantifying the market across the abovementioned segments is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed.
It is imperative to note that, in an ever-fluctuating economy, we not only provide forecasts in terms of CAGR but also analyze on the basis of key parameters, such as year-on-year (Y-o-Y) growth, to understand predictability of the market and identify the right opportunities.
Another key feature of this report is analysis of the global plant-based meat market and the corresponding revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global plant-based meat market.
To understand key segments in terms of their growth and performance in the global plant-based meat market, Market Research Reports Search Engine has also presented a market attractiveness index. The resulting index should help providers identify existing market opportunities in the global plant-based meat market.
The report covers an in-depth analysis of all components of the value chain in the global plant-based meat market. In the final section of the report, a competitive landscape is included to provide a dashboard view of the global plant-based meat manufacturers.
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