Global Plant Based Meat Market Will Hit 15.8 Billions By 2028, CAGR 15% – Facts & Factors
The global plant-based meat market was valued at USD 7.5 billion in 2021 and is expected to surpass USD 15.8 billion by 2028, registering a CAGR of 15% during the forecast period (2022-2028), as highlighted in a report published by Facts & Factors.
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The term “plant-based meat,” also known as “fake meat” or “substitutes,” refers to various foods that are derived from plants and eaten as an alternative to meat that comes from animals. The nutritional value, taste, mouth-filling sensation, chemical properties, and outward appearance of these products are typically identical to those of real meat. Vegetarians and vegans are the most common consumers of these foods. The primary distinction between the two is that vegetarians do not consume animal meat while vegans abstain from any and all products, including clothing and food items, that have gone through any process that resulted in the infliction of pain or suffering on animals.
This includes avoiding dairy products that are derived from animals, such as milk, cheese, yoghurt, and other similar items. In the production of meat alternatives such as tofu and textured vegetable protein, soy is the component that is used the most frequently. Wheat gluten, on the other hand, is frequently employed as well. It is anticipated that the growth in the global market cap will help reduce the environmental impact of the meat industry. This is because there is a growing population, which may result in an increase in the demand for products derived from meat, which may result in severe damage to the ecosystem.
- As per the analysis shared by our research analyst, the global plant-based meat market is estimated to grow annually at a CAGR of around 15% over the forecast period (2022-2028).
- In terms of revenue, the global plant-based meat market size was valued at around USD 7.5 billion in 2021 and is projected to reach USD 15.8 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on type segmentation, the chicken was predicted to show maximum market share in the year 2021
- Based on product segmentation, burgers were the leading revenue-generating products in 2021.
- On the basis of region, North America was the leading revenue generator in 2021
The market for plant-based meat on a global scale can be broken down into several categories, including product, source, type, storage, end-user, and region.
Patties, burgers, and sausages are the three main product categories that make up the global market. In 2021, the sale of burgers is expected to account for more than 29% of the revenue generated by the global market segment. Pea, soy, and wheat are the three primary sources that are used to segment the global market. In the previous year, products derived from soy that were marketed as meat accounted for more than 48 percent of the global market.
The global market can be broken down into the types of beef, pork, and chicken; however, the chicken segment is expected to account for the largest share of the market in 2021. The global market can be broken down into three categories depending on how the product is stored: shelf stable, frozen, and refrigerated. The previous year saw the highest sales of frozen products, which accounted for approximately 56.65% of the total revenue generated by the global market.
The global plant based meat market is led by players like Impossible Foods Inc, Beyond Meat, Tofurky, Gold&Green Foods Ltd, Maple Leaf Foods, Unilever, Vbites Food Limited, Monde Nissin, and Conagra Foods
- North America
- The U.S.
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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