The global plant-based meat market size is estimated to grow by USD 12.53 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 26.1 percent during the forecast period.
North America is estimated to contribute 41 percent. to the growth of the global market. The Plant-based Meat Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. Analysts from Technavio outlined the market trends in North America, attributing the increasing demand for these products to consumer health consciousness and environmental concerns.
The market is driven by new product launches, investments, and popularity among millennials. Vendors are partnering with fast-food chains to introduce their products, further boosting market growth. Although COVID-19 posed challenges in 2020, the market rebounded in 2021 with vaccination drives and lifted restrictions. Sales through online channels, particularly of frozen and refrigerated products, aided market recovery. This trend is expected to continue supporting market growth in the forecast period.
The plant-based meat market has seen a steady rise driven by consumer interest in plant-based diets and animal rights. Products like soy-based meat and pea-based patties offer health benefits like fiber, vitamin C, and iron. They mimic the texture and aroma of animal-based foods, satisfying cravings without the carbon footprint. Startups and established players are entering the space, offering options like plant-based burgers, nuggets, and strips.
Fast food chains, casual dining venues, and hotels have incorporated these alternatives onto the menu, which has created a diverse portfolio and attracted customers concerned about animal fats and cholesterol. Retail chains and online channels have also expanded their offerings, capitalising on the growing demand for meatless meat products.
The plant-based meat market is seeing significant growth driven by consumer demand for healthier options. With a focus on wheat, chickpeas, soy, corn, and rice, plant-based meat mimics animal-based proteins. These products cater to vegetarian and vegan lifestyles, offering essential amino acids crucial for the human body. Ingredients like oats enhance viscosity, aiding in emulsification and water absorption.
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