Report Overview:
The Global Plant Based Meat Market valued USD 3.9 billion in 2018 and will grow at a CAGR of 8.1% during the forecast period.
Plant-based meat is a meat substitute derived from plant and other non-animal products to mimic natural meat in flavor, texture and all other properties. These products are majorly designed to be use as an effective alternative to chicken meat, pork, and beef. These plant based meat products are considered as sustainable solution to environmental concerns. The retail stores across the western countries are focusing towards sale of these products to cater the demand from growing vegan and vegetarian population.
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Market Dynamics: Drivers, Restraints, Opportunities Challenges:
The growing demand for meat coupled with rising population and consumer preferences towards meat products is resulting in over slaughtering and depletion of animal sources. This is resulting in evolution of sustainability as a key purchasing factor among population particularly in millennials and GenX. Consumer concern towards environment and animal welfare are driving the demand for meat substitutes. Furthermore, stringent regulations laid by several state and federal governments towards raising and slaughtering of meat animals is boosting the growth of plant-based meat market.
On the demand side, the growing outbreak of food borne diseases particularly due to animal meat and milk products is motivating consumers towards healthy plant based alternatives, thus boosting the growth of plant-based meat products. The growth of the market is also attributable to the health benefits associated with plant derived diets. The growing trend of veganism and vegetarianism is providing immense growth potential to the market in future. According to The VeganSociety, the vegan population in U.K. increased from 150,000 in 2014 to 600,000 in 2018. However, the GM issues associated with plants is the primary factor hindering the growth of plant-based meat market.
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Key Segments:
Global Plant Based Meat Market by product Type
• Sausages
• Burgers
• Crumbles
• Nuggets
• Meatballs
• Others.
Global Plant Based Meat Market by Distribution Channel
• Direct Sales
o Company Outlets and Franchise
o Ecommerce
• Indirect Sales
o Hypermarkets
o Convenience Stores
o Specialty Food Stores
o E-Commerce
o Online Channels
By distribution channel, indirect sales hold the major share in terms of value owing to the rising retail channel in developing countries. Indirect channel include sales through supermarkets, hypermarkets, convenience stores, specialty food stores and e-commerce.
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