Latest News - Plant-based Meat Market 2024-2028: North America Leads Growth Trends

Remember the days when "vegetarian" meant limp lettuce and bland tofu? Thankfully, those days are as extinct as the dinosaurs whose meat we no longer consume. The plant-based meat market is sizzling hot, offering juicy burgers, flavorful sausages, and even convincing "chicken" nuggets – all derived entirely from plants!
Technavio's latest market research report reveals a future where plant-based meat isn't just a niche option, but a mainstream staple. Here's why this revolution is well on its way to becoming a permanent fixture on our plates:

Flexitarians Fuel the Fire:
Gone are the days of all-or-nothing vegetarianism. Today's consumers are increasingly embracing "flexitarianism," a dietary approach that incorporates more plant-based meals while still enjoying occasional meat. Technavio highlights the growing flexitarian population as a key driver of the plant-based meat market. These consumers are health-conscious and environmentally aware, making plant-based options a perfect fit.

Beyond the Burger: Branching Out with Variety:
Forget the stereotypical veggie burger. The plant-based market is bursting with innovation, offering an ever-growing array of products that mimic the taste and texture of traditional meats. From plant-based bacon gracing breakfast plates to plant-based "shrimp" adding a twist to seafood dishes, the variety is staggering. This diversity caters to a wider range of consumer preferences, further fueling market growth.

Sustainability Takes a Bite Out of Meat Consumption:
Consumers are increasingly concerned about the environmental impact of animal agriculture. Technavio's report emphasizes that the sustainability benefits of plant-based meat are a major driver of market growth. Plant-based alternatives require significantly less land and water to produce compared to traditional meat, making them a more environmentally friendly option.

Innovation Heats Up the Kitchen:
The future of plant-based meat is bright, thanks to continuous advancements in ingredient technology. Companies are developing innovative techniques to create plant-based proteins that replicate the taste and texture of meat more accurately than ever before. Technavio highlights ongoing research into plant-based fats and blood substitutes as areas of exciting development. These advancements will further blur the lines between plant and animal, making plant-based meat an even more attractive option for consumers.

A Plant-Based Feast for the Future:
The plant-based meat market is poised for significant growth, driven by a confluence of factors: the rise of flexitarianism, increasing product variety, consumer interest in sustainability, and ongoing technological advancements. With more delicious and innovative options hitting grocery shelves every day, plant-based meat is no longer just a fad – it's a delicious revolution taking root in our kitchens.

Looking for a Meatier (Plant-Based) Analysis?
Technavio's comprehensive market research report offers a deeper dive into the plant-based meat market, including market size, segmentation, trends, and growth drivers. So, grab your plant-based burger and get ready for a future where sustainability and deliciousness go hand-in-hand!

To learn more about the industry, get the PDF sample report for free

Who Are You Competing With in the Plant-Based Meat Market?

If you are planning to start your own food start-up and offer plant-based meat products, you will be competing with the following companies:
•    Albertsons Co. Inc
•    Beyond Meat Inc.
•    Conagra Brands Inc.
•    Ecozone Ltd.
•    Gathered Foods Corp.
•    Green Monday
•    Hormel Foods Corp.
•    Impossible Foods Inc.
•    Jensen Meat Co.
•    Kellogg Co.
•    Kerry Group Plc
•    Kroger Co.
•    Maple Leaf Foods Inc.
•    Monde Nissin Corp.
•    Nestle SA
•    New Wave Foods
•    The Kraft Heinz Co.
•    The Tofurky Co. Inc.
•    Tyson Foods Inc.
•    Unilever PLC 
and others.

Challenges Facing the Plant-Based Meat Market

•    Rising Animal Meat Consumption: Despite the growing interest in plant-based diets, the consumption of traditional meat products remains high, especially in countries like the US, China, and Brazil. The entrenched cultural preference for animal-based meats presents a challenge for plant-based alternatives to fully penetrate these markets.
•    Consumer Perception and Acceptance: Some consumers remain hesitant to switch from animal meat to plant-based products due to unfamiliarity with plant proteins or concerns about the taste and texture of these alternatives. Overcoming these barriers requires ongoing product innovation and consumer education.
•    Price Sensitivity: Plant-based meats often carry a higher price point than traditional meats, which may limit their widespread adoption. As production scales and supply chains optimize, pricing may become more competitive, but price sensitivity remains a challenge for the market. 
•    Regulatory and Safety Concerns: Plant-based meat products sometimes contain genetically modified ingredients or additives like heme iron, which can affect consumer perception and acceptance. Regulatory scrutiny and safety concerns, particularly related to allergens and food additives, could impact the growth of the plant-based meat market.

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The Plant-Based Meat Market: A Growing Trend

 The plant-based meat market is experiencing significant growth, driven by increasing health consciousness and shifting dietary preferences. Consumers are increasingly opting for plant-based alternatives due to concerns about health risks associated with meat consumption, such as heart disease and cancer. Plant-based meats, derived from raw materials like soy, pea, and wheat protein, offer numerous health benefits, including lower cholesterol and reduced environmental impact. Key companies in this market are continually innovating to introduce new products and types of plant-based meat to cater to diverse consumer groups. The market is witnessing strong growth across various regions, particularly in countries with a large vegan population. Storage solutions and distribution channels are crucial factors influencing market growth.

What Does the Technavio Market Research Report Cover? 

The Technavio market research report contains: 
•    Historic Market Details
•    Information about the Parent Market
•    Five Forces Analysis
•    Detailed Geographical Analysis 
•    360° Market Analysis and more…

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/