Market Opportunities Laying Ahead for the Plant-Based Meat Market: Market Analysis and Forecast 2024-2028

As people are becoming more environmentally aware, there has been a rising trend in opposing the killing of animals for one’s satisfaction. This trend has given rise to innovations in different fields such as the use of vegan leather for bags replacing animal hide. It has also resulted in a revolution in the food industry as restaurants encounter more and more vegan eaters in addition to the vegetarian and non-vegetarian groups. This factor has brought in an immense scope for innovation, one such being plant-based meat. Plant-based meat allows the food industry to get creative on how they can deliver the same taste as that of meat and provide a similar amount of nutrition, without having to compromise on animal life.

Recent articles mention that that plant-based meat has seen a 5.5% growth in six countries in Europe over a period of one year with Germany, Spain and France topping the list (Robinson, 2024; Wheeler, 2024). Technavio in its research, conducted on the basis of foodservice system, type and geography, has found that the Plant-based Meat Market  is expected to increase by USD 27.29 billion between 2023 and 2028, at a CAGR of 36.92%

What Is Driving the Plant-Based Meat Market?

• Health Consciousness Among Consumers: Healthier eating habits are driving the adoption of plant-based alternatives to traditional meat. Consumers are actively seeking products with lower fat, no cholesterol, and fewer preservatives, which plant-based meats provide. This demand for health-focused diets is a significant driver for market growth.
• Sustainability and Ethical Eating: Ethical concerns regarding animal welfare and the environmental impact of factory farming are major factors propelling the plant-based meat market. As consumers move toward sustainable food practices, plant-based meats offer an alternative that aligns with their values regarding animal rights and environmental sustainability.
• Millennial and Gen Z Preferences: Younger generations, particularly millennials and Gen Z, are more likely to embrace plant-based eating, driving the growth of the plant-based meat sector. These demographics are increasingly concerned about health, sustainability, and ethical sourcing, making them key drivers of market expansion.
• Technological Advancements in Food Production: Continuous improvements in food technology are making plant-based meats more comparable to animal-based products in taste, texture, and nutritional content. Innovations in protein sources, such as soy, wheat, chickpeas, and oats, have made these products more appealing to a broader consumer base.

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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. Assisi (2024) in his article, highlighted the price factor to be challenge that could impede the market growth in India despite the country offering market opportunities with a substantial amount of vegetarian population.
• 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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What Opportunities Does the Plant-Based Meat Market Offer?

• Rising Consumer Demand for Healthier Alternatives: Increasing awareness of the health risks associated with animal-based meats, such as cholesterol, nitrates, and hormones, is driving demand for plant-based options. As consumers seek lower-fat, higher-protein, and more sustainable food choices, plant-based meats that mimic traditional meat in taste and texture are gaining popularity.

• Innovative Product Development: Companies continue to innovate by launching new plant-based meat products like chicken, pork, and seafood alternatives. These innovations not only cater to vegan and vegetarian diets but also appeal to flexitarians looking for healthier, environmentally-friendly protein sources. New product offerings are expanding the market’s reach and helping attract new consumers.

• Environmental Benefits of Plant-Based Meat: Growing concerns about the environmental impact of traditional meat production, particularly its contribution to greenhouse gas emissions, is driving the shift toward plant-based alternatives. Consumers are increasingly motivated to reduce their environmental footprint, leading to increased demand for plant-based options that use fewer natural resources.

• Expansion of Distribution Channels: With the rising popularity of plant-based meats, companies are expanding their reach through multiple distribution channels including supermarkets, foodservice systems, and online retail platforms. This broadens accessibility and encourages further 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
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