Plant-based meat Market is expected to grow at a CAGR of 17.35% during the forecasting period 2021-2028.

The global plant-based meat market size was valued US$ XX million in 2020 and is estimated to reach US$ 16,590.11 million by 2028, growing at a CAGR of 17.35 % during the forecast period (2021-2028).

Plant-based meat products are considered a sustainable solution to growing concerns of over-slaughtering. The retail stores across western countries focus on selling these products to cater to the demand from the growing vegan and vegetarian population.

The growing demand for meat and the rising population and consumer preferences towards meat products results in over-slaughtering and depletion of animal sources. This results in the rising of sustainability as a key purchasing factor, particularly among the millennial and GenX population. Consumer concern for the environment and animal welfare are driving the demand. By product type, burgers are the largest segment of the market due to the established consumer base for burgers worldwide. With a share of over 30%, soy evolved as the major plant source of meat due to a wide range of soy-based meat applications in the preparation of sausages, burgers, and meatballs. Wheat, oats, pea, and beans are also holding a significant share of the market. The growing production of soy across the globe is also attributable to the soy-based meat market's growth. According to the United States Department of Agriculture, soybeans' production in the U.S. increased from 3.04 billion bushels in 2012 to 4.54 billion bushels in 2018. By distribution channels, indirect sales hold the major share in terms of value owing to the rising retail channel in developing countries. The indirect channel includes sales through supermarkets, hypermarkets, convenience stores, specialty food stores, and e-commerce.

The study is segmented into North America, South America, Europe, Asia Pacific, Middle East, and Africa by geography. The U.S. is the early adopter of plant-based meat products marked by Beyond Meat and Impossible Foods. North America evolved as the largest market for plant-based meat products owing to the growing demand from consumers.

Some of the market's key players are Conagra Brands, Inc., Beyond Meat, Impossible Foods Inc., Tofurky, VBites Foods Limited, and MorningStar Farms.

Market Dynamics

Drivers

• Rising consumer awareness of negative health effects associated with the consumption of meat
• The rapid growth of plant-based meat supply chain
• Strategic initiatives by plant-based meat and new product launch

Restraints

• High cost involved in the production of  plant-based meat 
• Perception regarding the taste of plant-based meat products

The rapid growth of plant-based meat supply chain

The plant-based meat supply chain is growing rapidly. From a high level, the plant-based meat supply chain is shorter and much more compact than the meat supply chain.

For instance, companies like Beyond Meat and Impossible Foods can produce about 1 million pounds of meat alternatives in about 68,000 square feet. When compared to the amount of space needed to produce 1 million pounds of commercially farmed meat, the numbers are staggering.

For cows for beef or veal, that same number would require over 6500 acres of land, for pigs, it would require over 165 acres. And these numbers are in live weight  the weight of an animal before it has been slaughtered and prepared.

Additionally, there is a lot less water and human labor involved. Combine that with the fact that plant-based meat alternatives can get to the market a lot faster than traditional meat. 

The labor factor can make a big difference. When the Covid pandemic first hit, many meat packing plants were shut down due to infection. The closures has resulted in a 36 percent decrease in the slaughter of pigs and cows.

The plant-based meat market is clearly heating up. The Covid pandemic helped push the market to new heights, as during the first few months of the great lockdown, sales of alternative meat products in grocery stores went up 264 percent.

Geographical Analysis

The Middle East and Africa plant-based meat market is likely to reach USD XX million in 2028, from its recorded value of USD 225.92 million in 2020, growing with a CAGR of 15.36% during the forecast period. Countries such as Saudi Arabia, UAE, and Israel are witnessing an increased demand for plant-based meat products

The growing concerns among the people of the Middle East about the consumption of conventional animal-based food products and the adoption of vegan diets in the wake of the COVID-19 outbreak due to rising health awareness are expected to drive the plant-based meat market in the region

The shift in consumer behavior, mainly related to animal products, is majorly due to the rising concerns regarding animal welfare, personal health, and sustainability. As per the records, 40% of children in the United Arab Emirates are obese, 32% of the population has diabetes, and 40% of the population has high blood pressure. Therefore, various food companies are launching plant-based or vegan meat products in the Middle-East and Africa market

For instance, in March 2021, Beyond Meat announced that it will be launching new products (Beyond Meatballs and Beyond Breakfast Sausage Links) in the Middle East. Beyond Meat’s new products for the Middle East will be supplied through Zandbergen World's Finest Meat, a Netherlands-based supplier of animal and plant protein products

Beyond Meat launched its first product, Beyond Burger, to the UAE in 2019. Its products, including plant-based beef crumbles, burger patties, and sausages, are now used at foodservice outlets at hotel chains such as Jumeirah and Four Seasons in Dubai, Starbucks cafes, and by Emirates Airlines. They are also on retail shelves at Spinneys, Carrefour, Lulu, and Choitrams

In September 2021, Impossible Foods entered the Middle East market with the launch of its plant-based Impossible Burger at a variety of restaurants in Dubai, United Arab Emirates (UAE). The brand is locally distributed through Bidfood Middle East which is making Impossible’s vegan beef available to all local restaurant operators

In July 2020, an Israeli start-up, Redefine Meat, has created the world’s first plant-based steak using industrial 3D-printing. The company is producing realistic beef and chicken from vegetable protein and is manufacturing several such layers that mimic the texture of beef built using the 3D printers

Moreover, new research has uncovered widespread consumer acceptance of plant-based and cultured meat in South Africa. The study includes 1,087 participants aged 18-61. 67% of South Africans said they are ‘Highly Likely’ to try plant-based meat. Fifty-nine percent said they are highly likely to purchase it. And nearly a third (31 percent) are highly likely to pay more for it

Hence, startups are popping up across Africa with no shortage of novel alt-protein innovations. VeggieVictory pioneered the concept in Nigeria, becoming the country’s first-ever plant-based meat brand. Based in Lagos, the company’s range includes plant-based meals tailored to Nigerian cuisine, such as efo riro stews made with its ‘Vchunks’ vegan meat, as well as international fare like meatless soy-based burger patties, shawarmas and hot dogs

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