Global Plant-Based Meat Market Growing at A CAGR of 9.7% During The Forecast Period
The global plant-based
meat market was valued at USD 12.4 billion in 2018 and is expected to
reach USD 19.9 billion in 2026, growing at a CAGR of 9.7% during
the forecast period.
The plant-based meat
are primarily manufactured from non-meat or non-animal substances such as dairy
products that function as a meat substitute or meat alternative but have the
same quantity of protein content is called plant-based meat product. The kind
of plant-based meat products covers soya and gluten-based products. The market
growth of the plant-based meat industry is majorly driven by the massive
increase in the vegan and flexitarian population across the globe. Moreover,
the increasing population of millennial, which are demanding plant-based meats,
either for medical reasons or as a healthy lifestyle.
Get Sample Copy of
this report at: https://www.ozonemarketreports.com/sample-request/global-plant-based-meat-market-industry-outlook-2016-2026/154313
Also, growth in the
cases of infection and reaction with milk products and animal skin are create
awareness about plant-based meat. In conclusion, it raise the demand for
plant-based meat in the market. However, some seed-derived proteins are
allergic to human effects that are supposed to hinder the development of the
plant-based meat industry. On the other hand, the growing vegan population and
the application of food products may also provide a profitable opportunity for
market players in the near future. Based on the source, soy segment expected to
dominate the market throughout the forecast period Based on the application,
the global plant-based meat market has been segmented soy, pea, wheat and
others.
The soy segment is
growing rapidly in the plant-based meat market with the highest CAGR of 6.9% in
the forecast period. Soybeans contain both fat and low protein in their plants
and can be used for soy protein meal after oil extraction from the seed. These
soy proteins provide essential amino acids for human nutrition. Moreover, the
rising adverse effects associated with long-term, high protein-high meat diets
and adoption of healthy lifestyle and nutritional vegetarian diet are expected
to impact the consumption of soy as a source of protein in the global plant-based
meat market. The demand for soy protein in the United States is extensively
high, leading to increased productivity in the region.
Browse Full Report at: https://www.ozonemarketreports.com/food-and-beverages/global-plant-based-meat-market--industry-outlook-2016-2026/154313
Based on the
application, the meat extender segment is expected to grow at a CAGR of around
7.1% throughout the forecast period Based on application, the market has been
segmented into a snack, beverages, bakery, meat extender, and others. The meat
extender type accounts of the largest share in the market and are expected to
grow at a CAGR of around 7.1% during the forecast period. The market is driven
by increasing demand for vegan diet among consumers has created an insatiable
market demand for meat analogs.
Due to the increasing
preference for plant-based diets among customers worldwide,
businesses, both
start-ups and established players are entering this high-growth market.
Established food businesses such as Cargill (US) and Tyson Foods (US) have
invested in start-ups developing plant-based meat products; this is also
expected to boost revenues of plant-based meat products in the forecasted
period. Asia Pacific to dominate the plant-based meat market throughout the
forecast period Asia Pacific is the leading market in the plant-based meat and
registers for almost 39% share in 2018 and further supposed to enhance its
dominate in the market over the forecast period owing to the growing demand for
meat substitute food products.
Also, the region is
accounted for the leading supplier for the plant-based meat products in the
global market to the North America and Europe. Moreover, Tofu and Tempeh have
been considered to be the staple food in the Asian regions especially in China,
Japan, and Korea. The rising demand of meatless food products from consumers
across China is expected to fuel the growth of plant-based meat market during
upcoming period.
Avail
a UPTO 40% Discount on Purchase at: https://www.ozonemarketreports.com/discount-request/global-plant-based-meat-market-industry-outlook-2016-2026/154313
North America expected
to hold the highest CAGR during the forecast period owing to the high
availability of raw materials, rapid growth in the vegan population, and rise
in the consumption of non-meat products. Such factors are primarily creating an
enormous market growth opportunity for the region in the coming years.
Company Profiles and
Competitive Intelligence: The major players operating in the global plant-based
meat market are Morningstar Farms, Beyond Meat, Quorn Foods, Garden Protein
International, Amy’s Kitchen, The Vegetarian Butcher, Maple Leaf Foods,
Tofurky, and among others.
Contact Us:
Name: Steven Samuel
Phone - +91 9370882135
Comments
Post a Comment