According to the current analysis of Reports and Data, the global Plant-based Meat Market was valued at USD 10.10 Billion in 2018 and is expected to reach USD 30.92 Billion by the year 2026, at a CAGR of 14.8%. Plant-based meat products are products that are made to mimic the properties of animal meat but are comparatively healthier and environmentally friendly.  These are produced to resemble the look, smell, and taste of animal meat. However, producing them is difficult owing to the molecular complexity of animal meat.

According to the National Institute of Health, an estimated 300,000 deaths occur every year due to overweight and obesity.  Obesity can lead to various health issues like increased risk of heart disease and diabetes; increase the death risk, increased risk of cancer and foodborne illness. Additionally, excess consumption of meat causes an imbalance in the ecosystem as a higher number of animals are killed for human consumption. According to a report, 56 billion land animals are killed every year for meeting the demand for meat while above 9 billion animals being slaughter every year in the United States alone.

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Key Players:

Key participants include Impossible Foods (US), Garden Protein International (US), Beyond Meat (US)Bristol-Myers Squibb, Morningstar Farms (US), Amy’s Kitchen (US), Quorn Foods (UK), Maple Leaf Foods (Canada), Tofurky (US), The Vegetarian Butcher (The Netherlands), Sunfed (New Zealand), VBites (UK), Gold&Green Foods (US).

Further key findings from the report suggest:

• This industry is growing at a CAGR of 15.9% in the Asia Pacific followed by North America and Europe, with 14.6% and 14.4% CAGR, respectively. North America and Europe contributed about 2/3rd of the total industry during the forecast period.
• As of 2018, the Soy source type segment is the dominating sub-segment which holds 324% of the global market by 2026. North American regional market is the chief revenue-generating source for this product segment, followed by Europe and Asia-Pacific regions.
• According to the Food revolution Organization report, published in 2018, the number of vegetarians in the United States has increased by 600% from the past 3 years. This is expected to drive the demand for this industry.
• An increase in sedentary work, relaxed lifestyle and increased automation has led to a substantial decrease in the physical movement of the people thus aggregating the process of gaining weight.
• Furthermore, economic development, a rise in the standard of living of the population and an increasing proportion of the young population has led to an increase in the inclination towards fast-food, eventually adding to the obesity among the population.

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Market Segmentation:

Source Type (Revenue, USD Million; 2016–2026)

• Soy
• Wheat
• Peas
• Gluten-based
• Others

Product Type (Revenue, USD Million; 2016–2026)

• Tofu
• Tempeh
• Seitan
• Mushrooms
• Others

Storage technique Type (Revenue, USD Million; 2016–2026)

• Frozen
• Refrigerated
• Shelf-Stable
• Others

End Use (Revenue, USD Million; 2016–2026)

• Food Industry
• Households
• HoReCa
• Others

Regional Outlook (Revenue in USD Million; 2016–2026)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of the Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Rest of Asia-Pacific
• Middle East & Africa
• Latin America
  • Brazil

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