Quick Scan:
1. Market Growth: Projected to expand from $7.43 billion in 2023 to $23.81 billion by 2030 at an 18.10% annual growth rate, driven by concerns over traditional meat.
2. Consumer Shift: Growing preference for plant-based meats, recognized for their health benefits and soy's role as a key, protein-rich ingredient.
3. Leading Companies: Industry giants like Beyond Meat and Nestle are spearheading growth through significant investments and innovations in the sector.
4. Product Variety: An increasing range of plant-based meat alternatives, with beef alternatives showing notable growth due to technological advancements.
5. Global Scale and Distribution: The market's global reach is highlighted by significant growth in regions like Australia and New Zealand, with a shift towards refrigerated products and expansion in the food service sector.
According to the latest report by ResearchAndMarkets.com titled "Global Plant-based Meat Market, Size, Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis," the plant-based meat industry is anticipated to witness a significant boom.
The market size is expected to grow from US$ 7.43 Billion in 2023 to an astonishing US$ 23.81 Billion by 2030, with an annual growth rate of 18.10%. This expansion is largely driven by the increasing environmental, health, and ethical concerns associated with traditional meat consumption.
Source: Beyond Meat - Italian Plant-Based meat-ball montage
Now the facts are starting to reveal themselves, it is hoped the legacy animal meat industry will find it within itself to take innovations in both plant-based and cultivated meat more seriously.
Its consumer consciousness leading the growth. The report highlights a shift in consumer behavior towards alternatives perceived as healthier, such as plant-based meats, which are low in saturated fats and cholesterol but high in fibre and essential nutrients. Soy, as the leading ingredient, has been identified for its high protein content and versatility, making it a cornerstone in the development of plant-based meat products.
Industry giants like Beyond Meat, Nestle, Unilever, Redefine Meat and Impossible are at the forefront, steering the market with significant investments and innovations. For instance, Beyond Meat's recent US$1 billion funding to expand production and Nestle's launch of the "Garden Gourmet" brand exemplify the industry's dynamic growth. Additionally, Unilever's acquisition of The Vegetarian Butcher indicates a broader commitment to the plant-based movement.
The variety of products available in the market is expanding, with options including plant-based versions of chicken, pork, beef, and fish, each designed to meet the growing consumer demand for taste, texture, and sustainability. Among these, beef alternatives have notably gained traction, benefiting from advancements in food technology enhancing their appeal.
The distribution landscape for plant-based meat is diversifying, with significant growth observed in the food service sector, propelled by culinary innovation and strategic partnerships. Furthermore, the report predicts a rising dominance of refrigerated plant-based meats, suggesting a shift in consumer preference towards products perceived as fresher and of higher quality.
The analysis also brings attention to the global scale of the market, with countries like Australia and New Zealand making substantial contributions to the industry's growth. The increasing health and environmental consciousness among the populations of these countries are supporting the demand for plant-based meat alternatives, with local companies and international players actively expanding their offerings in these regions.
This comprehensive analysis by ResearchAndMarkets.com sheds light on the transformative trends shaping the plant-based meat market, indicating a future where sustainable, ethical, and healthier food options become increasingly mainstream.
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