Name: plant based beef market
Brand: Future Market Insights
SKU: REP-GB-12682
Price: 5000 USD
Availability: InStock
Rating: 4.6 (19 reviews)

Introduction

With constantly rising health awareness among consumers, the demand for ethical, and cost-effective products that have a low environmental impact has risen. This is in turn driving the global market of plant-based beef. Moreover, the taste, texture, and mouthfeel of plant-based beef have been attracting consumers. Future Market Insights (FMI) foresees the demand witnessed in the plant-based beef market to surge further as leading producers introduce ingredient and processing improvements.

A key factor driving the plant-based beef industry is the increased ethical center of customers. This is partly spurred by the emerging “flexitarian” consumer and the millennial generation. Earlier, plant-based diets were mostly consumed by a relatively small group of vegans and vegetarians. But, recently the number of vegans and vegetarians increased-for example, in the UK the vegan society increased by a factor of 2.6X. However, the significant growth in the plant-based beef is driven by the flexitarian consumer.

FMI has forecast the plant based beef market to record a CAGR of 22.7% between 2020 and 2030. The overall market value is expected to reach US$ 16.13 Bn by the end of 2030. The global market value is estimated to reach US$ 2.08 Bn by the end of 2020.

Availability of Choices Driving Sales

From providing a wide range of flavors and ingredients, to high levels of nutritional values, the manufacturers are taking care of every little consumer need, ensuring that all the dietary necessities are met. This is creating competition among key players of the market and has, in turn, increased the demand and global market value of plant-based beef products.

Moreover, consumers are spoilt with choices in terms of taste, texture, and ingredients, which is seen as the major factor driving sales. The other prospect observed in the study is the preference of consumers over plant-based beef due to their allergies, as plant-based diets are suitable for allergic people.

The rise in sales of these allergy-free plant-based beef products is attributable to the variations they offer, satisfying all nutritive quotient and tastes.

Surging Food Sensitivity Creating Growth Prospects

The prevalence of food-related allergies has greatly surged over the last couple of years. With an increasing number of consumers complaining food allergies, sales prospects for the plant based beef market has surged. This is because an increasing number of people are choosing plant-based diets.

Plant-based alternatives are coming into the lime light as a dairy protein alternative, owing to their high nutritive quotient and capacity to provide nutrition without initiating allergy symptoms. Thus, there is an increasing demand for such supplements across the globe in order to fulfill the daily nutritional requirement of lactose-intolerant consumers. Moreover, plant-based proteins are also considered as non-GMO and allergen free.

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Region-wise Insights

North America Plant Based Beef Market

With the presence of some of the lead players of the global market, North America region is one of the lucrative plant-based beef markets. Meat substitutes are highly popular in North America, with soy-tofu based meat substitutes used in various preparations such as meatballs, burger patties, sausages, nuggets, and others.

Consumers in the region are highly aware of the benefits of plant-based diet. With obesity emerging as a key health concern in the U.S. an increasing number of consumers are shifting towards healthy living and diet. This has bode well for the plant based beef producers of the country.

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Europe Plant Based Beef Market

The Europe market for plant based beef leads in terms of size. The rising demand from Germany, France, and the U.K. has been aiding the expansion of the market in the region. Stringent regulations, coupled with positive outlook among consumers pertaining to vegan and vegetarian products, is driving the Europe market.

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Asia Pacific Plant Based Beef Market

The plant based market in Asia Pacific is forecast to reach US$ 50.24 Bn by the end of 2025. Besides surging health awareness, the rising willingness among consumers to spend on healthy lifestyle has been aiding the expansion of the market in Asia Pacific.

Growth witnessed in Asia Pacific is led by China, Japan, and India. The rising cases of diseases spreading from infections such as salmonella from poultry, trichinosis from pork, norovirus infections from fish products, and vibrio illnesses have been driving shift of consumer preferences to plant-based alternatives.

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Category-wise Insights

Convenience Stores Witnessing Surging Sales

Plant based beef is available via various channels of distributions such as hypermarkets & supermarkets, convenience stores, specialty food stores, online retail, and HoReCa. Of these, demand witnessed in convenience stores is significantly high since they facilitate easy accessibility of products and ensure instant gratification.

Sales via online stores are surging as well especially on account of the rising penetration of the internet and smartphones.

Soy-based Segment Emerges Dominant

In terms of source, the soy-based segment holds dominance in the market. The demand from wheat-based protein is however expected to surge at a higher pace in the coming years. The rising use of soy-based beef alternative across various food service sectors has been aiding the expansion of the segment.

Plant-based Burger Patty Holds Maximum Share

In terms of product type, the burger patty segment holds dominance. With an increasing number of consumers shifting towards a healthier lifestyle, the demand for plant-based burger patty as an alternative to popular meat versions will rise. Some of the leading brands in the food service sector have launched plant-based burger patty. This has been enabling growth in the segment.

Competitive Landscape

A key trend in the fast growing plant-based beef market is the consolidation of the companies in the plant-based beef sector, as buyers pursue to drive synergies from expanded portfolios. However, the activity around plant-based beef is expected to continue in particular, given wider sector trends in specialty ingredients.

Companies operate in a highly competitive environment in the plant based beef market. Besides collaborations and product launches, they are focusing on capacity expansion to gain a competitive advantage. According to FMI, Impossible Foods, Inc. and Gardein by Conagra Brands are among the key market players. Some of the other leading companies operating in the market are:

MorningStar Farms
Archer Daniels Midland Company
Symrise
Roquette Frères S.A.
Kellogg's
Tyson Foods, Inc.
Sotexpro SA
Crown Soya Protein Group
Puris Proteins, LLC
Ingredion Inc
Beneo GmbH
Glanbia plc
Fuji Oil Co., Ltd.

The list is only indicative –the full list of bicycle chain market key players is available upon request.