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Plant Based Meat Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Category, and Distribution Channel

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    Report

  • 178 Pages
  • May 2022
  • Region: Global
  • The Insight Partners
  • ID: 5623560
UP TO OFF until Mar 15th 2023
The plant based meat products market is projected to reach US$ 14,527.55 million by 2028 from US$ 5,354.72 million in 2021; it is expected to grow at a CAGR of 15.3% from 2021 to 2028.

Plant-based meat has gained significant traction among consumers due to rising environmental sustainability and animal welfare concerns. It is increasingly preferred over animal meat products as people perceive vegan or plant based products to be healthier than animal-derived products.

Plant-based meat products are free of unsaturated fat and have low calorific value, making them healthier than conventional meat products. Manufacturers of plant based meat products offer burger patties, meatballs, sausages, ground meat, etc. They are making significant investments in product innovation to attract a larger number of consumers. They have begun to offer organic, gluten-free, non-GMO, allergen-free products that address emerging market trends.

Based on distribution channel, the plant based meat products market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest share of the plant based meat products market in 2020. However, the online retail segment is expected to register the highest CAGR during the forecast period. Online retail confers convenience in terms of shopping and product delivery. Online retail stores offer a wide variety of products with heavy discounts; also, consumers can conveniently buy desirable products remotely. Home delivery services attract a large group of customers to shop through an e-commerce platform. E-commerce websites offer detailed product information, along with user reviews, which help buyers compare products and make informed decisions. In August 2020, Beyond Meat launched a new e-commerce site to make its plant based meat products more accessible to consumers. The website will give consumers easy access to its vast portfolio of plant based meat products, thereby making it more convenient for them to experience Beyond Meat. Such initiatives by key players are projected to drive the growth of plant based meat products market during the forecast period.

Based on region, the plant based meat products market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, Europe held the largest share of the plant based meat products market, and North America is estimated to register the fastest CAGR over the forecast period. The growing prevalence of lifestyle diseases in countries such as the UK, Germany, and Italy makes Europe one of the most lucrative markets for plant based meat products. Health-oriented consumers are opting for healthy and plant based products in their diet. According to “Google Trends” Veganism was one of the Top 5 searched terms on Google in 2019 in the UK and across the world. In 2021, Brighton was found to be the most vegan-friendly city in the UK. It was also the most popular British city for veganism in 2019, followed by Bristol, Bathford, and Norwich, respectively. The increasing concerns over cardiovascular diseases, climate change, and the unethical treatment given to livestock are among the key factors driving the growth of the plant based meat products market across Europe.

The key players operating in the plant based meat products market include Beyond Meat; Conagra Brands, Inc.; Impossible Foods Inc.; Quorn Foods, Inc.; Kellogg Company; Hilary’s Eat Well; Vbites Foods, Ltd.; Before the Butcher; Field Roast; and Tofurky; among others. These players are engaged in developing affordable products to meet the rising customer demands and retain their market shares.



The overall plant based meat products market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants - such as valuation experts, research analysts, and key opinion leaders - specializing in the plant based meat products market.


Frequently Asked Questions about the Global Plant Based Meat Products Market

What is the estimated value of the Global Plant Based Meat Products Market?

The Global Plant Based Meat Products Market was estimated to be valued at $5354.72 million in 2021.

What is the growth rate of the Global Plant Based Meat Products Market?

The growth rate of the Global Plant Based Meat Products Market is 15.3%, with an estimated value of $14527.55 million by 2028.

What is the forecasted size of the Global Plant Based Meat Products Market?

The Global Plant Based Meat Products Market is estimated to be worth $14527.55 million by 2028.

Who are the key companies in the Global Plant Based Meat Products Market?

Key companies in the Global Plant Based Meat Products Market include Beyond Meat, Conagra Brands, Inc., Kellogg’s Company, Tofurky, Field Roast, Before the Butcher, VBites Foods Inc., Hilary’s and Quorn.

Table of Contents

1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis Formulation:
3.2.4 Macro-economic Factor Analysis:
3.2.5 Developing Base Number:
3.2.6 Data Triangulation:
3.2.7 Country Level Data:
4. Plant Based Meat Products Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Expert Opinion
4.4 Value Chain Analysis
4.4.1 Raw Material
4.4.2 Manufacturing/Processing
4.4.3 Packaging
5. Plant Based Meat Products Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Importance of Environment Sustainability
5.1.2 Surging Veganism and Vegetarianism Trends
5.2 Market Restraints
5.2.1 High Product Price
5.3 Market Opportunities
5.3.1 Surging Demand in Emerging Regions
5.4 Future Trends
5.4.1 Product Innovation
5.5 Impact Analysis of Drivers and Restraints
6. Plant Based Meat Products - Global Market Analysis
6.1 Plant Based Meat Products Market Overview
6.2 Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
6.3 Competitive Positioning - Key Market Players
7. Plant Based Meat Products Market Analysis - By Type
7.1 Overview
7.2 Plant Based Meat Products Market, By Type (2020 and 2028)
7.2.1 Patties
7.2.1.1 Overview
7.2.1.2 Patties: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
7.2.2 Nuggets
7.2.2.1 Overview
7.2.2.2 Nuggets: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
7.2.3 Meatballs
7.2.3.1 Overview
7.2.3.2 Meatballs: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
7.2.4 Sausages
7.2.4.1 Overview
7.2.4.2 Sausages: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
7.2.5 Others
7.2.5.1 Overview
7.2.5.2 Others: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
8. Plant Based Meat Products Market Analysis - By Category
8.1 Overview
8.2 Plant Based Meat Products Market, By Category (2020 and 2028)
8.2.1 Frozen
8.2.1.1 Overview
8.2.1.2 Frozen: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
8.2.2 Refrigerated
8.2.2.1 Overview
8.2.2.2 Refrigerated: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
8.2.3 Ambient
8.2.3.1 Overview
8.2.3.2 Ambient: Plant Based Meat Products Market - Revenue and Forecast to 2028 (US$ Million)
9. Plant Based Meat Products Market Analysis - By Distribution Channel
9.1 Overview
9.2 Plant Based Meat Products Market, By Distribution Channel (2020 and 2028)
9.3 Supermarkets and Hypermarkets
9.3.1 Overview
9.3.2 Supermarkets and Hypermarkets: Plant Based Meat Products Market- Revenue and Forecast to 2028 (US$ Million)
9.4 Convenience Stores
9.4.1 Overview
9.4.2 Convenience Stores: Plant Based Meat Products Market- Revenue and Forecast to 2028 (US$ Million)
9.5 Online Retail
9.5.1 Overview
9.5.2 Online Retail: Plant Based Meat Products Market- Revenue and Forecast to 2028 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Plant Based Meat Products Market- Revenue and Forecast to 2028 (US$ Million)
10. Plant Based Meat Products Market - Geographic Analysis
10.1 Overview
10.2 North America Plant Based Meat Products Market Revenue and Forecasts to 2028
10.2.1 North America Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.2.2 North America Plant Based Meat Products Market Breakdown by Type
10.2.3 North America Plant Based Meat Products Market Breakdown by Category
10.2.4 North America Plant Based Meat Products Market Breakdown by Distribution Channel
10.2.5 North America Plant Based Meat Products Market Breakdown, by Key Countries
10.2.5.1 US Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.2.5.1.1 US Plant Based Meat Products Market Breakdown by Type
10.2.5.1.2 US Plant Based Meat Products Market Breakdown by Category
10.2.5.1.3 US Plant Based Meat Products Market Breakdown by Distribution Channel
10.2.5.2 Canada Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.2.5.2.1 Canada Plant Based Meat Products Market Breakdown by Type
10.2.5.2.2 Canada Plant Based Meat Products Market Breakdown by Category
10.2.5.2.3 Canada Plant Based Meat Products Market Breakdown by Distribution Channel
10.2.5.3 Mexico Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.2.5.3.1 Mexico Plant Based Meat Products Market Breakdown by Type
10.2.5.3.2 Mexico Plant Based Meat Products Market Breakdown by Category
10.2.5.3.3 Mexico Plant Based Meat Products Market Breakdown by Distribution Channel
10.3 Europe Plant Based Meat Products Market Revenue and Forecasts to 2028
10.3.1 Europe Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.3.2 Europe Plant Based Meat Products Market Breakdown by Type
10.3.3 Europe Plant Based Meat Products Market Breakdown by Category
10.3.4 Europe Plant Based Meat Products Market Breakdown by Distribution Channel
10.3.5 Europe Plant Based Meat Products Market Breakdown, by Key Countries
10.3.5.1 Germany Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.3.5.1.1 Germany Plant Based Meat Products Market Breakdown by Type
10.3.5.1.2 Germany Plant Based Meat Products Market Breakdown by Category
10.3.5.1.3 Germany Plant Based Meat Products Market Breakdown by Distribution Channel
10.3.5.2 France Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.3.5.2.1 France Plant Based Meat Products Market Breakdown by Type
10.3.5.2.2 France Plant Based Meat Products Market Breakdown by Category
10.3.5.2.3 France Plant Based Meat Products Market Breakdown by Distribution Channel
10.3.5.3 Italy Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.3.5.3.1 Italy Plant Based Meat Products Market Breakdown by Type
10.3.5.3.2 Italy Plant Based Meat Products Market Breakdown by Category
10.3.5.3.3 Italy Plant Based Meat Products Market Breakdown by Distribution Channel
10.3.5.4 UK Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.3.5.4.1 UK Plant Based Meat Products Market Breakdown by Type
10.3.5.4.2 UK Plant Based Meat Products Market Breakdown by Category
10.3.5.4.3 UK Plant Based Meat Products Market Breakdown by Distribution Channel
10.3.5.5 Russia Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.3.5.5.1 Russia Plant Based Meat Products Market Breakdown by Type
10.3.5.5.2 Russia Plant Based Meat Products Market Breakdown by Category
10.3.5.5.3 Russia Plant Based Meat Products Market Breakdown by Distribution Channel
10.3.5.6 Rest of Europe Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.3.5.6.1 Rest of Europe Plant Based Meat Products Market Breakdown by Type
10.3.5.6.2 Rest of Europe Plant Based Meat Products Market Breakdown by Category
10.3.5.6.3 Rest of Europe Plant Based Meat Products Market Breakdown by Distribution Channel
10.4 Asia Pacific Plant Based Meat Products Market Revenue and Forecasts to 2028
10.4.1 Asia Pacific Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.4.2 Asia Pacific Plant Based Meat Products Market Breakdown by Type
10.4.3 Asia Pacific Plant Based Meat Products Market Breakdown by Category
10.4.4 Asia Pacific Plant Based Meat Products Market Breakdown by Distribution Channel
10.4.5 Asia Pacific Plant Based Meat Products Market Breakdown, by Key Countries
10.4.5.1 Australia Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.4.5.1.1 Australia Plant Based Meat Products Market Breakdown by Type
10.4.5.1.2 Australia Plant Based Meat Products Market Breakdown by Category
10.4.5.1.3 Australia Plant Based Meat Products Market Breakdown by Distribution Channel
10.4.5.2 China Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.4.5.2.1 China Plant Based Meat Products Market Breakdown by Type
10.4.5.2.2 China Plant Based Meat Products Market Breakdown by Category
10.4.5.2.3 China Plant Based Meat Products Market Breakdown by Distribution Channel
10.4.5.3 India Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.4.5.3.1 India Plant Based Meat Products Market Breakdown by Type
10.4.5.3.2 India Plant Based Meat Products Market Breakdown by Category
10.4.5.3.3 India Plant Based Meat Products Market Breakdown by Distribution Channel
10.4.5.4 Japan Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.4.5.4.1 Japan Plant Based Meat Products Market Breakdown by Type
10.4.5.4.2 Japan Plant Based Meat Products Market Breakdown by Category
10.4.5.4.3 Japan Plant Based Meat Products Market Breakdown by Distribution Channel
10.4.5.5 South Korea Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.4.5.5.1 South Korea Plant Based Meat Products Market Breakdown by Type
10.4.5.5.2 South Korea Plant Based Meat Products Market Breakdown by Category
10.4.5.5.3 South Korea Plant Based Meat Products Market Breakdown by Distribution Channel
10.4.5.6 Rest of Asia Pacific Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.4.5.6.1 Rest of Asia Pacific Plant Based Meat Products Market Breakdown by Type
10.4.5.6.2 Rest of Asia Pacific Plant Based Meat Products Market Breakdown by Category
10.4.5.6.3 Rest of Asia Pacific Plant Based Meat Products Market Breakdown by Distribution Channel
10.5 Middle East & Africa Plant Based Meat Products Market Revenue and Forecasts to 2028
10.5.1 Middle East & Africa Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.5.2 Middle East & Africa Plant Based Meat Products Market Breakdown by Type
10.5.3 Middle East & Africa Plant Based Meat Products Market Breakdown by Category
10.5.4 Middle East & Africa Plant Based Meat Products Market Breakdown by Distribution Channel
10.5.5 Middle East & Africa Plant Based Meat Products Market Breakdown, by Key Countries
10.5.5.1 South Africa Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.5.5.1.1 South Africa Plant Based Meat Products Market Breakdown by Type
10.5.5.1.2 South Africa Plant Based Meat Products Market Breakdown by Category
10.5.5.1.3 South Africa Plant Based Meat Products Market Breakdown by Distribution Channel
10.5.5.2 Saudi Arabia Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.5.5.2.1 Saudi Arabia Plant Based Meat Products Market Breakdown by Type
10.5.5.2.2 Saudi Arabia Plant Based Meat Products Market Breakdown by Category
10.5.5.2.3 Saudi Arabia Plant Based Meat Products Market Breakdown by Distribution Channel
10.5.5.3 UAE Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.5.5.3.1 UAE Plant Based Meat Products Market Breakdown by Type
10.5.5.3.2 UAE Plant Based Meat Products Market Breakdown by Category
10.5.5.3.3 UAE Plant Based Meat Products Market Breakdown by Distribution Channel
10.5.5.4 Rest of the Middle East & Africa Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.5.5.4.1 Rest of the Middle East & Africa Plant Based Meat Products Market Breakdown by Type
10.5.5.4.2 Rest of the Middle East & Africa Plant Based Meat Products Market Breakdown by Category
10.5.5.4.3 Rest of the Middle East & Africa Plant Based Meat Products Market Breakdown by Distribution Channel
10.6 South and Central America Plant Based Meat Products Market Revenue and Forecasts to 2028
10.6.1 South and Central America Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.6.2 South and Central America Plant Based Meat Products Market Breakdown by Type
10.6.3 South and Central America Plant Based Meat Products Market Breakdown by Category
10.6.4 South and Central America Plant Based Meat Products Market Breakdown by Distribution Channel
10.6.5 South and Central America Plant Based Meat Products Market Breakdown, by Key Countries
10.6.5.1 Brazil Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.6.5.1.1 Brazil Plant Based Meat Products Market Breakdown by Type
10.6.5.1.2 Brazil Plant Based Meat Products Market Breakdown by Category
10.6.5.1.3 Brazil Plant Based Meat Products Market Breakdown by Distribution Channel
10.6.5.2 Argentina Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.6.5.2.1 Argentina Plant Based Meat Products Market Breakdown by Type
10.6.5.2.2 Argentina Plant Based Meat Products Market Breakdown by Category
10.6.5.2.3 Argentina Plant Based Meat Products Market Breakdown by Distribution Channel
10.6.5.3 Rest of South and Central America Plant Based Meat Products Market Revenue Forecasts to 2028 (US$ Million)
10.6.5.3.1 Rest of South and Central America Plant Based Meat Products Market Breakdown by Type
10.6.5.3.2 Rest of South and Central America Plant Based Meat Products Market Breakdown by Category
10.6.5.3.3 Rest of South and Central America Plant Based Meat Products Market Breakdown by Distribution Channel
11. Impact of COVID-19 Pandemic on Global Plant Based Meat Products Market
11.1 Impact of COVID-19 on Plant Based Meat Products Market
11.2 North America: Impact Assessment of COVID-19 Pandemic
11.3 Europe Impact Assessment of COVID-19 Pandemic
11.4 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11.5 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
11.6 South & Central America: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 Beyond Meat
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Conagra Brands, Inc.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Kellogg's Company
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Tofurky
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Field Roast
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Before the Butcher
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 VBites Foods Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Hilary's - Drink Eat Well, LLC
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Quorn
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Impossible Foods Inc.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About the Publisher
14.2 Word Index

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Beyond Meat
  • Conagra Brands, Inc.
  • Kellogg’s Company
  • Tofurky
  • Field Roast
  • Before the Butcher
  • VBites Foods Inc.
  • Hilary’s - Drink Eat Well, LLC.
  • Quorn
  • Impossible Foods Inc.