The plant based meat market landscape is anticipated to witness massive growth over the forthcoming timeframe owing to increasing environmental concerns and simultaneously the growing awareness about health benefits offered by a vegan diet. The practice of animal agriculture, which is focused towards producing meat is a key contributor to greenhouse gas emission and is also responsible for consuming copious amounts of water on an annual basis.
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The global plant based meat market to surpass a valuation of USD 320 million through 2025, according to a report by A Global Market Insights Inc.
Based on these development factors, the segment is projected to witness a growth of more than 10% through the analysis timespan.
North America plant based meat market is slated to foresee tremendous growth led by Mexico, Canada, and the United States. The regional industry was valued at approximately $60 million back in 2018 and is likely to observe substantial development owing to the increasing adoption of vegan diets as well as the regional population’s heavy dependence on meat as a source of protein in their diet.
Moreover, growing concerns about meat adulteration coupled with the low product prices of meat alternatives in comparison to conventional meat is further likely to push the plant based meat market growth through the forecast timespan.
Soy based meat products provide high protein, iron, and Vitamin B content while also offering bioactive components like isoflavones that help treat cancer and maintain bone strength. Growing prevalence of lactose intolerance along with the strong resemblance of soy based meat to poultry, meat, and fish in color, form, texture, and taste is likely to push the segment share over the coming years.
This adverse impact of animal agriculture is creating a significant impetus throughout the food industry to develop viable meat alternatives that are less taxing on the environment and do not compromise on the taste and texture of said alternatives while doing so.
The competitive landscape of the plant based meat market includes players such as Gardein Protein, Maple Leaf Foods, Sweet Earth Foods, Pinnacle, Quorn Foods, and DuPont among others.
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Additionally, plant based meat products are also highly effective in decreasing obesity, cholesterol, and blood sugar levels. They can also serve as an important source that provides consumers with essential fatty acids, which is expected to stimulate plant based meat market demand over the coming years.
With respect to the source, the growing usage of soy based meat across a number of food items such as crackers, cookies, baked products, and snacks is likely to fuel its plant based meat market demand in the future, driving revenue growth. Increasing consumer awareness regarding the various health benefits offered by soy-based meat products is further likely to drive its adoption in coming years.
In addition, bolstering food truck, delivery, and takeaway industry should complement the regional market growth through 2025. Substantial vendor efforts to enhance product color, texture, and flavor are also likely to boost the North America plant based meat soy market share in coming years.
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