UnivDatos Markets Insights has forecast that the plant-based meat market will grow at a CAGR of over 17% from 2021-2027. Global plant-based meat sales are expected to reach around US$85 B by 2030, compared to US$5 B in 2018.
The research firm further expects that plant-based products will account for 10% of global meat consumption within the next five years while conventional meat becomes less popular. UnivDatos Markets Insights said that the supply of conventional meat products would fall by more than 50% by 2040.
COVID-19 created increased awareness about man's impact on the environment, the company said, and has driven government policies on climate change. Consumers stockpiled food during COVID lockdowns, selling 231% more fresh plant-based products in 2020 compared to the same period in 2019. IRI data analysed by The Good Food Institute also registered 454% growth in the sales of plant-based meat over this period.
Soy-based meat is expected to dominate the market during the forecast period due to its protein-rich content. By type, plant-based chicken leads the market followed by plant-based beef. In terms of format, plant-based burger patties dominated the market in 2020 because of their low fat and gluten content, and are expected to maintain their dominance throughout the forecast period.
Although North America dominated the market in 2020, the Asia-Pacific region is expected to witness the highest CAGR growth during the forecast period.
Major players mentioned in the report include:
- Alpha Foods
- Amy's Kitchen
- Beyond Meat
- Hooray Foods
- Impossible Foods
- Maple Leaf Foods
- Morningstar Farms
- Quorn Foods
- The Vegetarian Butcher
- Tofurky
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