Plant-based meat market sees 17% CAGR through to 2027

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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Vegan OmniMeat Retail Pack unveiled in Singapore

Source: Green Monday. The OmniMeat Retail Pack.

Green Monday, a Hong Kong-based social venture that aims to tackle climate change through promoting a healthier, more sustainable plant-based lifestyle, has launched the OmniMeat Retail Pack in Singapore.

"The name of OmniMeat means it's omni-purpose in application. In terms of texture, it is succulent, tender and juicy and can be seasoned in many ways.

"It perfectly caters to Eastern flavors and culinary cultures. The versatility of OmniMeat is a dream to both vegetarians and meat-lovers as they can freely and creatively incorporate it into infinite healthier and more environmental friendly recipes," said David Yeung, Founder of OmniMeat and Green Monday.

According to a recent study conducted by the Agency for Science, Technology and Research (A*Star) and Deloitte earlier this year, red meats contribute about 40% of greenhouse gas emissions.

Details:

The vegan, protein-rich OmniMeat Retail Pack is now available at FairPrice, ShengSiong, HAO mart, Prime, Yes Natural, Four Seasons Organic & Speciality and Redmart.com.

Customers can purchase the OmniMeat Retail Pack at a promotional price of S$6.75 till 31 January 2020 (original price: S$7.55). Upon purchase of two packs of OmniMeat, customers will receive a free OmniMeat Recipe Booklet; they also get a cooler bag if they buy two more packs of OmniMeat. Free gifts are available on a first come, first-served basis (while supplies last). The gift mechanism is not applicable on any purchase from Redmart.com.