Plant-Based Meat Opens up Mouth-Watering Opportunities for Manufacturers
Plant-based meat and products are considered as meat substitute imitate the properties found within natural meats. They are made using plants and other non-animal products and constitute ingredients like soya-beans, wheat gluten, tofu and tempeh among a variety of other nuts. Compared to meat products, plant-based meats offers consumers a more sustainable and environmentally friendly line up of meat alternatives and are widely adopted by consumers in various parts of the world. The growing vegan population around the globe is expected to be one of the prime drivers for the growth of the market during the forecast period. Besides, growing efforts and investment in research and development by plant-based meat manufacturers in terms of better taste, texture and aroma with longer shelf life also open up the growth opportunities in the coming years.
Consumer Trends
The growth of plant-based meat industry is largely driven by the emergence of vegan and flexitarian consumers. Consumers' response to plant-based meat is a combination of both environmental and health concerns. As consumers are switching towards plant-based diets due to reasons like protecting animals or changing take & preferences, as a result, more consumers seek meat alternatives, the market for plant-based meat is rapidly growing and extending beyond the expectation in many parts of the world.
Notable, media coverage on the impact of meat and dairy product production on global warming-related to greenhouse gases in developed economies also drives the switch of consumers towards plant-based meat products. Besides, animal welfare rights groups and associations have also gained remarkable traction on how animals are treated during the course of meat production has also caused a switch in taste and preferences of customers
Industry Trends
In recent year’s food and beverage industry has experienced an ample number of opportunities for key product categories sold through various retail and foodservice channels. There is a significant increase in the number of companies and start-ups that are launching new and exciting products into the market aiming to meet the increasing consumer demand. Technologies and process innovation in plant-based products industry coupled with growing government initiatives and investment is anticipated to widen up growth opportunities to new entrants in the market. In addition, companies are now also targeting developing countries like China and India which has a huge consumer base, and with increasing disposable income in these countries, major market players are investing immensely thus augmenting the growth opportunities for plant-based meat market in the coming years. Europe is expected to hold a significant share in the market owing to the established food and beverage industry and changes in consumer preferences towards plant-based products.
Recent Developments in Plant-Based Meat Market:
- In December 2019, Plant-based start-up Moving Mountains announced that it will launch its vegan meat products in UK supermarkets. Recently the company has launched its meatless burgers and sausages in nearly 800 Woolworth’s stores in Australia.
- Recently, Sister’s brands Carl’s Jr. and Hardee’s added a suite of new breakfast items which features plant-based meat products made by beyond meat.
- In December 2019, Fable plant-based Meat Company partnered with Heston Blumenthal to launch its first product and also raised $1.5 million from Blackbird Ventures, Grok Ventures, and food industry angel investors.
- Australian plant-based Meat Company v2foods purchased a factory in Wodonga, Victoria which is expected to start its operation by 2020 and will produce products that look, cook, and taste like meat
- Recently, plant-based start-up Beyond Meat launched it’s meatless (plant-based meat) beef in Canada at local grocers’ fresh meat counter.
- In December 2019, Rastelli Foods Group, food service supplier and producer of meat, seafood and poultry entered into a strategic partnership with Daring Foods to bring its plant-based chicken substitute to the United States market.
- World’s largest food company Nestle recently announced that it is going to introduce its first US products in 2020 that use plant-based meat in items that traditionally used animal-based options.
- Silicon Valley food start up Impossible Foods received the 2019 United Nations Global Climate Action Award in September 2019 for making plant-based meat alternatives.
- Recently, Taco Bell introduced new menu items composed of a crispy shell and pulled oats (plant-based meat) among other ingredients in Spain and Finland and is expected to make its way across Europe by summer 2020.
- Startup Daring Foods received a $10 million investment to bring its vegan chicken nuggets, ground meat, and burgers to restaurants and retailers nationwide, starting with a direct-to-consumer push in February 2020.
- In November 2019, Brazilian firm R&S Blumos invested nearly US$5.5 million in building a factory at one of its sites in Cotia, Sao Paulo which are expected to get finished in March 2020 with a capacity of 120 metric tons per month.
- Unilever opens a $94 million plants based food research center in Europe, with plans to work with academic researchers and start-ups to new develop a new type of products including plant-based meat and sustainable packaging aiming to drastically transform the global food system.
Future Prospects
Currently, plant-based meat is one of the fastest-growing segments in the food and beverage industry. The growing demand for a vegan diet along with the rising investments by big market players will boost the demand for plant-based meat. As we look in the upcoming years, more plant-based products are expected to come and developing economies provide a wide range of opportunities for new market players. Thus, the plant-based meat market has a bright future ahead and has the potential to grow at an astounding rate of 20.37% during the forecast period. Therefore, the global plant-based market size is expected to be valued at US$4,780.609 million in 2024.
