Originally published on Technavio:Plant-based Meat Market by Foodservice System, Type, and Geography - Forecast and Analysis 2023-2027**

Plant-based Meat Market Forecast 2023-2027

The Plant-based Meat Market is anticipated to witness a USD 12.53 billion increase, with the market size estimated to grow at a CAGR of 26.1% between 2022 and 2027.

New product launches are a significant driver of market growth. The rising health awareness among consumers and environmental concerns are fostering an increased demand for plant-based products. Animal meat production contributes substantially to greenhouse gas emissions. To address this, global vendors are launching new products to meet the growing demand. Successful launches enhance suppliers' revenue streams and market share. Beyond Meat, for example, introduced two new versions of its plant-based burger, catering to both a meatier experience and a more nutritious option. Such launches are expected to fuel market growth during the forecast period. The report includes an in-depth analysis of drivers, trends, and challenges.

Major Trends

Changing consumer demographics is an emerging trend in the market. The increased health consciousness among consumers is boosting the demand for healthier food and beverages. In recent years, the incidence of chronic health problems like diabetes, indigestion, allergies, and obesity has risen globally. This has led to a health-conscious population seeking foods with fewer calories but the right mix of essential nutrients. Consequently, the growing popularity of healthy eating is increasing the demand for healthy food ingredients, expected to drive global market growth during the forecast period.
Significant Challenge

A major challenge hindering market growth is the increasing consumption of animal meat. The expected rise in population, increased disposable income, and a growing demand for protein-rich foods are driving the consumption of meat and related products. Notably, the US was the largest beef market in 2020, with significant growth observed in beef and chicken consumption. This surge in animal meat consumption is expected to negatively impact the global plant-based meat market during the forecast period.
Market Segmentation by Food Services System

Frozen-Based:
Freezing is an excellent preservation method for animal products, extending shelf life and providing nutritional benefits. The increasing demand for protein-rich diets is driving the popularity of frozen meat products. Vendors are responding by expanding production facilities and introducing new frozen plant-based product lines. Continental Coffee, Ltd. launched its plant-based frozen meat brand, Continental Greenbird, featuring various chicken and mutton-like products, which is expected to boost sales and drive market growth.

Market Segmentation by Type

The demand for plant-based protein products, including plant-based beef, is on the rise due to growing health consciousness among consumers. Vendors are launching new plant-based beef products to meet this demand. For instance, Beyond Meat introduced its Beyond Steak plant-based beef, and Nestle collaborated with Nomoo to develop vegan beef products. Despite competition from traditional beef and cell-based meat products, the increasing launch of new plant-based beef products is expected to drive growth during the forecast period.
Plant-based Meat Market Size

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The rise in health consciousness among consumers will boost the demand for plant-based food products, especially plant-based chicken products. The segment will witness growth due to new product introductions and increased investments from vendors. Kellogg Co. launched plant-based chicken tenders and nuggets in September 2020, reflecting the industry's interest. Major players in the food and beverage industry are actively entering the global market and investing in vendors.

Key Regions for the Market

Technavio’s analysts have explained regional market trends and drivers shaping the market during the forecast period.

The demand for these products is increasing in North America due to health consciousness and growing concern about environmental impacts. Increasing new product launches, investments, and product popularity among millennials will drive market growth in North America. Vendors are partnering with major fast-food chains and quick-service restaurants, launching their products and supporting market growth.

Plant-based Meat Market Company Overview

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The company offers grocery products, general merchandise, health and beauty care products, pharmacy, fuel, and other items and services in stores or through digital channels. The key offerings of the company include various plant-based meat products.

The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including.

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Qualitative and quantitative market growth and forecasting of companies have been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

The market report forecasts market growth by revenue at global, regional & country levels, providing market trends and analysis and growth opportunities from 2017 to 2027.

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