The global plant-based meat market was valued at USD 12.4 billion in 2018 and is expected to reach USD 19.9 billion in 2026, growing at a CAGR of 9.7% during the forecast period.
The development of the plant-based meat industry is driven mainly by the increasing vegan and flexitarian population, which can be seen as the main market trend. Impossible Foods offers soy-based burgers and is backed by a strong distribution network in the US. In January 2019, the firm introduced an upgraded version of its burger, which would contain 30% less sugar and 40% less saturated fat.
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Due to animal protein allergies, most of the meat consumers are inclined toward meat substitutes made of vegan protein, which is boosting the growth of the global Plant-based Meat market. Also, increasing customer demand for plant-based meat, either for therapeutic reasons or as a healthy lifestyle. As a result, demand for plant-based meat continues to expand. This is also anticipated to open up investment possibilities for producers in the worldwide economy in the forecast years.
However, Gluten allergen, the most prevalent cause of celiac disease, have an adverse effect on the development of the plant-based meat industry. On the other hand, increasing numbers of vegans may also provide a profitable opportunity for market players in the near future.
Based on application, the soy segment is growing rapidly in the Plant-based Meat market with the highest CAGR of 6.9% in the forecast period.
Based application, the meat extender segment is expected to grow at a CAGR of around 7.1% throughout the forecast period
Asia Pacific accounted for nearly 39% share of the global Plant-based Meat market in 2018
In March 2019, Companies such as Impossible Foods launched its plant-based meat, with a variety of dishes available at eight restaurants throughout Singapore has expanded its global presence.
In March 2019, Beyond Meat introduced a plant-based beef product to satisfy growing customer demand and improve its plant-based meat product portfolio.
In March 2019, Morningstar Farms has introduced a plant-based vegan cheeseburger to satisfy the needs of its customers.\