"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 plant-based meat are primarily manufactured from non-meat or non-animal substances such as dairy products that function as a meat substitute or meat alternative but have the same quantity of protein content is called plant-based meat product. The kind of plant-based meat products covers soya and gluten-based products. The market growth of the plant-based meat industry is majorly driven by the massive increase in the vegan and flexitarian population across the globe. Moreover, the increasing population of millennial, which are demanding plant-based meats, either for medical reasons or as a healthy lifestyle. Also, growth in the cases of infection and reaction with milk products and animal skin are create awareness about plant-based meat. In conclusion, it raise the demand for plant-based meat in the market. However, some seed-derived proteins are allergic to human effects that are supposed to hinder the development of the plant-based meat industry. On the other hand, the growing vegan population and the application of food products may also provide a profitable opportunity for market players in the near future. Based on the source, soy segment expected to dominate the market throughout the forecast period Based on the application, the global plant-based meat market has been segmented soy, pea, wheat and others. The soy segment is growing rapidly in the plant-based meat market with the highest CAGR of 6.9% in the forecast period. Soybeans contain both fat and low protein in their plants and can be used for soy protein meal after oil extraction from the seed. These soy proteins provide essential amino acids for human nutrition. Moreover, the rising adverse effects associated with long-term, high protein-high meat diets and adoption of healthy lifestyle and nutritional vegetarian diet are expected to impact the consumption of soy as a source of protein in the global plant-based meat market. The demand for soy protein in the United States is extensively high, leading to increased productivity in the region. Based on the application, the meat extender segment is expected to grow at a CAGR of around 7.1% throughout the forecast period Based on application, the market has been segmented into a snack, beverages, bakery, meat extender, and others. The meat extender type accounts of the largest share in the market and are expected to grow at a CAGR of around 7.1% during the forecast period. The market is driven by increasing demand for vegan diet among consumers has created an insatiable market demand for meat analogs. Due to the increasing preference for plant-based diets among customers worldwide, businesses, both start-ups and established players are entering this high-growth market. Established food businesses such as Cargill (US) and Tyson Foods (US) have invested in start-ups developing plant-based meat products; this is also expected to boost revenues of plant-based meat products in the forecasted period. Asia Pacific to dominate the plant-based meat market throughout the forecast period Asia Pacific is the leading market in the plant-based meat and registers for almost 39% share in 2018 and further supposed to enhance its dominate in the market over the forecast period owing to the growing demand for meat substitute food products. Also, the region is accounted for the leading supplier for the plant-based meat products in the global market to the North America and Europe. Moreover, Tofu and Tempeh have been considered to be the staple food in the Asian regions especially in China, Japan, and Korea. The rising demand of meatless food products from consumers across China is expected to fuel the growth of plant-based meat market during upcoming period. North America expected to hold the highest CAGR during the forecast period owing to the high availability of raw materials, rapid growth in the vegan population, and rise in the consumption of non-meat products. Such factors are primarily creating an enormous market growth opportunity for the region in the coming years. Company Profiles and Competitive Intelligence: The major players operating in the global plant-based meat market are Morningstar Farms, Beyond Meat, Quorn Foods, Garden Protein International, Amy’s Kitchen, The Vegetarian Butcher, Maple Leaf Foods, Tofurky, and among others."
Summary: Get latest Market Research Reports on Plant-based Meat. Industry analysis & Market Report on Plant-based Meat is a syndicated market report, published as Global Plant-based Meat Market - Segment Analysis, Opportunity Assessment, Competitive Intelligence, Industry Outlook 2016-2026. It is complete Research Study and Industry Analysis of Plant-based Meat market, to understand, Market Demand, Growth, trends analysis and Factor Influencing market.