Plant-based meat protein is treated as an animal meat protein substitute which is mainly made of soy or gluten. It does not involve any animal product like meat or dairy. There are two methods by which plant-based meat products are processed: thermoplastic extrusion and fiber spinning. Thermoplastic extrusion is the most common method to produce plant-based meat products as it is available in low cost and supports large scale production. On contrary fiber spinning increase the cost of production thus reducing availability of low priced plant-based meat products.
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Potential global plant-based meat drivers are increasing consumer awareness for health and meat adulteration, leading to increasing demand for plant-based meat. Consumers are increasingly shifting towards vegetarian or organic diet which is protein-rich creating immense opportunity for growth. Moreover growing consumer awareness for plant-based meat is a sustainable source of protein at affordable price also boosting the global plant-based protein market.
Plant-based meat manufacturers are heavily investing on research & development and mergers & acquisitions for product innovation and to ensure larger geographic reach is also a key factor driving the growth of plant-based meat market. For instance, in 2017, owing to demand for meat substitutes, ‘Tyson’ invested in ‘Beyond Meat’ to roll out plant-based meat burgers to meet the increasing demand of protein-rich vegetarian diet.
Few other developments include, acquisition of Lightlife Foods (which is a producer of vegan sausages, burgers and tempeh) by Maple Leaf Foods to enhance their customer base. Nestle, a food giant, acquired Sweet Earth Foods to expand its product portfolio and include such as vegetarian snacks and meals in it which are plant-based meat products.
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By source, plant-based meat is subdivided into gluten based, soy based and mycoprotein. Among these, in 2017, gluten based and soy based contributed to a larger market share mainly due to increasing popularity of these products among customers. Based on type, the market is categorized into Tofu, Mushroom, Tempeh, Quorn, Seitan and others. Tofu is the most preferred meat option as it is rich in protein and calcium. Moreover, it is made from soybeans and is a staple food in Asia Pacific. By end-use, plant-based meat market is categorized as households, and food industry.
Plant-based meat is consumed mostly by households along with food industry mainly due to low price and easy availability. On basis of distribution, plant-based meat market is subdivided into convenience, modern, specialty, E-retailers, food stores and others. Facilities and easy accessibility of modern and specialty stores make them most preferred by the consumers. E-retailers are anticipated to significantly contribute to the market share as use of internet browsing is increasing coupled with manufacturers and producers promoting its services online.
By geography, global plant-based meat is categorized into North America, Europe, Asia- Pacific, Latin America, and Middle East & Africa. Europe contributed for the largest market share both in terms of value and volume for global plant-based meat market mainly due to shift in consumer preference towards vegetarian diet. North America and Asia Pacific are also expected to contribute significantly in the growth of global plant-based meat market due to increase in popularity of plant-based meat products coupled with rising consumption of plant-based meat products. Apart from this, in Asia Pacific, Tempeh and Tofu has emerged as staple foods in countries such as Japan, China and India.
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Global plant-based meat is segmented as below:
By Source
Gluten based
Soy based
Mycoprotein
By Type
Tofu
Mushrooms
Tempeh
Quorn
Seitan
By End-use
Households
Food industry
By Distribution Channel
Convinience store
Modern store
Specialty store
E-retailers
Food stores
Others
By Geography
North America
Europe
Asia Pacific
Latin America
Middle-East & Africa (MEA)
Key players across the global plant-based meat value chain are:
Beyond Meat, Maple Leaf, Cargill, E. I. du Pont de Nemours and Company, Impossible Foods Inc., Amy’s Kitchen Inc., Parabel USA Inc, Garden Protein International, Morningstar Farms LLC, Archer Daniels Midland Company, Tyson Foods, Inc, Quorn Foods, among others.
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