We are witnessing an impressive period of growth in the plant-based meat market. A report from Allied Market Research, titled "Plant-based Meat Market By Product Type (Tofu, Tempeh, Seitan, Others), By Source (Soy, Pea, Wheat, Others), By Distribution Channel (Indirect, Direct): Global Opportunity Analysis and Industry Forecast, 2021-2030," outlined a significant increase to be expected over the next 10 years.
The global plant-based meat industry reportedly generated $5.3 billion in 2021, and is anticipated to generate $33.3 billion by 2031. With this growth, the sector will be witnessing a CAGR of 20.5 percent from 2022 to 2031.
A press release stated that a rise in the vegetarian population and flexitarian diet and the ability of plant-based meat products to imitate animal-based meat products drive growth. The report also stated, though, that compared to animal meat, many plant-based meat products are highly processed, which reduces their nutritional value. This aspect is anticipated to restrict the market growth. Also, various initiatives by animal welfare organizations are estimated to present new opportunities in the coming years.
The report also notes that the COVID-19 pandemic positively impacted the food and beverage sectors and therefore drove plant-based meat market demand globally. Many people also adopted a vegan diet during the pandemic.
Based on product type, the tempeh segment held the highest market share in 2021, accounting for nearly three-fifths of the global plant-based meat market. Based on source, the soy segment held the highest market share in 2021, accounting for nearly half of the global plant-based meat market. Based on distribution channel, the indirect segment accounted for the largest share in 2021, contributing to nearly four-fifths of the global plant-based meat market. Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global plant-based meat market.
For more information, the press release is available here.
DMN will keep you informed as we watch this growth unfold.