Top Trends and Leading Brands in Plant-Based Meat Market

In recent years, the global food industry has experienced a significant transformation as an increasing number of consumers adopt plant-based protein alternatives. The rising demand for veggie burgers, meatless sausages, dairy-free milk, and plant-based yogurts not only reflects changing consumer preferences but also highlights a growing awareness of the environmental, health, and ethical impacts of our food choices. Here we’ll explore the dynamic world of plant-based meats, their market growth, health benefits, and key industry players.

Understanding Plant Based Meat:

Plant-based meats are designed to replace regular meat consumption by mimicking the taste and texture of animal meat. Unlike traditional replacements like tofu and dairy substitutes, these new products closely imitate real meat. Common ingredients used in plant-based meats include quinoa, soybeans, lentils, and peas.

The Rapid Growth of the Market:

The global plant-based meat market is rapidly growing, driven by health, environmental, and ethical considerations. Innovations in food technology have significantly improved the taste and texture of plant-based meats, making them appealing to a broader audience. The market now offers a wide variety of products, from burgers to chicken and fish alternatives, available in both grocery stores and restaurant menus. Increased investment and collaborations in the industry are fueling further advancements and expansion, making plant-based meats a mainstream choice for many consumers.

The global plant-based meat market size is projected to increase from $8.8 billion in 2023 to $17.1 billion by the end of 2028, with a compound annual growth rate (CAGR) of 14.1% from 2023 through 2028, according to BCC Research.

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Health Benefits of Switching to Plant-Based Meats:

Plant-based meats are recognized as excellent sources of fiber, iron & folate along with a superior array of vitamins and minerals.
Lower in saturated fat, trans fat, and sodium compared to animal meat, reducing the risk of high cholesterol, diabetes, and cancer.
Reduced chances of animal -to-human disease transmission through viruses and bacteria.

Plant- based meat products may sometimes be viewed as processed foods, but it's important to understand that certain food processing methods help reduce food safety risks, make raw ingredients easier to digest and increase the availability of nutrients.

Key Companies in Global Plant-Based Meat Industry:

Beyond Meat (2009): A California-based brand, Beyond Meat produces plant-based meat substitutes that mimic the taste and texture of animal meat As of June 2021, Beyond Meat had a market cap of nearly $10 billion. Its products, including Beyond Beef, Beyond Burger, and Beyond Pork, are available in 188,000 food service and retail outlets across 85 countries.
Biolab S.R.L. (1991): An Italian company specializing in 100% plant-based foods for vegetarians and vegans. The Biolab brand offers products like tofu, seitan, tempeh, and plant-based deli meats. ensuring high-quality, GMO-free products made with fresh organic ingredients sourced from Santinelli farms.
Tofurky (1980): A U.S.-based brand, known for its plant-based meats such as deli slices, roasts, burgers, sausages, and tempeh. Famous for its Thanksgiving roasts, which have sold millions since 1995, the brand uses a blend of wheat protein and organic tofu, seasoned with herbs and spices. Tofurky was acquired by tofu producer Morinaga in 2023.
Conagra Brands (1919): A Chicago-based food company focusing on plant-based meats for frozen foods in retail. Their brands include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim, Angie's BOOMCHICKAPOP, Duke's, Earth Balance, and Gardein. The company operates 42 manufacturing facilities across North America.
Monde Nissin (1979): The world's largest producer of mycoprotein, uses this key ingredient in its UK-based Quorn brand. Mycoprotein is high in protein and fiber, contains zero cholesterol, and has low saturated fat. To boost global innovation and meet demand, Monde Nissin recently opened the Green Protein Hub in Singapore. The company operates in the Philippines, Thailand, New Zealand, Singapore, the UK, the US, Europe, and the Asia-Pacific region.
Quorn Foods (1985): A global brand of Monde Nissin, specializes in plant-based meat alternatives made from mycoprotein, a protein derived from fungi. Available in 20 markets worldwide, including Europe, Quorn has sold nearly 6 billion meals since 1985. Their products include cubes, minced meat, chilled vegetarian meals, hot dogs, and burgers.
Impossible Foods (2011): A privately held brand Specializes in plant-based meat, fish, and dairy products. Known for the Impossible Burger, launched in 2016, the brand offers items like burgers, sausages, nuggets, and meatballs. Their products contain 33% less fat and 19 grams of protein per serving compared to animal beef, with no cholesterol in their Lite Ground Beef. Impossible Foods' products are available in the U.S., Australia, Canada, and the U.K., among other countries.

For more on industry leaders, check out our blog on the "10 Leading Companies in Plant-Based Meat”.

Conclusion:

Plant-based meat serves as an excellent alternative to animal meat, especially with the rising popularity of veganism in the market. Numerous companies and countries are actively engaged in the plant-based meat industry, signaling promising growth ahead. For those interested in exploring the food and beverage sector further, our comprehensive resources provide valuable insights and market research tailored to this specific field.

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