As more people embrace a vegetarian diet free of animal-based items, plant-based meat is gradually becoming popular in the vegan diet. While some customers choose vegetarian products to prevent animal abuse and to eat sustainable food and beverages, others are moving towards veganism for moral and health causes.
What are Plant-Based Meat Products?
Plant-based meat items are recognized as meat substitutes since they are created to replicate the characteristics of real meat. Plant-based meats provide customers with a more environmentally responsible and sustainable range of meat substitutes than meat products. They are created to taste, appear, and feel like meat by employing plants and other non-animal items. The texture, flavor, and look of plant-based proteins are created to mimic those of meat items. Commonly, soybeans (and other beans), wheat gluten, lentils, tofu, yuba, tempeh, and a spread of nuts are some of the initial components that were used in plant-based meat alternatives.
In addition, soy contains essential nine amino acids, which are necessary for the development of the human body. The need for soy in plant-based meat items is projected to increase in the next years due to its capacity to improve the end product's absorption of water, solubility, emulsification, viscosity, anti-oxidation, and texture. The demand for many plant-based meat alternatives is rising, which widens and enhances the category. Along with plant-based beef, there is an increasing demand for plant-based poultry, pork, and shellfish. The rapid growth of chilled plant-based meat is probably going to continue. This represents a transformation in the plant-based industry's marketing tactics as well as product development.
What are the Latest Trends in the Plant-Based Meat Market?
In the food business, the plant-based meat market has already got immense opportunities while competing with items made from animal sources. Due to a number of factors, like increasing general health awareness, weight control, and a desire to eat more sustainably produced food, people have expanded their adoption of the plant-based diet. This strong preference for a plant-based diet is greatly supported by social media awareness. Large corporations are also making investments in plant-based foods, which is boosting the market for plant-based meats. Organizations like Beyond Meat and Impossible Foods, for instance, have explored for years to create appealing meat substitutes using plant materials such as soybean roots and pea protein.
The market for plant-based meat is expanding more quickly because of increased investment from major competitors. To challenge the $9 billion shrimp market, New Wave Foods raised $18 million in a Series A round of funding in 2021. The company's plant-based shrimp are composed of sustainable seaweed and plant nutrients. The business intended to offer its product to the food industry. Also, there was a significant increase in start-up funding between 2016 and 2019 as well, throughout the Covid 19 era.
What are the Opportunities for Businesses in the Market?
The plant-based trend keeps growing, encouraging people to consume more organic foods such as fruits, vegetables, nuts, and seeds, which is increasing many opportunities for the market. Furthermore, plant-based foods have a number of health advantages that customers are starting to become more familiar with.
Overeating meat from animals can lead to diet-related illnesses such as obesity, type 2 diabetes, heart disease, and some type of cancers. On the other hand, eating meat made from plants doesn't cause illnesses, which is increasing the opportunity for the plant-based meat market. Besides that, this food item helps in developing stronger immunity. Customer attention is being drawn to a variety of significant aspects, including the nutritional advantages of plant-based meats and their safety in comparison to traditional meat. Burgers, sausages, and nuggets made from traditionally processed meat are increasingly being replaced by plant-based alternatives. Compared to meat from animals, plant-based meat has lower levels of saturated fat, cholesterol, and calories. They frequently have higher concentrations of micronutrients such as calcium, zinc, and press. Such consciousness towards health and different types of plant-based meat options are creating more opportunities for the market.
Challenges of the Market
One of the major barriers to the market for plant-based meat is its expense. Since plant-based meat is more expensive than animal-based meat, its expansion in price-sensitive regions such as India, China, and South Africa is likely to be impacted. Businesses that provide plant-based meat substitutes work to reduce costs because their high cost compared to traditional meat limits the expansion of the rapidly expanding plant-based industry. Vegan meat is more expensive than traditional meat. Due to trade restrictions, delays in the raw material supply, and ineffective distribution systems brought on by COVID-19 the price of plant-based meat items will increase even more. The inability to get raw materials, their high price, and the huge expense of production is anticipated to restrict the growth of the global market.
Raziya Kotadiya / LinkedIn
Research Analyst at Cognitive Market Research
With a demonstrated history of working in the market research covering qualitative and quantitative research. Skilled in Strategic Forecasting, Market Research, Competitive Intelligence, Business Development, Trend and Opportunity Analysis and Data Visualization.