The plant-based beef market is a rapidly growing segment of the food industry that offers alternatives to traditional beef products using plant-based ingredients. This market has gained significant traction in recent years, driven by increasing consumer demand for more sustainable and healthier food options.
Plant-based beef products are typically made from a combination of ingredients such as soy, wheat, peas, mushrooms, and other plant-based proteins. These ingredients are processed and formulated to mimic the taste, texture, and appearance of traditional beef products. The goal is to provide consumers with a viable alternative that closely resembles the experience of eating real beef while offering additional benefits.
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According to recently published market study data on plant-based beef, the industry is anticipated to grow at a CAGR of 20.6% in value from 2023 to 2033, from an expected market value of USD 4.1 billion in 2023 to USD 26.9 billion.
The global food and beverage recent industry changes illustrate the growth in plant-based alternatives that has brought disruption. Companies across the spectrum are investing heavily in creating and acquiring new products and brands which will provide momentum to the surging consumer demand for plant-based beef products.
Plant-based meat has become one of the most popular, healthy, and environmentally responsible ways of life. This is due in part to plenty of new plant-based meat alternatives that mock meat products in taste, texture, mouthfeel, and behave like the “genuine thing.”
Key Takeaways from the Plant Based Beef Market Study
Future Market Insights (FMI) forecasts impressive growth of the Plant Based Beef market at over 22.7% CAGR between 2022 and 2032 Based on the source, the soy-based protein segment holds the dominance in the market for plant based beef, while wheat-based protein segments are expected to grow prominently in the forecasted period of 2022-2032.
Based on the product type, burger patty segment holds the dominance in the market for plant based beef As alternate protein gains traction in the market owing to the increasing awareness about the environmental impact of food choices consumers make, the majority of the population is shifting towards plant based beef and is expected to gain traction in near future Companies across the spectrum are investing heavily in creating and acquiring new products and brands which will provide momentum to the surging consumer demand for plant-based beef products
New Product Development Fuelling Plant-Based Products Demand
Increasing demand for innovative products has paved the way for product development across frozen, chilled and ambient segments. This innovation helps consumers with a wider choice of brands and products, and allows plant-based beef to advance improved shelf space and recognition.
UK is the global leader for vegan food launches. In 2019 approximately 18% of new food launches were vegan. Tesco has developed wicked kitchen range of meat-free products.
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Who is winning?
A few of the leading players operating in the Plant Based Beef market are Impossible Foods, Inc., Gardein by Conagra Brands, MorningStar Farms, Archer Daniels Midland Company, Symrise, Roquette Frères S.A., Kellogg’s, Tyson Foods, Inc., Sotexpro SA, Crown Soya Protein Group, Puris Proteins, LLC, Ingredion Inc, Beneo GmbH, Glanbia plc, Fuji Oil Co., Ltd. and other players.
Several leading manufacturers of Plant Based Beef are focusing on partnering with prominent players in the market to increase its business footprints and to increase their production capacity. Leading players of Plant Based Beef are investing in research and development to produce organic, non-GMO ingredients for Plant Based Beef.
Key Segments in Plant-based beef meat Market
By Source?
- Wheat
- Pea
- Quinoa
- Oats
- Beans
- Nuts
- seeds
By Product
- Plant-based beef jerky
- Plant-based beef patty
- Plant-based beef pot pie
- Plant-based beef stew
- Plant-based beef strips
By Process
- Mixing
- Blending
- Forming/Shaping
- Freezing Systems
- Storage
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Frequently Asked Questions
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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