Newly released data from Future Market Insights reveals promising growth prospects for the plant-based beef market With an estimated value of USD 4.1 billion in 2023, the market is poised to reach USD 26.9 billion by 2033, boasting a remarkable compound annual growth rate (CAGR) of 20.6% in terms of value.
Government initiatives worldwide are driving market innovations, spurred by increasing awareness of the health risks associated with red meat consumption and the need to address food-related ailments. Additionally, concerns about the environmental impact of beef production are driving demand for sustainable alternatives.
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Unlikely Contenders Dominate Market due to Rising Veganism
Owing to high per capita disposable incomes, developed regions such as North America and Europe have been the largest consumers of red meat. However, with the emerging trend of veganism in these regions, consumers are actively seeking meat alternatives. Despite higher prices than regular meat, plant-based beef has been gaining preference amongst vegans in developed nations.
To cater to the highly picky consumer base of the region, key players are constantly attempting to improve product likeliness to meat. It is currently estimated that as many as 6% of the United State’s largely red meat-consuming consumer base have turned purely vegan.
Many Developing Nations’ Markets Still a Distant Dream Due to High Prices
Consumers in developing nations shy away from plant-based alternatives due to high price points. In several developing nations meat is still a luxury and a valuable source of high protein. Consumers in such regions aren’t contending to shell out a higher price for plant-based protein. Hence, key players would have to innovate market-specific affordable products to satiate untapped consumer bases.
Key Takeaways from the Report:
- During the forecast period, the US market is expected to grow at a CAGR of 20.0% to reach a valuation of USD 7.9 bn by 2033.
- China’s market is expected to grow at a CAGR of 18.1% to reach a valuation of USD 1.4 Bn between 2023 – 2033
- During the projection period, the wheat-sourced segment is projected to dominate the market at a CAGR of 21.6%.
- The burger patty segment is expected to grow at a CAGR of 22.4% between 2023 – 2033
- The plant-based beef market grew at a CAGR of 22.6% between 2017 and 2022.
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Key Players Embrace Innovation as the Holy Grail to Market Expansion
Key players are focusing on overcoming market restraints such as consumer dislike for plant-based beef taste, through consistent innovations. Public-private research and development are bearing fruit in the form of exciting market launches. The adoption of technologies such as new plant breeding techniques is expected to sustain market growth during the forecast period.
Important Market Developments:
- In 2022, Beyond Meat launched two new exciting products namely the “Beyond Burger” and “Beyond Beef Meatballs”. These are made from plant-based protein and free from GMOs.
- The company also partnered with Pizza Hut in 2022 to launch the “Beyond Italian Sausage Crumbles in Canada.
- In 2021, The Vegetarian Butcher launched a wide array of plant-based meat alternatives in the Chinese market. This is because demand for plant-based meat alternatives is steadily growing in the region
- In 2021, Greenleaf Foods SPC expanded its production plant protein production in Indianapolis, US. This can be owed to the lucrative and readily available consumer base in North America generating profit.
- Alt Farm, a subsidiary of the Hong Kong University of Science and Technology has developed a specialized nozzle specifically for food printing. Currently, they are developing a technology to print plant-based A5 wagyu beef, which is to be launched in 2023.
Key Players:
- 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.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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