- In March 2024, Chunk Foods, an innovative biotechnology company, launched a new line of meat alternatives, including a 6-ounce steakhouse cut, a 4-ounce steak, and pulled meat products. These items are crafted from cultured soy and wheat protein, providing a plant-based option for meat lovers. Additionally, the products are fortified with essential nutrients such as B12 and iron, enhancing their nutritional value and appealing to health-conscious consumers
- In March 2024, Coperion, a leader in extrusion and compounding services, unveiled the latest model in its MEGAtex cooling die series, designed specifically for manufacturing high-moisture meat analogs (HMMA). This advanced cooling die enhances production efficiency and product quality, allowing manufacturers to create plant-based meat alternatives that closely mimic the texture and taste of traditional meats, thereby meeting the growing consumer demand for sustainable protein sources
- In September 2023, Novozymes A/S introduced the Vertera ProBite solution, targeting the transformation of the plant-based meat sector. This innovative product enhances the texture of meat alternatives, making them more appealing to consumers who might be hesitant to switch from conventional meat. By improving mouthfeel and sensory experience, Novozymes aims to encourage wider adoption of plant-based diets, catering to the growing interest in healthier and sustainable eating habits
- In August 2023, Nestlé launched its first shelf-stable plant-based minced meat, significantly expanding its vegan product line. This new offering responds to the increasing consumer demand for healthier and sustainable dietary options. By providing a versatile and convenient alternative to traditional minced meat, Nestlé aims to attract both dedicated vegans and those looking to reduce their meat consumption, reinforcing its commitment to sustainability and innovation in food production
- In October 2022, Beyond Meat, Inc., a trailblazer in the plant-based meat industry, introduced Beyond Steak, an innovative product designed to replicate the juicy, succulent experience of seared steak tips. This plant-based option not only provides a satisfying taste but also delivers health and environmental benefits over traditional meat products. By appealing to meat lovers and health-conscious consumers, Beyond Meat continues to lead the charge in the alternative protein market
- In March 2022, Valio Oy acquired Gold & Green Foods Oy, securing all intellectual property rights, research and development capabilities, and brand assets. This strategic acquisition enhances Valio’s position in the Finnish plant-based food market while facilitating international growth. By integrating Gold & Green’s expertise and product offerings, Valio aims to expand its portfolio of sustainable food options, responding to the rising consumer demand for healthy and eco-friendly alternatives
- In January 2022, in response to India's increasing appetite for meatless meals, ITC announced plans to develop a range of plant-based meat products, including vegan burgers and chicken-flavored patties. This initiative positions ITC to tap into the largest market for plant-based substitutes in India, catering to a growing demographic seeking healthier options. With this launch, ITC aims to become a key player in the evolving meat alternatives sector
Frequently Asked Questions
The market is segmented based on Global Plant-Based Meat Market Segmentation, By Source (Soy, Wheat, Pea, Mycoprotein, Gluten, and Others), Type (Pork, Beef, Chicken, Fish, Tofu, Tempeh, Quorn, Mushroom, Seitan, RTC/RTE, Natto, and Others), Product Type (Burger Patties, Sausages, Strips and Nuggets, Meatballs, Tenders and cutlets, Grounds, and Others), Process (Grinding, Mixing, Blending, Forming/Shaping, Freezing Systems, and Storage), Distribution Channel (Online platforms and Offline platforms), Storage (Refrigerated plant-based meat, Frozen peas based meat, and Shelf stable plant-based meat), End User (Households, Food Industry, and HORECA) – Industry Trends and Forecast to 2031
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The Global Plant Based Meat Market size was valued at USD 11.27 USD Million in 2023.
The Global Plant Based Meat Market is projected to grow at a CAGR of 12.74% during the forecast period of 2024 to 2031.
The major players operating in the market include Beyond Meat, Impossible Foods, Maple Leaf Foods, Unilever, Conagra Brands, Kellogg Co, Tofurky, Valio Oy, Sunfed, VBites Foods Ltd, The Kraft Heinz Company, Yves Veggie Cuisine, Ojah B.V, Moving Mountains Foods, Eat Just, LIVEKINDLY Collective, Gooddot, No Evil Foods.
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
