A new report from Grand View Research predicts the global plant-based meat market is growing rapidly, impacting the private label category that has already expanded during the pandemic.
The report states the global plant-based meat market was valued at roughly $5 billion in 2021, and is expected to grow at a compound annual growth rate (CAGR) OF 19.3% from 2022 to 2030. The projected growth includes plant-based meat alternatives made from soy, pea, wheat and other ingredients, shining a light on how retailers can potentially expand their private label selection in the future.
“Diverse plant-based meat types continue to grow in popularity, which diversifies and expands the category,” said Grand View Research in the report. “Moreover, the demand for plant-based chicken, pork, and seafood is on the rise in addition to plant-based beef. The exponential growth of refrigerated plant-based meat is likely to continue over the forecast period. It reflects a shift in both product innovation and merchandising strategies across the plant-based industry.”
The soy-based meat segment led the market and accounted for more than 48.3% share of the global revenue in 2021, by far the most popular meat alternative ingredient. However, pea-based patties are on the rise as well. The report names high protein content, resemblance in texture and consistency to meat, easy availability, and quick preparation as key factors that will make pea-based meat products grow at the highest rate, 20.5%, over the forecast period. The plant-based chicken segment led the market and accounted for the largest revenue share of 34.1% in 2021, showing a demand for the category.
“The U.S. has witnessed increasing demand for plant-based meat over the past few years owing to the growing awareness among consumers about the health benefits of veganism,” said the research firm. “The demand for vegetarian foods that are high in fiber, vitamin C, and iron, and contain low processed saturated fats is on the rise in the U.S. In addition, the round-the-clock efforts of manufacturers to create a product with a longer shelf life, better texture & aroma, and better nutritious profiles, are estimated to spur the market growth in the U.S.”