The plant-based meat market is estimated at $12.1 billion in 2019, and is projected to grow at a CAGR of 15% from 2019-2025, reaching $27.9 billion by 2025, according to a report published by MarketsandMarkets, Chicago.
Growing health concerns regarding the consumption of animal protein has urged consumers to opt for alternative protein sources, thus boosting the sales of plant-based meat products, as outlined in the study, "Plant-based Meat Market by Source (Soy, Wheat, Pea, Quinoa, Oats, Beans, Nuts), Product (Burger Patties, Sausages, Strips & Nuggets, Meatballs), Type (Pork, Beef, Chicken, Fish), Process, and Region - Global Forecast to 2025."
The pea segment is projected to be the fastest-growing
Pea protein is gaining popularity among plant-based meat manufacturers at a global level owing to its high protein content, reduced cholesterol and lower blood pressure features. Leading players in the global plant-based meat industry are now shifting their interest toward pea and developing pea-based meat products such as patties, sausages and slides.
The burger patties segment is projected to record the fastest growth
Burger patties are one of the most popular plant-based meat products available in the market. The expansion of distribution channels of these key players and the rising sales of burgers are projected to drive the global plant-based meat market.
The North American region is projected to account for the largest market share
The North American plant-based meat market is projected to account for the largest share by 2025. Companies, both start-ups and established, are entering the plant-based meat market, and expanding their presence by forming partnerships with retail chains or restaurants for the distribution of plant-based meat products. Apart from this, North American consumers are adapting flexitarian diets, which is expected to drive the plant-based meat market in the region.