A new report reveals the global plant-based meat market is experiencing remarkable growth, projected to surge from USD 8.53 billion in 2023 to USD 18.97 billion by 2031, exhibiting a robust CAGR of 10.53% during the forecast period of 2024-2031. This significant expansion reflects the increasing consumer demand for healthier and more sustainable protein alternatives.
Read Complete Report Details: https://www.kingsresearch.com/plant-based-meat-market-619
The report offers an in-depth analysis of the plant-based meat market, segmenting it by source (soy, wheat, pea, blends), type (beef, poultry, pork, others), product format (patties, blocks, grounds, others), distribution channel (food retail, foodservice, online retail, others), and regional landscape. The study highlights key market drivers, challenges, and opportunities, providing valuable insights for stakeholders.
A key factor propelling market growth is the rising awareness of the health benefits associated with plant-based diets. Consumers are increasingly seeking alternatives to traditional meat products to reduce their intake of saturated fats and cholesterol. Furthermore, growing concerns about the environmental impact of livestock farming are driving demand for sustainable food solutions.
The report also reveals that the plant-based meat market is witnessing significant innovation, with manufacturers continually developing new products that closely mimic the taste and texture of conventional meat. This innovation, combined with expanding distribution channels, is making plant-based meat more accessible to a wider consumer base.
Key findings of the report include:
Source diversity: The market is witnessing a diversification in sources, with pea protein emerging as a significant growth segment due to its nutritional profile.
Product format innovation: Product formats like grounds, and patties, hold major shares in the market, with ongoing innovations expanding the product ranges.
Distribution channel expansion: While food retail remains a dominant channel, online retail is experiencing rapid growth, offering convenience and accessibility to consumers.
Regional analysis, the report provides important information about the dominant markets, and also the fastest growing markets.
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