The market for plant-based meat therefore has been growing notably in 2024 due to various factors such as consumer appetite, environmental consciousness, and advancement in food technology. This that was previously a sub or fringe market of the food industry is becoming the norm as more consumers move away from meat-based products There is a global demand for plant-based meat products and companies are working hard each day to fill this demand, and what we’re seeing as the future of food in plant-based meats is exciting and could not have been foreseen ten years ago.
According to the UnivDatos Market Insights Analysis, rising consumer demand for sustainable food options, health benefits, and nutritional advantages, rising environmental concerns and climate change awareness, and expanding product diversity and market availability drive the Plant-Based Meat market. As per their “Plant-Based Meat Market” report, the global market was valued at USD 6.7 Billion in 2023, growing at a CAGR of about 13% during the forecast period from 2024 - 2032 to reach USD billion by 2032.
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Rising Consumer Awareness about Environment Sustainability
The major factor that can be attributed to the growth of plant-based meat is increasing consciousness among people about the environmental impacts. The effects of livestock farming such as greenhouse gas emissions, and deforestation among other effects have made many people look for substitutes. Current statistics by the United Nations reveal that the emissions by the world food system average 5 to 6 billion tons of carbon dioxide equivalent with livestock farming highly contributing to the emissions. The awareness of climate change is already a reality, and this has led to the consumers looking at options that are environmentally friendly such as plant-based diets.
This puts plant-based meat in a better position compared to traditional ones as they will use fewer resources to be produced. For instance, the Beyond Meat burger requires 99% less water, and 93% less land, and creates 90% fewer greenhouse gases than the beef burger. These figures have been a major attraction to green consumers, and firms are cashing in on this by advertising the green aspects of their products.
Health-Conscious Consumers Drive Innovation
· According to the World Health Organization, in 2022, 1 in 8 people in the world were living with obesity. In 2022, 2.5 billion adults (18 years and older) were overweight. Of these, 890 million were living with obesity.
· In 2022, 43% of adults aged 18 years and over were overweight and 16% were living with obesity.
· In 2022, 37 million children under the age of 5 were overweight. Over 390 million children and adolescents aged 5–19 years were overweight in 2022, including 160 million who were living with obesity.
· As per the CDC, In the United States: In 2022, 702,880 people died from heart disease. That's the equivalent of 1 in every 5 deaths.
Other than the issue of the environment, which has seen great concern in the recent past, consumption of plant-based meat is also preferred because of its impact on our health. This has made many people shift their diet habits either by limiting their intake of meat or even going on extreme measures of taking a plant-based diet to avoid heart diseases, high cholesterol, obesity, and others. Another advantage of plant-sourced meats is that they contain less quantities of saturated fats and cholesterol as compared to animal-based products.
Some aspects related to the advancement in food technology that have enabled companies to enhance the nutritional benefit of plant-based meat include the following. For instance, Beyond Burger and Impossible Burger contain nutrients like Vitamin B12 and iron which are in meat but packaged in plant-based products. These innovations have assisted in closing the gap between typical meat and fake meat products and this has ensured that whoever wants to transform from using traditional animal-produced meat products to plant-based products can do so with less struggle as far as quality is concerned.
General Adoption and Diversification of Product Portfolio
The popularity of plant-based meat is on the rise, and more food manufacturers and restaurants are putting these products into their menus. Some of the fast foods that have incorporated plant proteins include McDonalds, Burger King, and KFC among others meaning that it has become easier for consumers to find plant protein products in everyday foods.
Other than quick-service food items, plant-based meats are venturing into new segments, the seafood, dairy, and ethnic food segments. Plant-based seafood is still a fairly new concept, but definite leaders in the field are companies like Good Catch which makes tuna, fish sticks, and crab cakes plant-based. During the same, there are new entrants like MycoTechnology who are employing the process of mushroom fermentation to produce protein-enriched plant-based products that can find a better market acceptance..
This diversification of offers is one of the trends in 2024 as companies try to expand into different categories of products to reach a higher share of the market. The most important of them is the raw materials that can be plant-based and it lets the manufacturers get a very wide variety of products starting from burgers and sausages up to chicken nuggets and seafood analogs. It would also be prognosticated that as the market extends further, diversified and unique plant-sourced products and dishes would hit the consumer’s shopping aisle and the restaurant tables.
Technological Innovations Fuel Growth
It is therefore important to take note that the progress made in the fields of food science and technology are the core aspects of the plant-based meat industry. That is why, brands such as Impossible Foods and Beyond Meat have opted to use new elements and methods in developing food products that mimic the flavor and texture of animal meat. For instance, Impossible Foods utilizes a plant-based ingredient called heme, which has the taste and intensity of meat because when it is cooked, it releases iron. This is an important innovation that the company has adopted to cook plant-based burgers that look like the real thing.
The other growing trend for plant-based meat production includes cellular agriculture and feed fermentation. Such techniques comprise growing proteins in biological environments and then processing them to develop products that resemble meat despite not requiring farming. New players in the space such as Perfect Day and Motif FoodWorks are looking at possibilities of unearthing some sort of analog-like meat with the help of fermentation technology with other entities having converted their focus towards lab-grown cells that could make cultured meat or category that could likely supplement plant-based at some point in time.
The Global Plant-Based Meat Market: Threats
While the plant-based meat industry is still in its growth stage and evolving, there are certain barriers to its development. Some of the main factors that have been identified include price. There is the problem of affordability where most plant-based meat products are relatively expensive compared to animals’ counterparts. The problem is that plant-based meat producers are still struggling to reduce the prices and there is a significant gap between plant-based meat and traditional meat.
The taste and texture of prepared foods are another potential problem that may be observed in the course of the possible development of extrusion. Although the gap has been closing, some customers still regard plant-based meat as less tasty or juicy the conventional meat. This has resulted in an increased focus on enhancing the haptic perception of plant-based solutions with corresponding research and development investment on the part of the manufacturers.
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The Future of Plant-Based Meat
All in all, the future of the plant-based meat market is rather promising. The market for meat substitutes is projected to expand at a steady rate as more and more people turn to vegetarianism due to factors such as health implications, environmental conservationism, and animal welfare. According to the report published by Bloomberg Intelligence, the plant-based food market has the potential to reach $162 billion by the year 2030 and is considered a vast part of the food industry.
Over some time, as more players are entering the market, and more technological changes, plant-based meat products are expected to reach the consumer at a cheaper price, with better taste. The plant-based meat movement is carrying on, expecting more investment and consumer purchase, which looks into the future of food that is better for our health, the planet, and animals.
All in all, all these trends suitable for Plant-Based Meat in 2024 are similar to other tendencies reflecting the tendencies in society, where people tend to be more conscious and healthy and where people are always looking for new and innovative solutions. Plant-based meat seems to be a part of the daily diet and is already seen on the menu of fast foods and shops that sell groceries. In the future, this industry will be the key to solving world food problems and changing the world’s diet.
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